In this article, we will talk about the advantages of company foundation in North-Rhine-Westphalia (NRW), with funding opportunities and site conditions.
COMPANY FOUNDATION IN NORTH-RHINE-WESTPHALIA (NRW)
After successfully choosing the right legal form of the company, the question of the right location for the business rises. Germany is a federal country divided into 16 federal states with partly different legal situations and funding opportunities. North-Rhine-Westphalia is one of them and can be a great location in order to invest, found a company, and establish a business.
GENERAL INFORMATION ABOUT NORTH-RHINE-WESTPHALIA (NRW)
With over 17 million inhabitants, North-Rhine-Westphalia (short: NRW) is the most populous federal state in Germany. With its Capital Düsseldorf, together with Cologne, NRW offers two big metropoles with an international participation in global businesses. For tourist, NRW offers a wide range of sight-seeing-attractions e.g. the Cologne Cathedral, the harbor media district in Düsseldorf or the Eifel National Park.
North-Rhine-Westphalia is economically-seen very strong. With 705 billion euros, NRW generates 20,8% of Germany´s gross domestic product (GDP) and thus makes NRW the leader between the federal states. Further on, NRW is the strongest business location for foreign direct investment with an amount of 172,5 billion Euros in 2017.
Especially sectors like mechanical or electrical engineering, chemistry, metal, aliment or automotive industry are well represented with big global players e.g. Bayer, Henkel or Bertelsmann.
A big advantage for foreign entrepreneurs is the well-developed infrastructure. Besides the two international airports in Düsseldorf or Cologne, NRW is directly linked with waterways through the Rhine. Also, the dense motorway and railway network offers people to travel easily within NRW and the rest of Germany.
Incorporation is just the first step in doing business in Germany. However, post-incorporation registrations are also quite important. Our professional team is ready to help with the all steps of Company Registration in Germany.
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FUNDING OPPORTUNITIES IN NRW
One of the most important criteria for the choice of location, particularly for founders, can be the funding opportunities at the respective location. The “Regional Business Promotion Program” (in german: “Regionales Wirtschaftsförderungsprogramm”, RWP) is the most important possibility to receive support for your company.
The Funding takes the form of grants, i.e. the money does not have to be paid back. Especially investments that create jobs will be promoted, for SMEs, it is offered to assume the wage cost over time.
SMEs are “Small and Mid-sized Enterprises” which per the definition of the EU Commission are Companies with less than 250 employees and an annual sale up to 50 million Euro or a balance sheet total up to 43 million Euro.
The amount of these grants depends on the specific location since cities are categorized in different types of development areas. In general, it can be said that between 10% and 25% of the eligible expenditures will be funded.
As an alternative, a start-up-loan by the NRW.BANK may be another option to establish a business in North-Rhine-Westphalia. NRW.BANK offers low-interest loans in the amount of 25 thousand up to 10 million Euro. Eligible projects are e.g. acquisition of real estate, factory- and office equipment, or company takeovers. Especially for SMEs are special conditions, which makes it very attractive for creating new businesses.
To sum up, North-Rhine-Westphalia is a great place for companies to invest. The site conditions offer an easy entry into the national and international market and, in comparison to other federal states, especially new foundations and small businesses are being supported in order to ensure a strong economic location in western Germany.
Check Frequently Asked Questions about Company Foundation in Germany.
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Company Foundation in North-Rhine-Westphalia
Mehmet Kaya LLBs
All rights reserved. All rights of the Company Foundation in North-Rhine-Westphalia article belong to Gurcan Partners International Law Firm. The author has no responsibility for the information in this article. This article is prepared just to inform.
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