Relocating to France can be a stressful enough experience, but starting a business can take this stress to a whole new level. It doesn’t have to be that way however. Once you’ve mastered the language, the tax system and other Country specific factors, starting a business in Paris is really no different to starting up anywhere else.
Here are just a few questions you may be asking yourself before you take that big business idea to market
1. How Does Paris Compare To Other Cities For Starting A New Business?
Unfortunately, one of the problems you will find when starting up a business in France is that it is an extremely regulated country. Many activities require specific qualifications whether you are trading as a private nurse or a hairdresser. There is also no scope to test out your idea as you need to set up your business legally before you can begin trading.
2. What Are The First Steps To Starting A Business In Paris?
Once you have decided what you want to do (and you have any necessary qualifications in place), you will need to contact Le Centre de Formalités des Entreprises (CFE) to discuss the next steps and how to get started with registering your business.
3. Are There Any Pitfalls I Need To Be Aware Of?
Business success in Paris is going to depend on a number of factors and they are the same factors present elsewhere when starting a new business:
● Do your market research.
● Ensure you keep track of stock and capital expenditure.
● Use funding and investment wisely.
● Devise a bulletproof marketing plan and understand your target market.
● Seek out support when you need it - there are many business support agencies in France and Paris to help you get your business off the ground.
4. Once I Have Established My Business What Are The Charges?
Like most countries, you will be subject to a number of charges and these will depend on the mode of business you have chosen. For example, auto-entrepreneurs will need to pay a fixed rate based on their turnover towards social charges. This can range from around 12% for trade businesses to 21.3% for companies providing manual services. Sole traders or enterprise individuelle will pay a set rate which is based on net profit. Paying these social charges will ensure you are entitled to a pension, healthcare cover and training.
5. I Need To Make Business Transactions Abroad. What Is The Best Way?
If you are planning on doing business overseas it is important that any foreign currency transfers you authorize give you the best deal possible. Whether you are setting up regular contract payments, paying employees in another country or negotiating big money deals with overseas suppliers, getting the most from your exchange rate will ensure your business stays above water.
By seeking out an accredited and experienced money transfer broker, you can be sure that your business transactions will be handled in a professional, confidential and secure manner and that you will get access to the most competitive exchange rates.
Just Go For It - Thousands Of Success Expats Have Done Exactly That.
Whilst it’s important to do your homework when it comes to starting a new business in Paris, there is always going to be an element of risk involved. If you are really passionate about your business idea sometimes the only way to get started is just to go for it. The most important things to remember are the taxes, the currency exchange rates and your market research. The rest is up to you. Bon Courage et Bonne chance!
Daniel Abrahams is the Co-Founder of award winning comparison sites MyCurrencyTransfer&MyTravelMoney. Recently, the company debuted it’s new product for businesses, CurrencyTransfer.com, at SXSW in Austin, Texas.
You can follow Daniel on twitter.
Disclaimer: The information in this article does not set out to give anything other than a glimpse of certain aspects of this area of French Law and professional advice should always be sought from a duly specialized French practitioner prior to undertaking any steps whatsoever.
Latest from Michael Bahati
- 10 Essential Skills They Don’t Teach You In College That Are Crucial For An Expatriation Adventure.
- 7 Best Habits to Adopt For A Fulfilled Life in Paris.
- The 2017 French Presidential Election: Top Candidates’ Migration Programmes.
- Introducing Paris Talks: A Conference On The Future Of Humanity.
- 22 Great Questions To Ask Your Future French Boss