Whether it’s cheese, chocolate, the Louvre Museum, the Eiffel tower, the people or the language of the French you have heard of, it doesn’t matter.
You have to love something about the country. I mean a rich history, cultural influence, a steady economy and a business tax haven something must just spark your interest.
The nation just has its own conspicuous, easily adored aura. Well, for the entrepreneurs and young digital innovators France is setting up a hotbed of startups, a bed not easy to spurn.
The state is steadily gaining traction as the startup engine of the European Union. A survey in the State of European Tech 2020 report revealed France’s flourishing returns in the startup sector.
The start-ups had about 1.04 billion Euros worth of profits as an improvement from the previous year. This is literary among the very few business ecological niches thriving amidst the covid 19 pandemic.
Surely you will want to tap into such a sector. Below are moving reasons as to why opening a startup in France might be a very brilliant idea for an entrepreneur, native or foreign.
1.It is easier to set up a business website
With all the incentives from the state, the focus has shifted to having startups. Those that are interested in such an endeavour are highly encouraged and subsequently are provided with numerous opportunities to explore their ideas.
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2.France is a tax haven
It would not be prudent for one to begin running a business in the country without recognition of the Laws, rules and regulations of the country now, would it?
Laws of a country in relation to corporations and businesses oftentimes or rather most times drive core to the taxation of such enterprises.
French corporate tax stands at 26.50% for normal corporations and 27.5% for corporations with profits amounting to more than 500,000 euros.
This is slightly lower than 28.00% from the previous financial year and the tax rates are set to reduce even further in 2022 to 25%.
These rates apply to all corporate bodies, local or foreign. Even though the country might apply some other indirect taxes such as the Territorial economic contribution and annual 3% tax such taxes are not irrationally crippling.
They may hardly get noticed. Furthermore, a waiver from income tax is possible for young innovative companies with a certified label.
The goal is to make France a business-friendly environment hence the tax haven.
In early 2017 the government made it clear that investing in the startup sector was at the top of the agendas.
To substantiate such a strong conviction, it announced the creation of a breakthrough innovation fund worth 10 billion euros. Further ministry programs have been rolled out just to support startups and growing enterprises.
Such programs focus on enhanced networking, training, innovation and empowerment. When COVID 19 hit, the state promised to further support startups by disbursing 3.7bn euros.
Such vehement support cannot be said of any other government.
4.Startups thrive in France.
The dream of any startup is to end up a unicorn (a startup valued at more than a billion dollars) In France that dream is more valid than you might think.
When the present president Macron came into power in 2017 the goal was to have 25 unicorns by 2025. Recently the state celebrated its 12th unicorn and the spirit is to get to 25 and more.
In relation to other countries in Europe, France was among the top three countries to raise more funds in the startup industry in 2020 than in 2019.
5.France is resourceful
France is rich both in natural and technological resources, something quite prerequisite for any startup.
Startups tend to thrive more on technological capabilities as most of them are digitized ideas however, they also need a connection to physical outlets with real products and services.
The last survey done in 2019 showed that France was 90% endowed with the internet and plans are underway to make the internet accessible to everyone through 5G.
Such plans include the development of high-speed mobile bandwidth, optical fibre and digital transmission by satellite just to name a few.
With these resources becoming better, so does an entrepreneur’s chances of making it big.