Are you considering starting a business in Europe? Choosing the right country can greatly impact your success as an entrepreneur. In this article, we will explore some of the top European countries to start a business in 2023, along with their rankings in the Ease of Doing Business Index and additional information that may be helpful in your decision-making process.
Lithuania
Ranked 11th in the Ease of Doing Business Index, Lithuania is a promising destination for entrepreneurs. The country does not require a minimum investment; however, the Lithuanian program favors certain fields such as biotech, nanotech, information technology, mechatronics, electronics, or laser tech. If your business falls into one of these industries, Lithuania could be an excellent choice for you
Sweden
With a ranking of 10th in the Ease of Doing Business Index, Sweden offers a favorable business environment. To start a business here, you will need a minimum capital of SEK 200,000 for yourself as an entrepreneur, SEK 100,000 for your spouse if they apply for a visa, and SEK 50,000 for each accompanying minor. Proficiency in Swedish or English is also required. Sweden’s strong economy and skilled workforce make it an attractive destination for entrepreneurs.
Germany
Germany remains one of the leading economies in Europe. While there is no minimum investment requirement, it is recommended to have proof of funds of at least €250,000 to avoid questions from the migration authorities. Additionally, entrepreneurs must present a solid business plan with projections and premises that forecast a profitable business. Germany’s strategic location and robust infrastructure make it an appealing choice for business ventures.
Belgium
Ranked 46th in the Ease of Doing Business Index, Belgium offers opportunities for entrepreneurs. To establish a business here, candidates should have the capacity to invest between €350,000 to €500,000 in the first five years of the business. Belgium’s central location in Europe and its strong ties to international markets make it an attractive hub for business expansion.
Hungary
Hungary provides a cost-effective business environment. Entrepreneurs looking to set up a business in Hungary should have funds of at least €50,000. It is worth noting that the fees associated with setting up a business can consume a significant amount of your initial investment. Hungary’s low operating costs and advantageous tax system make it an enticing option for entrepreneurs on a budget.
Latvia
Latvia offers favorable conditions for business establishment. If your company’s turnover is less than €10 million a year, the minimum investment required is €50,000. However, if your company earns more than that, the investment will need to be doubled. Latvia’s strategic location and well-developed infrastructure make it an appealing choice for businesses looking to access both Eastern and Western markets.
Romania
Romania offers a growing market for entrepreneurs. The minimum investment required is €150,000, and hiring employees is also necessary. Additionally, entrepreneurs must register with the National Trade Register Office.
Start your European Expansion today
If you’re looking for support in setting up your business in any of these countries, our PEO solutions can be your trusted partner. We offer a seamless and efficient way to expand internationally. By leveraging our existing global infrastructure, you can set up your business within hours instead of months in your new market. Whether you need assistance with compliance, hiring local talent, or navigating the local business landscape, we can provide the expertise and support you need for a smooth and successful expansion. Take advantage of our services and turn your entrepreneurial dreams into reality in Europe’s most promising business destinations. Get in touch with our team today
