How to take advantage of Luxembourg’s thriving Startup ecosystem
There are several initiatives in Luxembourg that allow to develop and encourage entrepreneurship
- The Espace Entreprises information centre of the Chamber of Commerce and the Contact Entreprise service of the Chamber of Trade are one-stop shops that provide businesses and project promoters with information and advice on various aspects of the life of a company.
- The Business Mentoring scheme of the Chamber of Commerce and the Luxembourg Business Angel Network are two further initiatives that support the development of companies.
- The international business plan competition 1,2,3,GO of the Chamber of Commerce enables competitors to benefit from the guidance of experienced coaches for the elaboration of their business plans.
Luxembourg has also several business incubators that help startup companies by providing services such as management training or office space, and co-working spaces.
As for funding, the Ministry of the Economy and Foreign Trade offers financial aid specifically set aside for young innovative businesses. Other schemes, such as the Plug & Play of the Ministry of the Economy and Foreign Trade, PwC Luxembourg’s company accelerator and the Europe4Startups project, also offer support for young innovative businesses.
Luxinnovation, the national agency for innovation and research, provides assistance to innovative startups at any stage of the deployment of the project, from the analysis of the idea and the writing of the business plan to the search of financing and the establishment of relationships with technology partners.
And, in January 2015, the Luxembourg Government Council has adopted a bill establishing a new type of company, the simplified private limited liability company (or SARL-S). The bill is aimed in particular at individuals who want to launch a business that requires no great investment or start-up capital. The administrative procedures are simplified and the company can be founded with a minimum share capital of only 1 euro!
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A share is a unit of ownership delivered by a capital company. In most cases, it is a commercial company with a limited liability. Holding one of several shares – in other words, being a shareholder – means that you own a part of the company’s capital but you are not held personally liable for the company’s debts.