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Starting a business in Europe - where to do it

Working in the world of business is extremely exciting. No day is the same, there's a wealth of career progression, and in some instances, you get to travel the world. Although, one thing that a lot of people have been known to have issues with is - their boss.

That's right, sometimes, in the world of business, the dog eat dog world can get too much, and the person above you will probably drive you insane. There is, however, a way you could get around this – by starting your own business. While you may not want to start one where you currently live, why not try thinking bigger, like starting a business in Europe?

Starting a business

Starting a business is not so simple, and you'll know this if you've worked in business for some time. Sometimes though, you may have an idea you believe in, or you know you can do your job better for yourself, and yourself only. So, why not take the plunge.

You'll need to get a lot of things right, such as qualifications alongside your experience to ensure you're fully prepared for what lies ahead. You can get an MBA online at RMIT, which ensures you can still work while fully heightening your qualifications before going it alone.

You may be wondering 'why Europe?', but it's a place where a wealth of business opportunity awaits.

Business in Europe

According to the 2018 World Bank Report, several European countries were highly ranked, with five coming in the top five. A further 10 were in the top 50, with another one just missing out, coming 51st. What this shows is that economies in Europe are doing extremely well currently, making them ideal places to set up a business.

That's not all. Businesses being set up within countries inside the European Union can get funding to kick start their business, with seven Irish companies gaining funding of up to €2.5m each in the first half of 2019. You can find out more about funding from the European Union here.

While this all sounds excellent, there's one question you should be asking yourself if you're considering this, and that question is; where in Europe should I set up my business?

Best Countries

To give you an idea of the places you should be looking at to start your business, you'll find five places that have become popular with entrepreneurs, and for good reason.

Ireland

As above, several startups in Ireland recently got an abundance of funding between them, but it's not just this that makes it a good choice. With an economy that boomed throughout the mid-1990s and early 2000s, the 'Celtic Tiger' as it became known has bounced back and boomed again since the economic downfall of 2008.

The reason for this rebound is the interesting part. The government has a positive attitude towards business, offering low corporate tax rates, which is perfect for companies of varying sizes, alongside numerous public resources for all types of new businesses.

These perks have even seen the arrival of technology juggernauts Google, Twitter, Facebook, and LinkedIn, who all have headquarters here.

The Netherlands

A country known for being an excellent place to visit due to its picturesque scenery and welcoming people, The Netherlands are just as welcoming to business owners too.

With a government that prides itself on its tradition of nurturing a positive business climate, it couldn't be a better place to set up shop. Although the tax rates here are high, which is often around 52%, you'll enjoy a wealth of generous services that make the trade-off worthwhile.

Norway

Sitting happily in Northern Europe, this Nordic country is well-known for its love of innovation and technology, welcoming both with arms wide

This love has helped to create lower costs and increased efficiency across the board, and you can start a small business here entirely online – helping to save a lot of time and effort mailing forms and waiting for answers.

Another great advantage of starting a business here is that it's relatively low-risk. This is due to you being offered a wide range of benefits and support, while those businesses that don't work, potentially going bankrupt, can often be resolved by the insolvency of 1% of the company's value.

The United Kingdom

A country that truly values entrepreneurship, the United Kingdom is a place where people genuinely believe that hard work will help you move ahead in life. Therefore, starting a business is thought of highly.

The tax structure here will also work in your favour, as it's designed to account for a lack of profitability in your first few years. Meanwhile, the cost of starting a small business in the UK is much lower, at £81.45 on average, than anywhere else in the developed world.

However, you'll need to look further into the UK at the moment with Brexit looming, as it's expected to bring a lot of issues to the world of small businesses, both good and bad.

Bulgaria

Somewhere you may not have considered in the past is Bulgaria. This once overlooked country is quickly emerging from the shadow of its Soviet state past, becoming a bustling hub perfect for new entrepreneurs.

According to the World Bank, it only takes 18 days to launch a new business here, which is quick and convenient, which you'll know is something that doesn't happen often in the business world.

Alongside this, you only have to fill out around four forms, and admin costs are around 1% of the average Bulgarian income. You also don't need a minimum amount of money in your account, which can only be advantageous.

While these are only five countries across the large European continent, they have consistently been recognised for their excellent track record when it comes to new businesses. All you need to do is check them and see which one is the right fit for you, and the business you intend on launching.

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