Starting a company is difficult even when ignoring the limitations set by location, but what happens when you choose a certain country and want to start your business journey there? Well, first of all, you need lots and lots of information. Is the country suitable for starting a business? Is the economy prolific and promising for the next few years? Even though you might consider this a long process that takes up many resources, it is — in fact — easier than you think.
Simply reading the constitution of the respective country and paying attention to financial regulations will do the trick. The one task you have to thoroughly complete is carefully analyzing the target market and see if the potential customers in the respective location would be interested in buying your products or services.
This article focuses on starting a business in Israel, a country with a population of approximately 8 million. Even though the official language in Israel is Hebrew, most people speak English too. Because of the fact that an international language is widely spoken in Israel, the business community looks forward to starting as many companies as possible in this area. Here are some more facts that you want to know about starting a business in Israel:
Starting with some basic concepts about Israel, you should first take into account that the market economy is very flexible and mixed. The economy of Israel can be compared to the western side of Europe. Israel offered its citizens a high living standard, reason why many people from all around the globe chose to move their businesses here.
The Government of Israel invested tremendous amounts of money into the business sector and economic infrastructure. Multinational companies choose Israel for the new economy, for free trade agreements and convenient flexibility. In terms of payment methods used, credit card promotions took over cash. During the past few years, the economical development of Israel impressed huge brands all over the world. A serious part of the GDP is entirely dedicated to R&D.
Details to consider
Before you make up your mind regarding starting a business in Israel, get informed about incentives and other details that could influence your business progress. For non-resident people who want to start a company in Israel there are some regulations that need to be followed. These involve obtaining a work permit, that has to do with the Israel’s Ministry of Labor.
You should also get informed about taxes for immigrants. Currency might be important for you as well, so keep an eye on balances and banks. You should also read more about privileged enterprises that are owned by Israeli brands. Some taxes differ in the case of immigrants or foreign people who want to start a business in Israel. It would be advised to have a specialist consult your situation and put you up to date with all the details related to the country’s law.