2018 brings a new economic development strategy for Luxembourg, as several governmental bodies and agencies have gathered in order to prepare the launch. The plan was first announced in 2017, however it will be implemented starting with the beginning of this year. The strategy is based on the approach of various investment sectors which targets companies and foreign investors. Our lawyers in Luxembourg can help foreign enterprisers who want to start a business in the Grand Duchy.
Luxembourg is one of the most modern economies in Europe which is why it very important for the government to create a sustainable environment where companies and people can develop. One of the emerging industries in which the government is willing to invest is renewable energy which is why the central authorities and the European Investment Bank (EIB) have set up a fund for the development of renewable energy resources. If you want to set up a business in the renewable energy sector, our Luxembourg lawyers can advise you.
A few years back, the Luxembourg government started encouraging investments in other industries than the financial one, and thus attracting young entrepreneurs. Now, the first results are being assessed and they are vey good. According to the authorities, young generations of investors from the ranks of millennials are the most active in Luxembourg. Our law firm in Luxembourg can assist foreign enterpriser who want to open companies here.
About a year ago, the Luxembourg government had announced the launch of the of the Green Exchange, the first exchange related to climate change in the world. This year, the first results indicate how successful it was: it has listed bonds worth 63 billion euros. Our lawyers in Luxembourg can offer more information on the listing requirements on the local Stock Exchange.
Luxembourg has received good ratings over the last two years, the last one being issued by DBRS which confirms its previous AAA rating. This is the highest rating a country can receive and the agency justifies Luxembourg receiving it because of the good economic performance. Our lawyers in Luxembourg can assist foreign investors who want to create a business in the Grand Duchy.
It’s been more than 40 years since the Luxembourg government has started developing plans which have helped the Grand Duchy’s tourism industry. In August, the Secretary of state for the Economy has launched the 10th Five-Year Plan for Regional and National Tourism Infrastructure. Under the new program, tourism will receive 60 million euros, 33% more than the previous program which ended last year. If you want to start a business in tourism, our law firm in Luxembourg can help with the company registration procedure.
Blockchain technology which is used to create cryptocurrencies is not new in Luxembourg, the number of financial companies using it having increased significantly in the past year. What is new is the first share purchase completed through a fund distribution platform created be using blockchain technology. Our lawyers in Luxembourg can assist foreign investors interested in starting a fintech business in the Grand Duchy.
The status of a leading financial center known worldwide has determined Luxembourg to place its bid with the European Council in order to become the home country of the European Banking Authority (EBA). This comes as a consequence of Brexit with London hosting two large EU authorities. Our lawyers in Luxembourg can offer more information on the Grand Duchy’s banking system.
After announcing the introduction of new types of residence permits, various financial institutions in Luxembourg have analyzed what this would mean for the economy. And the news is good: the new permits would definitely lead to a diversified economy. Our attorneys in Luxembourg can offer information on the current types of residence permits which can be obtained by investors interested in starting a business in the Grand Duchy.
Luxembourg has recently voted several amendments to the Immigration Law which now targets attracting more high net worth individuals interested in investing in the Grand Duchy, as well as enterprisers and skilled workers from outside the European Union. Precisely, the new law proposes the issuance of five new types of residence permits. Our attorneys in Luxembourg can offer more information on the current legislation related to immigrating to this country.
Luxembourg and UAE representatives have been discussing for quite a while their economic relations and the way they can improve them, especially in the financial services field. In order to do that, the Crown Prince and the Minister for Finance in Luxembourg have paid a visit to Dubai in order to discuss the options they have. Our lawyers in Luxembourg can assist foreign enterprisers interested in investing in the financial services sector.
At the beginning of the year, Fitch, one of the most important credit rating agencies in the world, issued its latest report on Luxembourg. According to it, the Grand Duchy managed to maintain its AAA rating for the new year. The same rating was awarded to Luxembourg in 2016 by Fitch, Moody’s and Standard and Poor’s. Foreign investors interested in starting a business in this country can be assisted by our law firm in Luxembourg.
As usual, the EU Commission publishes reports on the economic situation of each of its member states at the beginning of every year. This year, the Commission gave good news to Luxembourg, as its economy is expected to “grow strongly” in 2017 and 2018. Another important fact the Commission announced it that Luxembourg’s growth is based on an overall EU economic increase. Our lawyers in Luxembourg can assist foreign investors interested in setting up businesses here.
At the end of December, the Luxembourg government has decided to continue with the program for the construction of subsidized houses. The state would also offer financial support for these projects which is estimated at 42.1 million euros at the moment. This is also a good opportunity for construction companies in Luxembourg interested in cooperating with the government. Our lawyers in Luxembourg can assist foreign investors interested in opening companies in the Grand Duchy.
One of the ways Luxembourg assist companies and foreign citizens moving here for employment purposes is through the Impatriate Tax Regime which was set in place in 2013. The regime applies to highly-skilled foreign citizens who can add value to the economy through their work. Below, our lawyers in Luxembourg explain what are benefits of the Impatriate Tax Regime for both employers and employees.
Towards the end of 2016, Luxembourg had announced the launch of the first green bond in the world and the beginning of this year saw this launch to fruition. Through it, Luxembourg became the first international climate finance center in the world and thus setting a trend among countries interested in investing in this type of stocks. If you are interested in the listing requirements imposed by the stock exchange, our lawyers in Luxembourg can guide you.
Workforce is one of the most important factors in the success of a company and Luxembourg is no exception when it comes to successful businesses. Considering one of its best investment industries is financial services, no wonder Luxembourg ranked among the 10 best countries in the world at retaining talent in 2016. Our lawyers in Luxembourg can offer full information on the Employment Law in the Grand Duchy.
Luxembourg is one of the best countries to do business in Europe at the moment, according to the Euro Plus Monitor released at the end of 2016. The survey places Luxembourg on the second place in terms of overall economic health at European level. This comes after the Grand Duchy was rated AAA by the DBRS credit rating agency. If you are interested in investing in the Grand Duchy, our law firm in Luxembourg can assist you in opening a company here.
The European Investment Fund (EIF) and one of the largest banks in Luxembourg have drafted an agreement through which innovative companies in the Grand Duchy would have access to finance. The agreement is called InnovFin SMEG and is dedicated to small and medium-sized enterprises (SMEs) in Luxembourg. If you want to open an innovative company in the Grand Duchy, you can rely on our law firm in Luxembourg.
Luxembourg is the most important financial center in Europe which is why two large Chinese banks have announced their intention of setting up their presence here. In the light of this event, Luxembourg and China have also decided this is a good opportunity for them to strengthen their economic relations. Our lawyers in Luxembourg can offer foreign investors information about the double tax treaty between the Grand Duchy and China.
The Ministries of Economy and Environment in Luxembourg have signed an agreement with the European Investment Bank with the purpose of launching a financing platform through which companies in Luxembourg would engage in green energy projects. The memorandum of understanding was signed right after Luxembourg enabled the first green stock exchange. Our lawyers in Luxembourg can assist foreign investors who want to open a company in the Grand Duchy.
For Luxembourg, cybersecurity is very important from various points of views. The most important one refers to financial companies which offer most of their services in the online environment, among which online transactions are very employed. This is one of the main reasons, the Government has decided to launch a new cybersecurity centre in 2017. This way the information of both public and private companies would be kept safer than before. Our lawyers in Luxembourg can offer information on the legislation related to Internet and telecommunications.
After the Brexit became a fact and the UK has little time left to leave the EU, the most important question that arose was how would the financial industry in Luxembourg be affected. This question is very important because London is one of Luxembourg greatest partners when it comes to the investment funds industry. Our lawyers in Luxembourg can assist foreign investors who want to set up investment funds here.
Luxembourg is one of the most stable economies in Europe, as the three most prestigious financial agencies in the world have announced. In September, Standard and Poor’s (S&P), reaffirmed Luxembourg’s AAA rating, after Moody’s and Fitch announced the same ratings in the previous months. Our lawyers in Luxembourg can assist foreign investors who want to open companies in the Grand Duchy.
Luxembourg continues to consolidate its position as an international financial center through the launch of a new investment structure: the reserved alternative investment fund, shortly known as RAIF. The new legislation providing for the establishment of investment funds addresses international investors and asset managers seeking to offer their services in Luxembourg. Our lawyers in Luxembourg can offer more information on the new RAIF Law.