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Find out how to launch your business in Luxembourg
Through a series of practical tools, facts and figures, testimonials, advice, questions and methods, this
practical guide to “Becoming an Entrepreneur” gives all new and future solo entrepreneurs, and founders of
micro-enterprises, SMEs or start-ups a head start as well insightful information for a successful entrepreneurial journey.
The business starter journey in Luxembourg
You will find in this brochure a check-list which is applicable to commercial professions in general.
Other qualifications, guarantees or insurance may be required for specifically regulated professions. To double check which elements are needed for your business, please contact info@houseofentrepreneurship.lu.
Ready to open a professional bank account in Luxembourg?
Brochure (PDF)
The launch of a company is a vibrant journey, the ultimate aim for the entrepreneur
being to achieve a vision that has been nurtured for months. It is the moment when
abstract ideas turn into a concrete and tangible venture. Choosing the entrepreneurial
path is thus a way of constantly developing new ideas.
In these endeavors, preparation should not be left to chance, and the entrepreneur
most not solely rely on initial intuition and passion. Preparing a business launch is very
similar to the process of gardening, where a plant can only thrive through consistent
care and the incorporation of essential ingredients at the right moment, that foster
fertile ground. Indeed, no business idea can be transformed into a tangible venture
without the application of key managerial practices and without following several
regulatory steps, which are crucial for a successful launch.
Just like in the process of growing a plant, from the initial germination of an idea
to the eventual establishment of a company, each administrative milestone must be
carefully considered. The flourishing of a business account opening is one of those
key milestones, to be undertaken in collaboration with a reliable banking partner.
To this end, bank advisors are essential partners, as your future success is tied to
theirs. That being said, it is important to keep in mind that banking professionals can
only operate within a certain legal framework made of constraints and obligations.
Being aware of those policies and regulations will help you move into this next
important step, while fostering a strong and enduring relationship with your banker.
For the purpose of facilitating your progression towards a bank account opening, the
House of Entrepreneurship of the Chamber of Commerce and the ABBL (Luxembourg’s
Banking Association) Foundation for Financial Literacy have jointly designed a practical
step-by-step guide dedicated to new business leaders.
Setting up a business in Singapore
You have your business plan in place and you now have decided to setup your business in Singapore. What are the next steps?
In this introductory webinar Olivier Too and Davin Dedhia from Crystal Clear will elaborate on the type of structures available, local compliancy requirements, tax and employment law.
Please send us your most pressing questions in advance. This allows the speaker to get ready and build content around what you want to hear.
Date: Thursday, September 15th 2022 at 5-6pm
Location: Online Via Zoom
Cost: Free
Unleash your potential by joining BLCC Mentorship Program
Whether you are a senior leader willing to develop others, or an aspiring professional looking for guidance, the BLCC Mentorship Program will help you achieve your goals.
Application deadline extended: 30th September 2022
Join us for our traditional BLCC business lunch. This October we are taking you to Gary’s restaurant which offers the soul of authentic Italian cuisine and elevates the dining experience to new heights, bringing forth nothing but the freshest ingredients. Chef Gary does not use any artificial flavor enhancers in his dishes which has earned a reputation of creating amazing food with only the freshest ingredients.
This comes as no surprise because Chef Gary has been a ‘Chef for Hire’ for many well-heeled customers. These include the Royal Family of Brunei, Cabinet Ministers, celebrities. He was also appointed as Executive Chef to prepare meals for Head of State, Prime Minister and other VVIPs in Brunei.
Date: Thursday, October 13th 2022 at 12-2pm
Location: Gary's Restaurant, 41 Rochester Drive, Singapore 138582.
Save the date: Gala 2023
Unfortunately, due to COVID, the gala will not take place this year. But we are already working hard to make next year's edition a top one.
Save the date for the BLCC Gala on Saturday 10 June 2023 (next year).
Dear all,
Please join our BLCC Singapore whatsapp group for timely updates.
Link: https://chat.whatsapp.com/ETeVENFMchYFxLMQbdk45c
Click here for the Group Terms and Conditions
Do you have any questions? You can send us a direct message (events@blcc.org.sg).
Dear members,
As you all know, connecting people and business is at the heart of what we do. To reinforce this, we are pleased to announce that we will be launching a WhatsApp group for our members.
This group is intended as a convenient way to (distribute) share information with members of BLCC and for members to communicate easily with each other regarding BLCC matters. Participation is voluntary (not obligatory) and if you join, you (always) have the option of leaving the group at any time.
Subscribe to our WhatsApp group and join our community by clicking on the link underneath or scanning the QR code or opt-out by replying to this mail (events@blcc.org.sg) with an ‘opt-out’ message.
Link: https://chat.whatsapp.com/ETeVENFMchYFxLMQbdk45c
Click here for the Group Terms and Conditions
BLCC Events Terms & Conditions
- Registration is binding and payment is non-refundable.
- Please note that photographs and videos may be taken during the event for news and publicity purposes. You may be tagged on our social media (Kindly let us know if you do not want to be tagged).
- The organizers reserve the right to change the program content without giving prior notification or any reasons thereof.
For more information, please contact Jaqueline : events@blcc.org.sg
LUXSE named stock exchange of the year by environmental finance
05 July 2022
The Luxembourg Stock Exchange (LuxSE) has been granted the ‘Stock Exchange of the Year’ award by Environmental Finance as part of the Sustainable Investment Awards 2022, which recognise financial institutions and other companies which strive to incorporate ESG across all asset classes, contribute to making sustainability an integral part of investment decisions and support projects that mitigate climate change or make a positive impact in the world.
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Luxembourg's Ministry of Finance has appointed Shroders and BlueOrchard Finance to launch an impact strategy with the goal of contributing to the transition to carbon-neutral and resilient economies and achieving sustainable growth in emerging markets. The partnership is focused on channelling investments from both the public and the private sectors via an innovative Luxembourg-based financing vehicle that will help to close the climate finance funding gap. |
VIDEO
Thailand partnerships embrace a sustainable and prosperous future
15 December 2021
Thailand's first sovereign sustainable bond was listed on the Luxembourg Green Exchange in April 2021.
Bidding for the THB20 billion (USD 610 million) tranche was more than 3x over the issuing amount, closing at THB60.9 billion (USD 1.9 billion).
Thailand’s first sustainable bond signifies the nation’s deep commitment to tackling environmental and social issues as well as the myriad of economic challenges brought about by COVID-19.
It also confirms that there is high investor demand for sustainability bonds”
Focus on Southeast Asia - Connecting SEA businesses and investors with global markets
6 October 2021
Tuesday 12 October - 3 PM Singapore time
Southeast Asia’s economic integration continues to contribute to the region’s emerging position as a global growth driver.
Today ASEAN represents a dynamic market, home to more than 650 million people, a larger population than the EU, with 10 economies at different stages of socio-economic development, but all sharing immense growth potential. ASEAN is a major global hub of manufacturing and trade, as well as one of the fastest-growing consumer markets in the world, home to 40 tech unicorns.
The fintech industry is growing rapidly across the region. While Singapore has always been the paragon of the region’s financial sector, neighboring countries are fast catching up. Singapore, Indonesia, Malaysia, Thailand and Viet Nam are also embarking on local, sustainable and green finance products and solutions in order to green their economies.
As a leading financial center and a pioneer in sustainable finance, Luxembourg is well positioned to address ASEAN’s post-covid recovery needs and its commitments towards green and sustainable growth.
Focus on South-East Asia will explore this nexus, with two panels of financial experts from Luxembourg and Southeast Asia.
Registration and program : https://www.luxembourgforfinance.com/event/focus-on-south-east-asia/
Call for applications
28 September 2021
Fit4Start #12, Luxembourg's flagship acceleration program is now open for applications!
If you are an innovative ICT, SpaceTech or HealthTech startup ready to embark on a great journey and to
scale up your business to the next level, then this is the place to be!
Sign up, pitch your startup and benefit from:
- 6 months of intense coaching in Luxembourg by lean startup experts
- get Up to €150,000 equity-free funding
- enjoy Free access to co-working space
- access to a thriving and innovative community
- Valuable networking opportunities in Luxembourg and much more
Additional information and application right here. Make sure to apply by Oct. 4th!
https://www.startupluxembourg.com/fit-4-start
The Luxembourg Microfinance and Development Fund
3 August 2021
The Luxembourg Microfinance and Development Fund (LMDF) is a social investment fund launched in 2009. Active throughout South-East Asia, the Fund is focused on the alleviation of poverty by supporting organisations that empower people and stimulate entrepreneurship.
LMDF aims to support access to responsible finance by building sustainable links between investors (both public and private), microfinance institutions and ultimate beneficiaries. So far, over 7.5 million EUR have been invested in Indonesia, Myanmar, Cambodia, East-Timor and the Philippines thereby enabling over 70.000 micro-entrepreneurs – of which 72% are women ! – to have access to financing. The Luxembourgish NGO ADA is responsible for conducting due diligence and preparing the investment proposals, while impact investors are protected by an initial absorption of losses by the Luxembourg government.
Interested in finding out more? Have a closer look at LMDF’s work in the region or visit their website https://www.lmdf.lu/en/
Franz Fayot and Sasha Baillie officialise the launch of startupluxembourg.com
6 July 2021
Franz Fayot and Sasha Baillie officialise the launch of startupluxembourg.com at the “Towards the next level“ event
On Monday 5 July 2021, the Minister of the Economy, Franz Fayot, and the CEO of Luxinnovation, Sasha Baillie, officially launched the platform www.startupluxembourg.com to further improve the visibility of the Luxembourg ecosystem internationally, while facilitating networking. The event, organised at Luxexpo the Box, was also the occasion to present the start-ups selected for the 11th edition of Fit 4 Start and to award the graduates of the previous edition.
Launched in 2019, Startup Luxembourg is the brand for the ecosystem focusing on young innovative companies in Luxembourg. It aims, through its web platform and social networks, to promote this ecosystem internationally and to facilitate networking and business opportunities.
Supported by the Ministry of the Economy and managed by Luxinnovation, the public initiative Startup Luxembourg serves all players in the ecosystem (start-ups, incubators, research institutes, public organisations, ....). Startup Luxembourg is also the brand under which Luxembourg is represented at international events dedicated to young innovative companies.
"The Luxembourg start-up ecosystem has grown considerably in recent years, both in terms of the number of start-ups and in terms of programmes and support measures," said the Minister of the Economy Franz Fayot.
"Our ecosystem has reached a certain level of maturity and it is now the right time to focus our efforts on promoting it beyond our borders," added Sasha Baillie, the CEO of Luxinnovation. The Startup Luxembourg brand now has 17,000 followers on its three social networks (LinkedIn, Facebook and Twitter) and has already represented Luxembourg several times at international trade fairs such as Viva Technology in Paris and the Web Summit in Lisbon.
A reflection of the Luxembourg start-up ecosystem
The main objective of the www.startupluxembourg.com platform, which was officially launched today, is to highlight the ecosystem and its players, as well as to bring together all the latest news about start-ups in Luxembourg. At the international level, it serves as a lever to highlight all the advantages that the country can offer to young innovative companies. It also enables direct contact with incubators, start-ups and institutional players.
At the national level, the platform also aims to facilitate networking and business opportunities. Based on a very advanced design and user experience, the site aims to best reflect the specificities of the Luxembourg ecosystem. The Grand Duchy of Luxembourg is a prime location from which to access the European market, with an open and international economy by nature, easy and quick access to private and public decision makers, a digital agenda clearly outlined by the government and a unique quality of life.
Fit 4 Start in the spotlight
The event was also an opportunity to revisit the Fit 4 Start programme, the 11th edition of which was announced in early June.
Launched by the Ministry of the Economy and managed by Luxinnovation in collaboration with Technoport, Luxembourg City Incubator and Luxembourg Space Agency, the Fit 4 Start programme helps young innovative companies to launch from Luxembourg, transforming innovative ideas and project leaders‘ strong will to succeed into companies with a strong growth potential. Initially open only to start-ups in the ICT sector, Fit 4 Start now also targets companies active in health and space technologies.
The 15 start-ups selected at the beginning of June for the 11th edition pitched their solutions in person or online. These 15 start-ups will benefit from six months of specialised support, as well as individual funding of €50,000 from the Ministry of the Economy, with the possibility of receiving an additional €100,000 if they successfully complete the programme and manage to raise private capital.
A round table discussion with former participants looked back on the main developments that have contributed to the reputation of Fit 4 Start. In 10 editions over a period of 5 years, the programme has seen more than 1,800 start-ups apply and 78 follow the different coaching sessions. The event ended with the graduation of the 16 successful applicants from the 10th edition.
The start-ups selected for the 11th edition of Fit 4 Start (see appendix)
ICT
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SPACE
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Usefull links:
www.startupluxembourg.lu
www.fit4start.lu
www.luxinnovation.lu
Useful PDF files:
Fit 4 Start11_Selection EN.pdf
Thailand lists its sovereign sustainability bond on the Luxembourg Green Stock Exchange
28 April 2021
On 28 April 2021 in a virtual Ring the Bell ceremony attended by Thailand’s Minister of Finance Arkom Termpittayapaisith and with a message from Luxembourg’s Minister of Finance Pierre Gramegna, the Luxembourg Stock Exchange (LuxSE) welcomed the Kingdom of Thailand as a new issuer at the exchange, and celebrated the listing of Thailand’s pioneering sustainability bond. The sustainability bond, which is worth THB 50 billion (approximately EUR 1.3 billion), is displayed on the Luxembourg Green Exchange (LGX), the world’s leading platform for sustainable securities.
“As the world continues to deal with the ramifications of the COVID-19 pandemic, sovereign sustainability bonds, such as the one we welcome to LuxSE and LGX today, are crucial to securing a sustainable recovery in countries affected by the crisis. It is our great honour to be chosen as the international listing venue by Thailand, and we look forward to contributing to enhancing the visibility of the Thai sustainable finance market on the global stage,” commented Julie Becker, CEO of LuxSE and Founder of LGX.
Rebuilding sustainably
In August 2020, Thailand became one of the first sovereigns in the world to issue a sustainability bond. The 15-year inaugural bond issuance paved the way for two more tranches of the bond in the following months, bringing the total amount raised to THB 50 billion. The first and third tranches of Thailand’s sustainability bond finance clean infrastructure projects such as the construction of the Bangkok MRT Orange line, while the second tranche raised financing for public health expenditures and support to small and medium-sized enterprises hit hard by the pandemic.
“The issuance of Sustainability Bonds shows Thailand’s continuous commitment to deal with climate change following the Paris Agreement and support the UN Sustainable Development Goals to combat poverty, inequality and environmental degradation by 2030. We strongly believe that the issuance of Sustainability Bonds by Thailand will contribute to the development of the sustainable finance market domestically as well as internationally, and foster international partnership towards sustainable development,” said Thailand’s Minister of Finance, Mr Arkom Termpittayapaisith.
Award-winning labelled bond
The sustainability bond was issued under the Kingdom of Thailand’s Sustainable Finance Framework, published in July 2020, and received a second party opinion from Sustainalytics. The bond is aligned with international standards for sustainability bonds and was named Asia Domestic Bond of the Year at the IFR Asia awards 2020. The bond was initially listed on Thailand’s Bond Electronic Exchange and the sovereign issuer is now opting for a dual listing on LuxSE to strengthen access to the international investor community.
“The listing of the Kingdom of Thailand’s sovereign sustainability bond on the Luxembourg Stock Exchange underlines the good cooperation that exists between Luxembourg and Thailand. Thailand was a pioneer in issuing a sustainable bond framework last year and Luxembourg followed in its footsteps shortly after. I would like to congratulate Thailand for choosing Luxembourg and the Luxembourg Stock Exchange as its international listing venue,” stated Luxembourg Minister of Finance Pierre Gramegna.
First Thai issuer on LGX
By bringing its sustainability bond to LuxSE, the Kingdom of Thailand also becomes the first Thai issuer to display a security on LGX since the platform was launched in September 2016.
As of March 2021, LGX displays over 960 green, social, sustainability and sustainability-linked bonds totalling more than EUR 480 billion, including sovereign bonds issued by Luxembourg, Poland, Chile, Ecuador and Mexico. This also marks the first listing from a Thai issuer on LuxSE since 2001, giving the parties additional reasons to celebrate.
© Luxembourg Stock Exchange
Luxembourg plans to boost technology investment
24 February 2021
Diversification is “crucial, especially for a smaller economy like ours that is open to the world”, Mr. Gramegna, the Minister of Finance, says. But innovation within existing sectors is as important as branching out into new ones, he adds. “We have tried to diversify by building on our existing strengths. Our steel industry has not disappeared. We are still a major producer of specialised steel.”
When one quarter of your economy depends on financial services you want to diversify. But because the financial sector has adjusted so well, modernised, reinvented itself, it has kept pace with the endeavours and investments in other sectors.” The minister says as soon as he took over the finance portfolio seven and half years ago he identified the potential of financial technology for Luxembourg. “And when I started talking about that people in the country looked at me in surprise. What is he talking about? Why is he not talking about banks and investment funds? Today I think everybody has integrated the importance of fintech in transforming financial services.”
The government set up a public-private fintech accelerator, the Luxembourg House of Financial Technology, with some 80 companies and a similar number of affiliated ones. New technology ventures are seeking to build on niche sectors where Luxembourg is already a strong player, such as fund management, regulatory compliance and insurance.
Lead the story in Financial Times published in February 2021.
A Luxembourg mobile operator has developed technology that can identify scams
23 February 2021
The Luxembourg’s telecoms sector has produced a tool to fight cyber attacks over telecoms networks, including suspicious text messages sent to defraud consumers.
The software, which monitors telecoms networks for signs of intrusion, was developed by Cyberforce, a division of Post Luxembourg, the country’s integrated telecoms, financial services and post office company. Though it was initially created to protect Post Luxembourg’s own banking and telecoms customers — including EU institutions such as the European Court of Justice and the European Investment Bank — Cyberforce is now selling the tool to external customers, including larger peers in the telecoms sector. Cyberforce, which was launched in 2018, is a product of the tiny market that Post Luxembourg serves. For small telecoms companies like Post Luxembourg, the only way to grow is to develop innovative new services that they can sell to larger peers. The need to find new sources of revenue became more pressing after Reding’s clampdown, which hit operators in small countries dependent on tourism and business travellers hard.
Lead the story in Financial Times published in February 2021.
Luxembourg wants to turn hydrogen green
22 February 2021
Hydrogen is often seen as a source of clean energy. But most of the world’s supply of this potentially plentiful gas, which can be used to power everything from cars to heating systems, is produced with energy from fossil fuels. Now, with backing from the EU, Luxembourg has joined the hunt for fossil-free technologies for hydrogen production.
Lead the story in Financial Times published in February 2021.
Luxembourg space programme to work with Nasa on moon mining
19 February 2021
Luxembourg first emerged as a potential space power five years ago. In February 2016, the Grand Duchy launched its Space Resources programme, a project to prepare for the future use of extraterrestrial minerals, water and gases to provide energy and materials for human activities beyond Earth.
Lead the story in Financial Times published in February 2021.
Luxembourg's grand plan for an advanced digital society
18 February 2021
Luxembourg is setting itself the task of becoming one of the world’s most advanced digital societies. Policymakers are putting together what they hope will be a winning formula that combines government-led research and private sector initiative.
Lead the story in Financial Times published in February 2021.
LUXEMBOURG BETS ON SUPERCOMPUTERS
17 February 2021
MeluXina is funded jointly by the EU, and the Luxembourg government. Once completed, 35 per cent of MeluXina's capacity will support other HPC projects in 33 different European countries (including the UK), and be used free of charge.
Lead story in Financial Times in February 2021.
Technology Made in Luxembourg making self-disinfecting face masks to fight against Covid-19
27 January 2021
Molecular Plasma Group (MPG) has developed a unique technology based on the use of plasma to optimise the protection of "made in Luxembourg" surgical face masks against COVID-19. MPG has perfected a surface treatment technology and made it compatible with industrial production of "made in Luxembourg" surgical masks, in collaboration with Santé Services SA and a German company. The co-financing of the project is based on the aid scheme of the Ministry of Economy which supports industrial research and experimental development projects allowing the production and development of products contributing to combat the health crisis linked to COVID-19.
Read the full article published by the Ministry of the Economy (Dec. 2020)
European Space Resources Innovation Center to be established in Luxembourg
21 January 2021
Luxembourg just entered a strategic partnership with the European Space Agency (ESA) to create a "European Space Resources Innovation Centre", called ESRIC in abbreviated form. Unique of its kind, ESRIC aims to become an internationally recognised centre of expertise for scientific, technical, business and economic aspects related to the use of space resources for human and robotic exploration, as well as for a future in-space economy.
Based in Luxembourg, ESRIC will partner with public and private international players in this field to create a hub of excellence for space resources in Europe. The creation of ESRIC was part of the Luxembourg government initiative SpaceResources.lu launched in 2016 to establish an ecosystem favorable to the development of activities related to the exploration and use of space resources.
ESRIC's activities will focus on space resources research and development, drawing together excellence from public research and its facilities, with private sector initiative and efficiency. The centre will also contribute to economic growth by supporting commercial initiatives and start-ups, offering a business incubation component and enabling technology transfer between space and non-space industries.
Read the full article from the Ministry of Foreign & European Affairs.
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