Business start ups in Germany
- Entire excerpt
Do you have a business idea that you want to turn
into reality? Then don’t hesitate – your
chances for success as an entrepreneur in Germany
are good. Not only have many other foreigner entrepreneurs
paved the way for you, but Germany can also offer
your business a market of customers with strong
purchasing power, excellent infrastructure, dependable
economic conditions, and in comparison to other
countries, falling labor costs.
chapter will give you some guidelines for starting
your own business in Germany and provide you
with contacts to possible business partners who
can help you set up shop while avoiding unnecessary
Let’s first assume
you have answered the basic market questions
surrounding your product or service: What is
my target group? How big is the potential market
for my business? Who are my possible business
partners? Where will my business be located?
How does my timeline look? How can I raise the
capital that I will need to get started? In addition
to these, you will still have many open questions
concerning the relevant legal aspects and market
conditions that affect your business idea.
1: The preliminary interview
Your first stop for starting a business in Germany should be the "Industrie- und Handelskammer" (Chamber of Industry and Commerce) See: www.IHK.de. In comparison to other business organizations and other industry-based groups, the IHK supports members at 81 locations in Germany and represents 3.6 million businesses that are all legal members of the IHK. This fact makes the IHK independent of any single interest group and creates a strong force for dealing with political powers and bureaucratic permit offices.
The IHK’s partner organizations,
which are known as “Außenhandelskammern“ (Foreign
trade offices) can also be found in locations
outside of Germany. See: www.AHK.de.
These 120 offices are a good starting point for
receiving initial information concerning a start-up
It is worth your while to seek out
your nearest IHK-office as the business-venture
experts there can provide you with information
on the local market, funding possibilities, and
relevant contacts for start-up advice and detailed
legal matters. We recommend that you set-up a personal
consultation with one of their specialist early
in your venture process. Then, prepare a model
of your business idea for the meeting and work
out the answers to any questions that could come
up. An initial meeting with the IHK is also important
because you are sure to come into contact with
them at a later time. A German law requires the
IHK’s approval of any business applications
that are forwarded from district courts and foreign
offices (at which you must file for residency
Furthermore, you should contact the “Amt
für Wirtschaftförderung” (Office
of Business Advancement) which is most likely
located in the courthouse of the city in which
you hope to locate your business. Here, you can
get more detailed information on requirements
for your chosen business site, local funding
possibilities and local economic conditions.
For those who are in a hurry to get their business
established, but who still want to keep the founding
costs within budget, consider the local offers
of any existing entrepreneur centers. At such
centers, you can rent office space while also
increasing your networking potential with other
firms located within the center.
Step 2: Founding
It is especially important for foreign
entrepreneurs to seek ...
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