Economic Overview & Business Opportunities
New Amendments Will Clarify Debts and Liabilities as Current or Non-Current
What does the economic overview and business opportunities of the sixth smallest country in Europe look like? This guide to Andorra explores the potential.
Every resident in Andorra is legally allowed to set up a business. Among the biggest growth prospects that contribute to a favourable economic overview include the following:
- Professional services
- International franchising
- Research and development
- Multilingual call and service centres
- Intellectual property licensing
- Intellectual property design
- International consultancy
- International arbitrage
- Online marketing
- Online sales
Located between France and Spain, it is the ideal sweet spot right in the middle of two power-house economies in Europe. Setting up a business here means an investor gets to tap into the local market in both regions. Accessing the rest of Europe is not too difficult from there either.
Business Opportunities in Andorra
Given its size, Andorra’s space is limited. Thus, this means that doing business here can be on the expensive size. The natural resources of the land are limited. Some of Andorra’s natural resources include:
- Mineral water
- Hydroelectric power
- Iron ore
In the country, only about 8% of the land is suitable for construction purposes. Based on all these factors tourism is the biggest sector in terms of business opportunities in Andorra.
Why Do Business in Andorra?
As with any country, every investor seeks out the benefits. Why should you start a business in Andorra? What benefit does it have to offer? Well, among the benefits you gain besides the favourable economic overview and business opportunities include the following:
- Favourable banking policies
- Reasonable tax laws and rules
- Stable political climate
- Stable economic climate
How to Set Up a Business in Andorra
If you are keen on setting up a business based on the positive economic overview and business opportunities outlook, here is what you will need to do:
- Reserve your unique trading name (this must be in Catalan)
- Obtain a Commune Authorisation to establish your business
- Obtain government authorisation per the Registry of Trade and Industry.
You will also need the following documents:
- A draft of your company statutes
- Legal copy of your passport
- Legal copy of your birth certificate (legalised by the police)
- Certificate of incorporation (must include the name of your company)
- Your business plan (financial forecasts and strategy must be included)
Need Help with Your Andorra Company Incorporation? Reach Out to Us
At 3E Accounting, we have an extensive network for those interested in starting their business. Whether in Singapore, Hong Kong, or across the globe, we have a strong network that provides you with all the support you need. Our partners in Andorra have the insight, professionalism, and capabilities to launch your business on the right foot.
For more information about our Andorra company incorporation services, contact our team today.
- Invest in Andorra
- Business creation
- Tax residence