Luxembourg
Entering the Market in Luxembourg
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Why Expand to Luxembourg?
Don't be fooled by Luxembourg's small size. They say size doesn't matter and in Luxembourg's cause it couldn't be more true. The people that live there enjoy the highest living standard in the world. Although the population is only 539,000, over 4,500 British people reside there. Due to the size of the country, Luxembourg heavily relies on international trade.
What's the Attraction for UK Businesses
With its high-income, stable economy and low unemployment and inflation there are many attractions for UK businesses interested in expanding a business in Luxembourg. As a founding member of the EU, NATO and the UN it takes its role very seriously but they also take money very seriously and Luxembourg City is one of the richest cities in the world. Another side to Luxembourg is their eagerness for manners and politeness, they are not known for their outgoing nature. Luxembourg relies on 60% of its labour force from overseas and despite the lack of economical stability world wide, Luxembourg remains strong. It boasts a unique, low tax incentives for international investors interested in setting up a business in Luxembourg.
Business Opportunities
The main sectors of growth and opportunities for companies and entrepreneurs interested in registering, incorporating or licensing a business in Luxembourg can be identified as:
Consumer goods also known as final goods, these can the final product that is ultimately consumed, rather than used in the production of another.
Finance - Money, money, money. It seems to make the world go round.
New Technologies - Where would we be without new technologies, still in caves probably. Lets move things forward.
Media Technologies - Luxembourg is not just famous for Radio Luxembourg, it is home to some of the better known names in media technologies.
Luxembourg doesn't have a plethora of cities due to its small size, however here are the largest populated cities/towns:
Luxembourg,
Esch-Alzette,
Differdange,
Dudelange,
Echternach
Challenges Foreign Companies Face
Like starting any new business adventure its important to research your market place and your product before setting up a business in Luxembourg. Business is full of potential pitfalls, which is why it is important to plan ahead. Luxembourg is not a large country so research the industries that are growing and what workforce will be available for your business. Despite its reputation as being a developed EU state, Luxembourg ranks low in the World Bank's Doing Business Survey, which takes into account factors such as company registration procedures, time, cost and minimum capital required for registering a business in Luxembourg.
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