Start-ups and micro-businesses tend to stay close to home. But there’s an argument for stretching yourself and trading abroad early. Bigger markets, more diverse opportunities… It’s all out there.
With this in mind, we made the trip to Belgium to see whether the ‘Invest in Brussels’ argument for setting up in Europe would convince us. (We were told there was more to the place than nice beer and chocolate)
With talk of the June 4 European elections in full swing, you’d be forgiven for thinking that UK business -- like the general voting public -- might be somewhat anti-European. Great Britain, island that it is, has long stood apart from the Euro and cut itself off from the common market. It’s not a 100% accurate picture though.
For while the weak Sterling might be just the argument you’d need to put aside any prejudice and consider exporting to Europe, over the past few years there have been many other plus points that have convinced entrepreneurs actively to move their entire operation there.
For one, the food is really nice. But more importantly, a European base can give your business credibility on the Continent. As a rule, French, German, Dutch and even Italian and Spanish operations will take talk of European trade more seriously if you already have an Euro-zone base.
And it’s not just Brussels that’s courting the favour of entrepreneurs: regions all across old Europe are eagerly incentivising new blood. As flagged up by The Times, even Monaco is looking to update its silver fox, tax haven image and become reborn as the start-up capital of the South of France.
There is lots of support in Europe, with many grants and incentives available, too. The Brussels Enterprise Agency offers a ‘welcome package’, for instance: it’s a kind of incubation space for foreign investors that includes three months of free office space, internet connection and unlimited access to local business advice and legal and taxation expertise. Companies in ICT; health; research; agri-food and the professional service industry are particularly favoured.
It’s worth checking out the Enterprise Europe Network.
However, it has to be said that employment legislation in Belgium, and in Europe generally, is extremely complicated in comparison to British law, as is the tax system. Advice really is essential.
It’s an expensive spot to do business in, too, when compared to India, the US or China. And the culture-shock issue is not to be taken lightly – you absolutely have to research your destination thoroughly. (You can view case studies of UK business-people who have set up abroad on sites like www.startupoverseas.co.uk)
Saying that, the proximity of Monaco and Brussels -- and of Europe as a whole -- is a big plus: it’s good to know you can watch over your Euro start-up while keeping a foothold back home.
If you do head over, you won’t be the first British company to set up shop that side of the Eurostar. It turns out the UK is the third biggest investor in Brussels after France and the US. And some 400,000 Brits emigrated from the UK in 2006, according the Office of National Statistics. As living costs climb and economic conditions here look ever bleaker, it’s hard to imagine that number has since decreased.
We all know sunshine, chocolate and wine are big draws. So who’s to say start-ups, Belgian beer and casinos don’t go well together…
