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Why Andorra is Better
If you’re picking a country to form your business in, you’re likely wondering which one has the best traits. After all, no one wants to form their business in a country stricken by poverty and ravaged by war.
Fortunately for you, we’ve written this article that will highlight all the things that make Andorra such a great country. If this doesn’t convince you to form your company in Andorra then nothing will. Without further adéu, let’s get right into it.
High GDP per capita
Andorra has one of the highest GDPs per capita. It ranks 25th on the worldwide leaderboard. It’s worth mentioning that GDP per capita is one of the main ways that people rank the wealth of countries. By that logic. Andorra is the 25th richest country in the world.
Long life expectancy
After Japan, Andorra has the second-longest life expectancy in the world. As of 2013, this life expectancy was actually the highest at 81 years. This is based on data gathered by the World Health Organization.
The life expectancy of a nation is a good representation of how developed it is. After all, countries devoid of, famine, war, pestilence, and death are generally more developed in terms of infrastructure and economic stability.
Nationwide fiber optic coverage
Very few countries can say that 100% of their nation is covered by fiber optic internet, but Andorra is one of them. This has made it a top destination for entrepreneurs who spend a lot of their time working online. There’s nothing more annoying than dropping out of a Skype call due to internet issues in the middle of a business meeting.
Old independence
Andorra is one of the oldest countries to exist with its independence dating back over 1,200 years. It has maintained neutrality in the region as well as stability throughout all those centuries. As you can imagine, a nation that has existed so long is pretty good at accommodating businesses, which is why Andorra is such a favorite with entrepreneurs.
Low unemployment
Andorra boasts a 2.4% unemployment rate. Spain holds a much higher 14% unemployment rate. The lower unemployment rate of Andorra shows that the economy is stable and more than enough to sustain all the nation’s residents.
High average salary
The average salary for those in Andorra is nearly 2,000 Euros. This leads to financial prosperity across all classes of the economic hierarchy. As the average salary — and tax rates — show, Andorra is booming economically making it a great place to form your business in.
Easy company creation process
Andorra has one of the easiest systems when it comes to the formation of business entities. The first thing you’ll need to handle is an application for your company’s name. The Andorran government is very hasty with these applications and will be able to confirm your chosen name within 10 days — and often far sooner.
Afterward, you’ll need to get an authorization for the foreign investment. This can take around four weeks but there have been requests that were approved much sooner than the allotted time. Once you’ve completed the first two requirements, you’ll need to open a company bank account.
This could take around a month, but likely less, provided that you’re transparent with your source of funds. After your bank account has been set up, the next step is to get your business formally registered in the Andorran trade registry.
You will need an Andorran notary for this process. When all the steps have been completed and you have a certificate proving the premises of your office then you can open the commerce.
Some entrepreneurs purchase a pre-existing shelf company to speed things up, but this isn’t always ideal. Whichever path you might take, just remember that the process for forming your business in Andorra is far faster and straightforward than what you’d find in other countries.
Conclusion
There are many reasons for you to form your company in Andorra. For one, the economy has been stable for hundreds of year. Low tax rates and high life expectancies also add to the appeal of this European nation. If you do end up forming your company in Andorra then be sure to share this article to pay the help forward.