A Comprehensive Guide: Why and How to Start a Business in the EU
Starting a business can be an exciting and rewarding venture, especially in the European Union (EU). With over 27 countries to choose from, its vast market provides access to a large customer base presenting significant opportunities for growth and business success.
Whilst there are many positives and many opportunities, planning and navigating the process of starting a business in the EU can be complex and requires careful planning and adherence to legal requirements unique to each of the 27 EU member states. That’s why we’ve curated this helpful blog, a comprehensive step-by-step guide with key considerations to successfully open a business in the EU with as few headaches as possible!
Step 1: Compare the different EU countries where you might consider starting a business
Each of the 27 member states have its own legal requirements, business regulations and tax systems. Conduct thorough research to decide on the country within the EU that best suits your business needs and where you wish to establish your business. When selecting the country, it is important to consider various factors such as:
- Ease of starting a business
- Local business regulations
- Networking options
- Business banking options
- Remote management options for your business
- Economic stability
- Costs and taxation
- Potential for growth
- Ease of business operations
In your research, you’ll soon see there are some real hot spots with thriving start-up ecosystems in Europe. For example, cities such as Barcelona, Lisbon, and Tallinn are all hotbeds for entrepreneurial activity. As well as having excellent structures in place, they also have incredible support networks, networking opportunities, and start-up hubs which will all help you and your business.
Step 2: Determine if you need to relocate or start a remote business?
Starting a business in the EU presents exciting opportunities for entrepreneurs but the process of setting up a business in the EU may vary from country to country.
A big thing to consider is whether you actually need to relocate to a country, or whether you can operate remotely. Estonian online government program, e-Residency, has a dedicated online resource to help you get started on deciding where is the best country in the EU to start your business and how Estonia compares to other markets as a viable option. Click here to discover the unique benefits and opportunities for entrepreneurs in different EU countries.
Why should you consider Estonia as a location to start your business?
As a premium e-residency service provider supporting business startups in Estonia, here at Silva Hunt, we know that Estonia has everything you need to start and grow a successful business. Take a look below at just some of the reasons we have highlighted why Estonia may just be the right choice for your business…
Estonia’s thriving start-up culture: Often hailed as “Europe’s Silicon Valley,” Estonia has become a magnet for founders from the US, UK, and other European nations. Beyond its solid business infrastructure, the country is rich with entrepreneurial events, conferences, competitions, and support agencies. Add to that an abundance of coworking spaces, incubators, accelerators, and top-notch food, drink, and entertainment options, and it’s no wonder many founders, freelancers, and business owners choose to work nowhere else!
Step 3: Do you financial planning and consider the ease of opening a bank account
When choosing the location for your new business adventure, take into consideration the available funding as well as opening a bank account. Here are some things to consider:
Step 4: Network and search for local support
Building a strong network and seeking local support is crucial for the success of your start-up business. Embrace the EU’s vibrant startup ecosystem within your chosen EU country and seek support from various resources:
Step 5: Consider language, culture, and business environment
While the language and culture of your target audience are undeniably important factors, it’s also essential to acknowledge that you don’t necessarily have to establish your business in the same country as your target audience. Instead, consider establishing a business in EU country with a reputable business culture, a robust business ecosystem, and an openness towards international entrepreneurs.
If relocating to EU isn’t for you, Estonia’s e-residency program and tax advantages make it an attractive option for entrepreneurs seeking to start a business in EU. However, each location has its unique advantages and considerations, and entrepreneurs should carefully evaluate their specific needs and preferences before making a decision.
Whichever country you decide to embark on your new business venture, by following these guidelines and putting in the work, you can establish a strong foundation for your EU business and flourish!