Starting a business in Luxembourg can be quite the experience. You have to know what you are doing and what steps to follow to ensure that you are getting everything necessary completed. Here is a list of the important steps that you should follow when starting up your business.
The first step when starting a business in Luxembourg is depositing the minimum capital requirement. This amount could be any necessary amount to run the business. Make it a sizable enough amount to matter though. The next step in this process is to verify the unique standing of the company name and reserve said the name. This process could take anywhere from one to two days to complete, depending upon a variety of factors. It has a nominal cost of six euros.
The next step in starting a business is to register with the notary and have the notary draw up documents. While this may sound like a long and difficult process, it may take only a day, or two at the most. The notary will take care of all of the necessary paperwork, and require a small sum of money to do so. The initial cost is around 1000 Euro plus 75 Euro in necessary fees.
Once the notary has drawn up the legal documents, you will need to apply for a business license. This can be quite time consuming. For must businesses, ie commercial activities, a business license is required. It can take up to twenty business days to be processed. You will need to include all necessary paperwork such as school degrees, articles of incorporation and the like. Once everything has been reviewed, and 24 Euros has been paid for a tax stamp, your business license will be granted.
Registering with a one stop shop takes about four days. It is required to receive a VAT tax number, register with the chamber of commerce and several other activities. While this might not seem like four days, allow four days for it to happen. After all of the above steps have been completed, you can unlock the blocked capital in the business bank account. Simply take the necessary paperwork to the bank. They will then go into the account, remove the blocked money, and allow you to use the funds as is necessary for your business. Starting a business in Luxembourg is not nearly as hard as it seems.