Advantages of starting a business in Prague
The average gross monthly salary in Prague is around CZK 25,000. There are also favorable tax rates, favorable tax incentives for strategic services such as call centers, shared services centers, and others. The strength of the economy owes a lot to the continuing high levels of foreign direct investment that flows into the country and this is testament to the growing importance of Prague as a central business location in Europe as a whole.
When deciding to start a business, you will have to consider the form of business vehicle that you would like to adopt. The main choice tends to be between either setting up on a self-employed basis by applying for a business license, or you can set up a limited liability company. Setting up as a sole trade is generally less burdensome especially when it comes to dealing with the various tax, accounting and other compliance issues. Other forms include joint-stock companies, a branch office, commercial partnership and limited partnership.
According to the law for foreigners, EU nationals are no longer obliged to apply for a residence permit, however they are entitled to do so and in many cases it makes sense for them to apply for one. The foreign Police expect EU nationals to apply for an EU card within 30 days.
Non-EU nationals who wish to spend in the Czech Republic more than 90 days are required to apply for a long-term visa. An application for a visa must be made at a Czech embassy abroad and documentation needs to be submitted including health insurance cover for the Czech Republic. Additionally if a non-EU national is working in the Czech Republic, then he may also apply for a work-permit. If required, they can also apply for an ID number as well.