Foreign investors interested in the trading market
available in Czech Republic
should know that the country is one of the most stable economies in Central Europe
. Czech Republic
represents a very prosperous market in this region; one of the main strengths of the state is the ease of doing business. Czech Republic
became a member state of the European Union (EU) in 2004 and for the period 2014-2020 the country will benefit from EU structural funds
accounting for 23 billion pounds. Investors interested in setting up a trading company in Czech Republic
can find out more on the import and export market
available here from our Czech company formation specialists
Imports in Czech Republic
At the level of 2014, the total value of imports accounted for nearly USD 153 billion, showing an increase of 21%, compared to the level of 2010. The top imported products were the following:
- • oil and mineral fuels (8.05%);
- • plastics (5.61%);
- • iron and steel (3.79%);
- • pharmaceuticals (2.95%);
- • iron and steel products (2.9%);
- • medical and technical equipment (2.2%);
- • rubber (1.81%).
Forecasts for 2017 showed that the total value of imports in Czech Republic accounted for more than USD 250 billion. According to statistics, the main imports partners of Czech Republic were: Germany, China, Poland, Slovakia and Italy.
Exports in Czech Republic
Foreign investors interested in setting up a company in Czech Republic
in the trading industry
should know that the total value of exports
in 2014 was of around USD 174 billion; the main goods exported by Czech Republic
were the following:
- • industrial machinery (19.35% of the total export value);
- • motor vehicles and vehicle parts (19.02%);
- • electrical machinery (16.73%);
- • iron and steel products (4.06%);
- • plastics (3.67%);
- • oil and mineral fuels (2.65%);
- • furniture (2.50%);
- • iron and steel (2.39%);
- • rubber (2.35%);
- • toys and sport equipment (1.95%).
The top export partners of Czech Republic were Germany, Slovakia, Poland, United Kingdom and France. In 2017, the first three export partners accounted for 47% of the total export of Czech Republic. Our Czech company formation agents can offer you further details about Czech Republic main exports. The same team can provide information about Czech imports.
Czech exports in 2019
Spring, air, and gas guns were Czech Republic main exports in 2019, worth around USD 15.1 billion, followed by computers summing up nearly USD 10.7 billion and broadcasting equipment worth about USD 10 billion. Most of the Czech exports were directed to Germany, around USD 62 billion. Slovakia and Poland were other important Czech export partners, with products worth around USD 15 billion and about USD 12 billion respectively.
that summed up around USD 198 billion placed the country 27th out of 45 worldwide economies, in terms of GDP, according to oec.world
. If you would like detailed information about Czech Republic main exports
, feel free to address your requests to one of our specialists. Our Czech team of company formation agents
can also assist foreign entrepreneurs to start an import and export company
in this country by handling the formalities imposed by relevant authorities.
If you are looking for accountants in Czech Republic, we recommend you discuss with our local experts. Bookkeeping, payroll, audits, preparation, and submission of annual financial statements are among the services offered by our specialists. We can also help you with the implementation of tax minimization methods or human resources administration. High-net-worth individuals can receive, on request, investment consultancy for the businesses they own in the Czech Republic.
Czech imports for 2019
Just like in the case of Czech Republic exports, the country imported broadcasting equipment worth around USD 10,1 billion, representing the main imports. Vehicle parts worth nearly USD 10 billion and office machine parts of about USD 5,72 billion, were next on the list of Czech imports. Germany remained the key business partner for Czech imports, with products worth around USD 47,5 billion. China was another representative Czech import partner, with trading goods worth around USD 20.4 billion.
The value of the total Czech imports stood at around USD 174 billion, placing the country 29th for trade destination at an international scale.
How do I open a trading company in Czech Republic
Considering the above-mentioned facts and figures about Czech Republic exports and imports
, opening a trading company in this country is a great option for international entrepreneurs. The procedures for opening a company in Czech Republic
are straightforward and allow entrepreneurs from overseas to start a business quite fast. In most situations, the limited liability company represents the most popular business structure that suits most of the business needs of entrepreneurs. Here are a few details about how to register an import and export company in Czech Republic
- • The Czech Commercial Law mentions that an LLC in this country can be established with the Articles of Association, the main documents of the company. These are verified and approved by the Czech Commercial Register.
- • Only CZK 1 is the minimum share capital for an LLC in Czech Republic which needs to be deposited in a local bank account.
- • Owners of Czech LLCs must appoint the directors of the firm.
- • The tax registration is mandatory for companies in Czech Republic. If you would like to register an import and export company in this country, feel free to get in touch with our Czech agents.
- • A trade license is needed for Czech import and export companies. We can also handle this important task, with respect to the regulations of the Trade Licenses Office.
- • The EORI number is needed for a simplified customs verification, and it is imposed by the EU legislation. Such code can be easily obtained, once the VAT number is assigned.
One should note that the Czech authorities have the power to make some verifications of company owners and ask for a copy of the criminal record. Further details can be offered by our Czech company formation agents who can help local and foreign entrepreneurs register a trading company.
Why invest in Czech Republic
If a Czech export company is a great business idea, you might want to discover other prolific sectors in which huge profits are registered each year. Sectors like tourism, IT, engineering, energy, and manufacturing provide a wide range of business opportunities, taking advantage of simplified registration formalities and an experienced workforce, to name a few.
The minimum share capital of CZK 1 for a limited liability company, an excellent infrastructure, great geographic location, and free access to worldwide markets represent other solid points for investing in Czech Republic
. Here are some interesting facts and figures that show in a few lines the economic direction of this country:
- Almost USD 171 billion represented the total FDI stock for Czech Republic in 2019.
- The 2020 Doing Business report ranked Czech Republic 41st out of 190 worldwide economies for simplified business procedures and more.
- The Netherlands remained the main investor for Czech Republic, followed by Germany, Luxembourg, and Austria.