Can young entrepreneurs thrive in Germany?

Joseph B. Hash

Being an entrepreneur could be very challenging but also very fulfilling. It gives you the satisfaction of actualizing your dreams and aspirations. You tend to be the boss of your organization where you decide how things are run and also get the opportunity to become an employer of labour. One […]

Being an entrepreneur could be very challenging but also very fulfilling. It gives you the satisfaction of actualizing your dreams and aspirations. You tend to be the boss of your organization where you decide how things are run and also get the opportunity to become an employer of labour.

One of the major reasons why entrepreneurs can thrive in Germany is easy access to both loans both from government and private organizations. If you want to get a loan from a private company like Credimaxx, you should first read reviews about the company on reviewsbird.de. You will get the know the company to patronize and those to avoid. There are four types of entrepreneurs and they are:

1.      Small businesses

2.      Scalable startup

3.      Large companies

4.      Social entrepreneur

Germany is a fertile ground for young entrepreneurs, it is presently the largest economy in the whole of Europe and ranked the world’s fourth-largest economy. The German government is very open to the establishment of businesses both by citizens or foreigners. The chances of succeeding as an entrepreneur in Germany are very high especially if it is a fast-food business, pet-related business, Biotechnology business, business of elder care, tourism business, daycare centre, Aquaculture business, career counselling business, fashion retailing, and eco-friendly retailing of products. These are the top ten profitable business ideas in Germany but there is another aspect also that young entrepreneurs could start up a business in.  

Benefits of becoming an entrepreneur in Germany

The benefits of becoming an entrepreneur in Germany are discussed subsequently.

·        Strong dynamic economy

The location for a business is an important factor in the growth of that business. Germany offers business owners an innovative climate, dense transport network and highly skilled workers. The country offers modern telecommunication networks, roads and railways which would take your idea and products to their destination.

·        Stable political and economic environment

The economy of a country greatly affects the businesses established in that country whether positively or negatively, having a stable economy, helps entrepreneur make positive plans which would help grow the business. The economy in Germany is relatively stable and intellectual property is protected by law.

·        Available funding and professional support

In Germany, all states have information centres that offer comprehensive advice for start-up businesses and the best approach in establishing the business also where to obtain funds for the business

·        Diverse society

Germany has a diverse society, which is a plus for businesses, it is not a stereotypical society, it is home to more than 10million foreigners. This gives entrepreneurs an open market to launch new ideas.

How to become a successful entrepreneur in Germany

To start up a business in Germany, there are different step one has to make especially if you are not a citizen. The steps may vary depending on the type of business you choose to establish. The following are steps in starting up a business in Germany.

·        Obtain a business visa 

This is for 6month, it gives you time to plan for the business and complete the paperwork.

·        Company formation

This requires registering the company, and opening a bank account for the company.

·        Secure a trade license

The next step is that entrepreneur would have to register with Finanzamt in the city of their choice to be registered as trade-man and given license to trade.

·        Complete your business registration

You’ll then proceed to complete your company’s registration by providing a tax ID, a valid visa, a functioning bank account and a residence permit.

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