• Luxembourg, steppingstone for Startups to Expand into Europe
    2019-09-02 hit 735

    Luxembourg, steppingstone for Startups to Expand into Europe


    - The country offers many benefits such as EU’s single market, highly educated and multinational human resources, government-led supports, etc. -


    Luxembourg has been pointed out as a steppingstone for Korean startups to expand into Europe.


    According to a report titled, Startups, Pay Attention to Luxembourg as a Bridge to Europe issued by the Brussels Branch of the Korea International Trade Association (Chairman, Kim Young-ju) on September 3rd, Luxembourg offers a good environment for startups to begin their businesses, such as a variety of networking opportunities, EU’s single market benefits and high accessibility to other countries, multilingual, multicultural and highly educated human resources, high openness to Fintech innovations, the government’s active support for startups, etc.


    In Luxembourg, meet-up events and international startup fairs and competitions are actively held, making it easy to share ideas and get advice. There are many highly skilled and highly educated human resources who speak various languages. In addition, as foreign workers account for 47 percent of the total employees, they are familiar with the international working environment. The country is open to Fintech innovation, 187 Fintech companies, including PayPal and Amazon, have their European headquarters and data centers in Luxembourg.


    Starting in 2015, startups can be set up with just one euro, and even a foreign founder can receive up to 800,000 euros, 50 percent of external consultation and temporary specialist costs, and business feasibility study expenses. The Fit 4 Start program, for which overseas startups are also eligible to apply, provides free professional coaching service and shared offices for 16 weeks, with up to 150,000 euros without a stake requirement.


    Yoon Ga-young, a project manager at the Brussels branch of the Korea International Trade Association, said, Luxembourg's corporate tax rate is 15-17 percent, lower than other European countries, and it is easy to penetrate into large markets in close proximity to France and Germany with EU’s single market benefits. The project manager advised, Since there are many programs that can be utilized by overseas startups, the startups looking to enter into Europe are worth starting from Luxembourg.

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