Entering the Market in Croatia
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Why expand to Croatia?
There has never been a better moment to invest in Croatia. Croatia market per se is quite small, having a population of only 4 million people. However, starting up a business in Croatia means connecting with a good hub for Central Europe, with good prospects for a foreseeable future of political stability and economic growth in the Balcanic area.
Croatia stands also at the crossroads of the Pannonian Plain, the Balkans, and the Mediterranean Sea. It is a country of striking natural beauty with a stunning Adriatic coastline, which makes it very popular as a tourist destination. The country borders Slovenia and Hungary to the north, Bosnia and Herzegovina to the southeast, and Serbia and Montenegro to the east.
As a candidate for European Union membership, the country redefined its policy towards foreign investment. Therefore, people licensing, incorporating or registering a business in Croatia are not only much needed, but also provided with good incentives. In fact, foreign direct investment is certain to increase significantly, led at first by tourism and followed by privatization opportunities and new industrial investment.
Croatia is classified as an emerging and developing economy by the International Monetary Fund and a high-income economy by the World Bank. Many analysts define Croatia a hidden secret. Commercial property development, especially for office space and retail zones, is well underway in the large urban centers and has resulted in a building boom. Incorporating a business in Croatia in these sectors can turn into a great investment.
Free trade or industrial zones are showing early results as European manufacturers seek to profit from a skilled work force, geographic links and tax incentives. EU pre-accession funds, coupled with World Bank financing, are enabling significant infrastructure improvements, notably in waste water management, transportation and education.
Attraction for UK business
Before the credit crunch, UK exports to Croatia were increasing at a rate of 20-25% per year (27% in 2007-2008). Croatia is a relative young market for UK business, which is gradually gaining a good reputation for the quality of products and the reliability of the companies.
Besides, attracting investors from abroad is now a priority in this country, where the Government has to demonstrate the ability to provide a friendly business environment for who is registering a business in Croatia. As they say, the early bird gets the worm.
Commercial property development, especially for office space and retail zones, is well underway in the large urban centers and has resulted in a building boom. Free trade or industrial zones are showing early results as European manufacturers seek to profit from a skilled work force, geographic links and tax incentives. The warehousing and distribution sectors are next. EU pre-accession funds, coupled with World Bank financing, will enable significant infrastructure improvements, notably in waste water management, transportation and education. Within the health care sector, reform must be balanced with access to innovative products and medicines.
- Creative & Media
- Environment (upgrading of municipal sewage systems, wastewater treatment, water supply services, waste management centers, remediation and closure of unregulated landfills and dumps, remediation and closure of previous industrial sites)
- Ports (maritime safety and environmental protection in ports, maritime education and training, strengthening of administrative capacities, protection and maintenance of ports, design and consultancy)
- Leisure & Marine
- Tourism (particularly luxury hotel)
With continuing highway construction and increased air links, Croatia's distribution network is among the best in the region and more and more companies registering a business in Croatia are selecting Zagreb, Croatia's capital, as their sales and marketing hub.
Starting a business in Croatia may face obstacles:
- Complex bureaucracy is still an issue, as are corruption and organised crime.
- Croatian market has and continues to be a market dominated by German, Austrian and Italian trading partners.
- Lack of business transparency and slow pace of the operations.
- Inconsistency with EU legislation.
Organisations that can assist with Entering the Market
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.
When expanding your business to Croatia, donít forget to protect your brand. We provide Trademark Registration Services in Croatia and in the entire European Union.
TopSource Worldwide offers a complete range of employer services that allows you to employ and pay people promptly, consistently and compliantly ó locally and internationally to suit your business needs. Our systems and processes are designed to work with your technology, and we bring decades of experience and a track record of success to our operations.
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?
Need to register a company or setting up a company?