Is it worth it to learn a business in Germany?

German business taxes for businesses, self-employed, freelancers

An apt and concise answer to the question would simply be ‘Yes’ but why yes? This is why it’s important to elaborate on why learning business in Germany is worth it.

Apart from other potentials such as in tourism, sports, science and technology, Germany is a great potential destination for business. Investors globally move into Germany due to its potentials both in human resource, friendly business environment, capital, government policies, etc. When you start a business in Germany, you can read about Billomat and other accounting companies on to know the best company to use for the accounting needs of your company based on the experience other businesses in Germany have had with the company.

1) The economy of Germany

The economy of a country is very vital when it comes to opening a business in the country It would go a long way to determine if your business will be viable if the people will be able to afford your products and services at a price that will be profitable to you as well as if you will be able to access loans when you need it. With Germany have a 21 per cent share of the total GDP in Europe and have a very low unemployment rate of just 5 per cent, the economy of the country is favourable to businesses. Furthermore, many people are relocating to Germany because of the great economic disposition of the country, thereby providing a diverse workforce that you can take advantage of when hiring staff for your business.

2) German R&D Investment

Germany is also a regional leader in R&D investment. Typically, the nation spends over €80 billion (around US$104 billion) annually to assist some 800 public-funded research institutions. With more than half a million R&D professionals, the country continues to attract a top-notch talent pool in business. What this means for students studying business in Germany, is regular access to professional training, renowned and established universities and German R&D investment.

3) One single market

Germany sits at the crossroads of Western and Eastern Europe, offering direct access to a huge potential customer base. The EU has had a single market for more than 20 years, which means that goods, services and capital along with European citizens can move freely across the EU’s trading block. This single market has not only increased the competitiveness of individual member nations but has also decreased regulations while offering consumers wider choices of goods and services.

This is only one geographic advantage. Despite the country’s reunification nearly three decades ago, there remains an economic divide between what was once East and West Germany. This offers enormous opportunities for entrepreneurs who can develop businesses in places in the former, like Berlin which has recently enjoyed stellar growth in technology startups, and more recent innovation magnets like Leipzig and Dresden.

4) Innovation and economic freedom

An index charting 186 countries’ economic freedom, published by the Wall Street Journal in conjunction with the Heritage Foundation, reports that economic freedom in Germany is on the rise. The index looks at each economy’s rule of law, how limited their government is, their regulatory efficiency and how open their markets are. In one key component, the study notes that in Germany, “The overall entrepreneurial environment remains one of the world’s most transparent and efficient.”

Economic freedom is partly responsible for why the city has become a seedbed for innovation and entrepreneurial initiative. According to Eurostat, amongst the 28 countries in the European Union, more than 40% of all patents are held by Germany. Half of the cities in the top-30 metropolitan areas for patents are in Germany.

Putting all the aforementioned side by side in critical thinking, it’s possible to conclude that learning business in Germany is worth it and it’s a wise decision.

Natasha M. McKnight

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