France promotes a business-friendly environment, a sophisticated market, and a workforce with a high level of education, making it a favorable site for business establishment.
France, which is in the center of Europe, has convenient access to the rest of the continent and is close to both Africa and the Middle East. The country is a popular tourist destination and has a well-known culture worldwide, making it the ideal location for your European headquarters. And if you are thinking about moving your business there or why there are so many business deals there, here are a few main explanations.
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So, without further ado, let’s talk about why France is one of the countries where the most business deals are made each year and how you can achieve a successful business travel.
Attracts Foreign Investment
Businesses can easily access many different geographic locations, including Europe, the Middle East, and Africa, thanks to France’s advantageous geographic location and top-notch transportation infrastructure.
This has helped France top the list of Europe’s most appealing nations for foreign investors for the second year in a row, surpassing the UK (particularly in light of Brexit).
Additionally, in France, there are around 28,000 foreign-owned businesses that employ 11% of the labor force, 30% of French exports, 21% of local R&D spending, and 21% of industrial work are performed by foreign enterprises. Regarding foreign direct investment (FDI) stock, France is ranked tenth!
Global Economic Power
France’s Gross Domestic Product (GDP) was estimated by the World Bank to be worth 2603 billion US dollars in 2020. After the United States, China, Japan, Germany, India, and the United Kingdom, France has the seventh-largest economy in the world.
Besides the well-known financial industries of luxurious goods and agrifood, the French economy also features robust banking, insurance, energy, and automobile sectors.
The third-largest economy in the EU, France ranks sixth in terms of goods exports and fourth in terms of service exports. In addition, 31 French businesses rank in the top 500 globally in terms of sales.
Financially Attractive
It’s easy and economical to get started in France. In reality, limited french liability can be founded in as little as two weeks with just one shareholder and director, both of whom can be foreigners. The required minimum paid-up share capital is €1.
These initiatives are designed to facilitate business transactions and empower the private sector to sustainably generate employment.
Additionally, France has ratified tax agreements with more than 120 nations in an effort to end double taxation. The VAT rate in France is 20%, but there are lower rates of between 5% and 10% based on your industry and other factors. They are shown at VAT Global.
Technology & Innovation Hub
The French government makes significant investments in R&D, which provides a supportive environment for innovative enterprises. Technology and innovation play a crucial role in the French economy.
The government additionally provides non-EU startups, employees, founders, and investors with a tech visa, a fast-tracked program to obtain a residence card for France.
The Sophia Antipolis technology park, which has the best engineers outside of Silicon Valley, is located in Paris, the capital of France. Major international technology companies like Accenture, Cisco, Intel, IBM, Air France, and Orange have a presence in the park.
European Union Access
France enjoys direct access to the European market and EU partners as a founding member of the European Union and the Eurozone.
The EU offers free movement of labor, products, services, and capital, as well as access to its 450 million consumers, which helps GDPs grow and generate more employment and higher salaries.
Along with increasing FDI, the EU has several macroeconomic effects as well. With efficient transportation along the main Helsinki routes, state subsidies, and access to financial institutions and finances throughout Europe, it serves as a regional hub and gateway.
Tourism
Like most of Europe, France’s economy is heavily dependent on tourism. Prior to COVID-19, France welcomed approximately 85 million visitors annually, contributing close to 10% of the GDP of the country.
The most popular location for business conferences is France, one of the most visited nations in the world. Its history, cultural impact, delectable cuisine, and well-known attractions, such as UNESCO world heritage sites spread around the nation, are responsible for its popularity.
Businesses that expand to France should anticipate a continuous influx of new prospective clients thanks to this touristic attractiveness.
No matter the size of your company, France offers all the necessary resources to help it grow. The government, along with the rest of the ecosystem, works together to provide your company with the best chances for success.
