According to Michaël Duval, Senior Manager at Baker Tilly, there are many forms of support and aids available in Luxembourg for young companies and their growth challenges. The important thing is to demystify them.
Michaël Duval, what current challenges do startups face?
While they play an essential role in the country’s innovation, growth and employment, they often have to contend with cash-flow problems and sometimes with cumbersome and complicated administrative and tax procedures.
How can they overcome these obstacles?
Many dedicated resources and initiatives – from concept to practical implementation – are available to support their entrepreneurial projects.
First and foremost, the Luxembourg startup ecosystem includes a wide variety of players ready to guide them from the very beginning:
- Incubators such as LCI and Technoport
- Institutions such as the House of Entrepreneurship and the House of Startups
- Specialists in FinTech, such as LHoFT, or in innovation, such as Luxinnovation
- Dynamic associations such as Startups.lu and Nyuko, a driving force for entrepreneurial innovation
Luxembourg also provides a number of financial support schemes, which complete its low tax rate, attractive tax regime for impatriates and attractive tax credits:
- Support for first-time business start-ups: 6 non-refundable monthly grants of €2,000
- for young innovative enterprises: co-financing of up to 70% of research, development and innovation expenditure (up to €1,200,000)
- for research and development (R&D) projects
- for process and organisational innovation
- for SME innovation
- for technical feasibility studies
In addition, several players offer startups dedicated financial solutions: loans (Société Nationale de Crédit et d’Investissement); access to financing (Mutualité de Cautionnement); microcredits (FUSE).
Startups can also call on Business Angels (via LBAN) or the financial support of the Digital Tech Fund.
And finally, they can take part in competitions! The acceleration program, Fit4Start (support of up to €150,000) and the Startup World Cup, the biggest start-up competition in the world!
How can Baker Tilly Luxembourg support them?
We help them to find the government aid and incentives that meet their needs and assist them through the process.
We also offer them a dedicated Start-up Package, including advice and expertise tailored to their needs and challenges, in the administrative, accounting and tax fields.
Baker Tilly Luxembourg wants to demystify these opportunities and turn them into a lever for success.
About Baker Tilly
In Luxembourg for over 50 years, Baker Tilly Luxembourg is specialised in corporate services, with recognised expertise in accounting, tax, audit and payroll.
We serve very small businesses, SMEs, major industrial and financial groups, as well as private individuals.
Baker Tilly Luxembourg is an independent member of the Baker Tilly International network (145 countries).To find out more about the Start-up Package and solutions for start-ups.
