Setting up a business in Czech Republic
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Over the last decade, the Czech Republic (“CR”) has become an attractive country to foreign investors. This is due to several factors, including a modified flat tax rate, an educated workforce with relevant business and technological skills, a friendly business environment and the country’s favourable location between Western and Eastern Europe.
Moreover, Czech private law was dramatically changed by complex recodification which came into force on 1 January 2014. The recodification provides less formal rules regarding the governance of companies, as well as some new measures which simplify the process of carrying on business in the CR.
Investors - both foreign and Czech – can obtain investment incentives whose purpose is to support the introduction or expansion of production in the manufacturing industry, technological research and IT development. Businesses set up in the CR can also obtain financial support from the EU structural funds. The country is a member of EU, OECD, WTO, NATO, OBCE and the Schengen Area.
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