|Local Time (Vienna) (LIVE):||4:26 AM|
|Local Currency:||$1 = €0.82|
|Business Language(s):||French (recommended), German, Luxembourgish|
|Tax Year Dates:||1st January – 31st December|
Economically savvy and growing, Luxembourg’s international attraction is the result of its openness as a keen global partner, its status as a driver in early European politics, and its locational benefits as a landlocked territory at the heart of Europe. Known as a powerhouse in private banking for its successful financial sector, Luxembourg’s economy defies the size of its geography to offer up strong wealth. In fact, Luxembourg boasts a top seating in the world’s wealthiest countries according to GDP per capita.
Early into the 20th century Luxembourg entered several strategic partnerships across Europe, transforming itself into a founding member for multiple economic and political organizations. This country’s memberships are impressively broad and connected: not limited to the European Union, Luxembourg also sits on NATO and the United Nations. Meanwhile, Luxembourg city is the grand host to the European Investment Bank and the European Court of Justice.
As a landlocked territory, Luxembourg is an easily accessed European country. Despite its size, it is often known for being its larger international presence. Sharing a border with the likes of Belgium, Luxembourg is attractively intercontinental. Internally, this country recently made its public transport a free service. Locals will benefit from nationwide access via buses, trams and trains. Boasting a modernised transport network, car rentals or train links offer alternative travel options. These networks branch out into neighbouring countries for easy access, too.
Expansion into Luxembourg is certainly attractive, yet businesses looking to grow their presence in this economically strong European territory should consider the various local laws and barriers. Luxembourg is known, for example, for its multilingualism and multiculturalism that comes from its neighbours. As it borders France and Germany, Luxembourg has many spoken languages, specifically its local dialect called Luxembourgish. Along with a host of languages, there are certain local laws that require compliance, such as stricter labour hours on working days. Guidance from an expert in HR & payroll is essential in understanding the oftentimes complex employment legislation and regulations local to Luxembourg. IRIS FMP are uniquely capable of helping expansion plans succeed into far and exciting new places.
Details correct at time of publication. You should not rely on these details without first seeking professional international advice.