Every day, people with interesting ideas and superb qualities start their own business. Many of these entrepreneurs deliver products for their local markets. A growing number of business professionals seek their clientele internationally. Accordingly, company formation can also get an international character. This especially applies to ventures in need of an establishment in the countries where they plan to operate.
The European Economic Area (EEA) is part of the European internal market. This single market is characterized by open borders, equality and a single point of entry. Even though global and virtual business is a matter of supply and demand, regulators try to avoid unfair competition and thus protect local businesses. Yet, within the single market, the rules are equal for everyone. Competition within the single market is possible though. Therefore business professionals willing to enter the European single market can choose the best location they see fit for their activities and administrative requirements. European Company Formations depends thus on several personal circumstances.
Equal treatment and globalization applies to the European single market. Therefore, EU residents are allowed to incorporate in any of the member states. Domestic company law in the country of incorporation and taxation in the home country of the companies owner are mission critical to avoid difficulties in the home country. Sovereign states always want to avoid abuse and as paramount in the EEA want to ensure equal treatment. Therefore, appropriate and professional advice is recommended before a company is formed and activities can begin.
One of the challenges for international entrepreneurship and offshore company formation is the opening and maintenance of a functional banking relationship. Where FinTech firms provide efficient and effective solutions for individuals, legal persons and companies are not always subject to such facilities. International business centers of major banks and financial institutions are specialized in international transactions and thus can help international operations.