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Business Being one of the richest cities in the world, Luxembourg is home to the European Investment Bank and is and is an attractive place to consider for a business expansion. What attracts entrepreneurs who are interested expanding here are its high-income, stable economy and low unemployment and inflation. Luxemburg is also a founding member of EU, NATO and UN, and has a highly developed economy with one of the highest GDP per capita in the world. Although the majority of the countrys output is accounted by the banking and financial services, there is a tremendous reliance on international trade, mainly due to the size of the country. The main areas and cities for Business The main areas for growth in business opportunities are finance, consumer goods, technologies, media technologies, etc. A well planned and researched business plan can help a business to obtain credit from a bank in Luxemburg. There is also a participation fund for small to medium sized enterprises (SME) and the self employed who are interested in getting finance for their business. Due to the size of the country, Luxemburg does not have too many cities, although there are a few like just a few Luxembourg, Esch-Alzette, Differdange, Dudelange, Echternach, which are good locations to conduct your business. Taxation in Luxemburg Taxation in Luxemburg can be quite high. Companies are subject to the Communities Income Tax (IRC). There is also a surcharge of 4 percent that is payable to the unemployment fund. At an average of 7.5 percent, there is a municipal tax that is also levied. Additionally there is a municipal commercial tax (ICC) that is applicable to commercial, industrial, mining, and craft entities established in Luxembourg at a rate of 3 percent. The VAT is the least in the EU, which is at 15 percent. Challenges Foreign Companies Face When doing business overseas it is important to plan ahead and beware of the potential pitfalls. Before expanding your business, it is vital to do a thorough research of the market place. It is not always possible to be prepared gain a complete understanding of the laws of another country and therefore make sure you have a smooth transition. To get advice on the overall operational, administrational and executive aspects of your business, it is best to take the help of a professional. A business expert can give you all the essential help to follow the legal norms and fulfill all regulations in your business expansion right from international financial accounting to regulatory filings to taxation. About the Author: 相关的主题文章: