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Business in GermanyInsights for Foreign Investors
Relocating UK holdings Why delays can be costly
Competing for Britain's FinTechs Who will attract start-ups?
Tapping promotional funds How to fuel your investment
October 2016
International Business
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
2 | Business in Germany | October 2016
Destination unknown
Dear Reader
It happened: the United Kingdom voted to leave the European Union. I still remember the moment I heard the news. It is one of those extraordinary historic events that will be firmly anchored into memories. Contrary to the demands of leading politicians across Europe, Britain did not immediately invoke chapter 50 to negotiate terms of separation. It seems that Theresa May’s cabinet will now only be launching exit negotiations early next year. In the meantime, however, the pressure is increasing, with the Pound losing value and Britain feeling the pinch. Investors are left guessing about future relations between the UK and the EU.
Meanwhile, it’s business as usual in Germany. Political and fiscal stability are still one of the best catalysts for sustainable economic growth. German state minis-ters of economic affairs are flocking to London to praise the advantages Germany has to offer. Thanks to a high degree of digitalization, FinTech is one of the most versatile sectors. It is quite likely that we will start seeing start-ups moving from London to Frankfurt or Berlin, as our second edition of Business in Germany explains.
This edition also highlights some of the many subsidies and funds provided by local and federal institutions in Germany, as well as those made available through EU institutions. Many of these opportunities often go unnoticed by companies who could benefit from them.
Should you be planning a trip to Germany within the next weeks, consider stop-ping by one of the carnival cities on 11 November. “Fifth Season” festivities start-ing at 11:11am are well worth a visit.
Kind regards,
Andreas Glunz Managing Partner International Business KPMG, Germany
Content01 Current Data p.3
02 Tapping promotional funds p.4
03 To relocate or not to
relocate? p.6 04 Competing for
Britain’s FinTechs p.8
05 Meet the Locals p.9
06 Moving to Germany p.10
07 Key Events p.11
08 Three Questions p.12
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
AUGUST INFLATION
Source: German Federal Statistical Office, 09/2016
Source: German Federal Statistical Office, 09/2016
Source: German Federal Statistical Office, 09/2016
Source: German Federal Statistical Office, 09/2016Source: fDi Markets, 08/2016
Source: ECB, 06/09/2016 Source: ECB, 06/09/2016
Source: OECD, 06/2016
EUR / USD
2016 GDP GROWTH EXPECTATION
JUNE EXPORTS
GERMAN INTERNATIONAL RANK BY GREENFIELD
INVESTMENTS FROM ABROAD, Q2 2016
JULY UNEMPLOYMENT RATE
JUNE IMPORTS
EUR / CNY
4.2 %
82 m
0.4 % 1.12 7.45
1.6 %
106.8 m
#5
One key element of the famous “German efficiency” is surely its unrivalled infrastructure. The World Bank even ranked Germany number one in its Lo gistics Performance Index. But let’s be honest, the best thing about the autobahn is that you can go as fast as your car is able to drive.
Source: German Federal Statistical Office, 2015
NUMBER OF THE DAY
12,949KM OF AUTOBAHN
3 | Business in Germany | October 2016
01 Current Data
The German economy remains on a stable growth path despite increasing global risks. In contrast to previous years, growth is not primarily driven by expansion of exports but by domestic consumption, due to rising real wages and low unemployment.
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
4 | Business in Germany | October 2016
02 Tapping promotional funds
Companies investing in Germany are supported by tax reliefs and funding on all institutional levels – by the European Union, the Federal Government of Germany and the governments of the federal states in Germany.
Germany is receiving EU funds worth €19.3 billion over the budget period 2014 – 2020 to subsidise structural develop-ment, of which only 20% are managed directly by the EU, while the remaining 80% are subject to regional and national authorities.
A database provided by the German Federal Ministry for Economic Affairs and Energy gives an overview of all pro-grams to which companies can apply for, including details of their specific requirements. Foreign investors are subject to exactly the same conditions as German investors. These may consist of grants for investments and R&D, grants for hiring personnel, public loans, and public guarantees.
Grants for investments and R&D
The vast majority of cash incentives to reduce set-up costs of production facilities are bundled into the Joint Task for the Improvement of Regional Economic Structures programme of the Federal Ministry of Economic Affairs and Energy. The programme aims to support the development of economi-cally weaker regions of Germany. Annually, €1.2 billion are managed through this program. To receive funding for an investment that will basically be completed within 36 months, investors must meet several requirements. Above all, investors must create or ensure permanent jobs with their investments, and assets must remain in the promoted establishment for at least five years. The size of the fund-able investment share depends on the size of the applicant
company and the category of the region (see map and table).
Funding for research and development can be received through the high-tech strategy programme of the German Federal Government, various smaller programmes of the federal states, and the Horizon 2020 programme of the European Union, which alone has a total volume of €80 b illion for the 2014 – 2020 period. Requirements differ from project to project, but in general a multinational cooperation is needed to apply for funding.
Grants for hiring personnel
The German Federal Employment Agency and the German federal states offer several labour-related incentives. They are independent of investor characteristics such as com-pany size or investment location and cover the whole range of employment issues from recruitment to wages and training.
More than 800 publicly funded job centres help find new employees, e.g. by advertising job vacancies or preselecting candidates. Costs for required training measures for employ-ees can be covered in full, other trainings up to 50%. Addtionally, companies can receive wage subsidies for up to 50% of wage costs when hiring long-term unemployed individuals.
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
Sources: KPMG Research; data: Federal Ministry of Economic Affairs and Energy, 2014
Berlin
Hamburg
Bremen
Düsseldorf
Munich
Frankfurt
Dresden
Stuttgart
5 | Business in Germany | October 2016
Small enterprises: < 50 employees AND ≤ €10m annual turnover OR ≤ €10m balance sheet total
Maximum fundable share of investment
Predefined C-Region
35%
Border area to Poland
40%
Non-predefined C-Region
30%
D-Region 20%
C/D-Region 30%/20%
Medium-sized enterprises:< 250 employees AND ≤ €50m annual turnover OR ≤ €43m balance sheet total
Maximum fundable share of investment
Predefined C-Region
25%
Border area to Poland
30%
Non-predefined C-Region
20%
D-Region 10%
C/D-Region 20%/10%
Large enterprises:≥ 250 employees AND > €50m annual turnover OR > €43m balance sheet total
Maximum fundable share of investment
Predefined C-Region
15%
Border area to Poland
20%
Non-predefined C-Region
10%
D-Region Max €200.000
C/D-Region 10%/max €200.000
Joint task for the improvement of regional economic structures – supported regions 2014 – 2020
The bonus of 20% for a small enterprise and of 10% for a medium-sized enterprise is not granted to large inves-tment projects with eligible investment costs above EUR 50 million. Source: Federal Ministry of Economic Affairs and Energy, 2014
Public loans
Investors can apply for public loans at interest rates below current market value and with favourable grace periods. These loans are issued by publicly owned development banks on a national and federal level and are especially attractive to small and medium-sized enterprises. The European Investment Bank offers com-parable loans designed for large investment projects.
Public guarantees
Public guarantees help entrepreneurs obtain bank financing by giving the lending bank the guarantee to pay back all or part of the loan in the case of borrower payment default. Several guarantee programmes are dependent on size, the investment region and the required amount. They are offered by the respective federal state’s guarantee banks or the state government. The maturity is, as a rule, 15 years and 8 years for working capital loans.
For more information on federal and regional subsidies in Germany, take a look at our publication “Investment in Germany”,
pages 35 – 39 or contact: Dirk Kirchner, advocate, tax consultant, T +49 341 5660-779, [email protected]
6 | Business in Germany | October 2016
03 To relocate or not to relocate?
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
Brexit causes the United Kingdom to lose a vital asset in attracting multinationals – EU membership. Ger-many is a well-suited destination for relocating EU holdings. However, time is pressing, as the relocation pro-cess will only become more costly for companies once the United Kingdom has left the EU.
Following the UK’s ‘leave’ vote on June 23, negotiations about the future relationship between the United Kingdom and the European Union could last for up to two years, once Chapter 50 of the Lisbon treaty is invoked. If the UK applies for its exit from the EU in early 2017, Brexit would most likely not occur until the beginning of 2019.
The impact of Brexit on the European operations of non-EU companies will depend on the outcome of nego-tiations between the UK and the EU. Several scenarios are possible, with different consequences for the free movement of capital, labour, goods and services, as shown by our analysis, The Brexit Strategy.
But no matter how negotiations about the future relation-ship turn out, Brexit’s impact on UK holdings of non-EU companies is significant even in the best-case scenario. It also seems natural that EU operations should be handled from a location inside the EU. Hence, relocating a UK holding to another EU member state may be favourable for their business goals.
Germany – an attractive location for EU holdings
Germany, the second most attractive country for non-EU investors in the past next to the UK, offers several advan-tages over other large, developed European countries. Not only is it the largest domestic market in Europe, it also provides excellent infrastructure connections to both established Western European markets and dynamically growing Eastern European economies.
Its diverse economy with various clusters of excellence, ranging from automotive to biotechnology, makes Ger-many attractive to enterprises from all business sectors. Additionally, Germany’s well-balanced academic and voca-tional education system provides companies with a highly skilled and productive labour force.
Furthermore, Germany provides significant tax benefits, which makes it an excellent location for holding compa-nies. In particular, dividends and capital gains received from foreign and domestic shareholdings are 95% tax-exempt.
Relocating headquarters is complex and time consuming
Companies looking to relocate their European headquar-ters are well advised to prepare as early as possible for the transfer of all relevant functions and design an appro-priately-sized future set-up to serve the UK market after Brexit. Depending on the size and complexity of the hold-ing structure, it may take anywhere between 6 to 18 months from initial assessment to the final transfer. Ide-ally, these transfers should be completed before the UK ceases to be a EU member state. Otherwise, companies would very likely be burdened with additional costs.
7 | Business in Germany | October 2016
Most importantly, EU directives that provide a legal basis for tax neutrality and cross-border reorganisations within the EU may no longer be available. Currently, there are several ways for companies to relocate their UK holding company, for example by merging it with an existing sub-sidiary in Germany or contributing subsidiaries into a new German holding by way of a share-for-share exchange. However, if the UK also exits the European Economic Area, cross-border reorganisations will no longer benefit from the respective EU directives. Moreover, expats in the
UK could require visas and work permits, while additional tax costs such as withholding taxes could reduce profits. As the UK will leave the EU at the latest two years after applying for its exit, invoking chapter 50 of the Lisbon treaty will put time pressure on the reorganisation projects of companies.
The table below indicates which further aspects must be considered to successfully transfer European head-quarters from the UK to Germany.
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
Feasibility of Transfer in Time
Is it possible to transfer all relevant functions, including productive assets?
Can we make use of cross-border merger regulations or share-for-share exchange before the UK definitely exits the EU?
If not, what are the other options for relocating European headquarters?
Legal & Tax Structure
Design a contractual basis for the transfer of headquarters
Consider a new corporate form
Take into account exit taxes and tax losses that will be carried forward
Consider loss of subsidies received in the UK and possible subsidies in Germany
Adapt business to the VAT set-ups change
Revise the service legal agreement regime and transfer pricing set-ups
Human Resources
Elaborate a communication strategy to explain the transfer to present staff and increase retention
Transfer employee groups to the new headquarter location
Secure required resources at the new holding company location (consider a lead time of up to 12 months for senior hires)
Secure transfer of knowledge where present UK staff is replaced by new staff at the new headquarter location
Assets, Licenses and Properties
Transfer all relevant assets, contracts and intellectual property (e.g. registered community designs and EU trademarks could lose their validity in the UK)
Transfer or newly apply for any permits, licenses or market authorizations previously granted by UK regulatory bodies to secure their validity for all EU business
Adopt local standards in terms of health, security and environment
Operations
Revise invoices & good flows
Adapt IT systems to new organizational structure (e.g. ERP) and legal framework (e.g. data protection) of the new headquarter location country
Adopt present set-up local requirements of headquarter location country (e.g. financial reporting)
For more information please contact: Oliver Dörfler, Partner, T +49 211 475-6314, M +49 173 5764379, [email protected]
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
8 | Business in Germany | October 2016
04 Competing for Britain's FinTechs
As the financial centre of Europe, Britain provided a fertile biotope for start-ups focused on the financial sector. Now that Britain has voted to leave the European Union, the country is about to lose a decisive feature FinTechs depend on. How will these promising start-ups react and keep profiting from EU privileges?
With its strong banking sector and culturally diverse work-force, London serves as the FinTech hub in Europe, with tight connections to the US market. Additionally, very lenient British regulations create a convenient start-up envi-ronment. UK regulators established so-called sandbox guidelines for FinTech companies for the first three to six months, during which they do not face any disciplinary action as long as they stay within these guidelines. This innovative approach allowed the UK to become the hub of FinTech innovation, with venture capital investment of $962m, compared to $193m in Germany in 2015.
However, the Brexit vote will bring about substantial changes to these and other conditions, and has initiated a competition for London’s FinTechs. It is likely that by leaving the European Union, Britain will be stripped of passporting rights – an essential aspect of doing business in the EU.
Currently, unique passporting rights allow UK-based banks and financial companies to operate in the European Union without the need to establish offices in every member state. If passporting rights fall, FinTech start-ups and banks in the UK will have no automatic access to the European market. According to a survey of Innovate Finance, the industry body for FinTech in UK, one in five FinTechs uses EU passporting for their services, and half of those sur-veyed are considering moving out of the UK.
The uncertainty surrounding post-Brexit regulations is already reducing investments in British FinTechs and endan-gering the growth and even the existence of some busi-nesses. As a result, cities in the Netherlands, Ireland, France and Germany are eager to profit from Brexit.
Berlin and Frankfurt already serve as locations for prosper-ing FinTechs with a well-established financial ecosystem, access to venture capital and talents, all support by politics and banks. Frankfurt comes with the bonus of hosting many traditional banks, some of which are enthusiastic about cooperating with FinTechs. It is also conceivable that we might see a fragmentation, for example with trading front office FinTechs moving to Berlin, back office FinTechs to Barcelona and regular focused RegTechs to Brussels. This would connect the particular benefits across the continent.
While it is unlikely that London’s FinTech appeal will be elim-inated entirely, negotiations between the EU and the UK will ultimately decide the scale of the FinTech move. For further information, please contact:
Sven Korschinowski
Partner
Financial Services
T +49 174 302 39 78
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
9 | Business in Germany | October 2016
05 Meet the locals
Over the centuries, Germany has grown out of the unification of many states. This still finds expression in the fact that Germany is a federal state composed of 16 Bundesländer. These regional differences not only make the country culturally rich but also economically very diverse, and essentially the economic powerhouse in continental Europe. Our experts will introduce you to the specifics and advantages of their region. This time, find out more about Hamburg and Cologne.
Hamburg Region »
This northern region covers the German coasts at the North Sea and the Baltic Sea, with Hamburg at its center. Here, people’s business sense is inspired by the Hanse-atic League, one of the most successful European com-mercial confederations in the Middle Ages. KPMG’s regional head Mattias Schmelzer explains why the region’s future is just as bright as its past.
For further information, please contact:
Mattias Schmelzer
Regional Head North Hamburg, KPMG, Germany,
Cologne Region »
The creativity and openness of locals are the foundation for the vivid start-up scene that has developed in the Cologne area. The area's strong manufacturing, insurance and retail sectors, well-developed logistics and media industry are renowned far beyond Germany. Culturally, Cologne is famous for its carnival: the so-called fifth season attracts millions of tourists each year. KPMG’s regional head of tax, Ladislava Klein, takes you on a tour of this vibrant and charming region.
For further information, please contact:
Christoph Beumer
Regional Head West Cologne, KPMG, Germany,
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
10 | Business in Germany | October 2016
06 Moving to Germany
So you just moved to Germany with your family, but what now? How do you master living alongside those grumpy, uptight beings who struggle to pronounce the “th” but have no trouble whatsoever say-ing words like Streichholzschächtelchen? This article will give you a rough idea.
There will be some barriers to overcome and things will take a while. Especially, bureaucracy is quite demanding and shopping in Germany can become quite stressful as rigid Ladenöffnungszeiten do not allow for a 24/7 shopping experience. Finally one tip when living in Germany: get yourself a Private Haftpflichtversicherung (third party liabil-ity insurance) which is an absolute must. It is relatively cheap, and provides pretty extensive cover. Everyone in Germany has got one, with or without kids.
Talking of children no need to worry about their well-being, they will get along just fine. Register them in one of the many sport clubs closest to you. As there are almost 7 mil-lion registered members at one of the 25.000 soccer clubs in Germany alone they will surely make plenty of friends quickly. For your Youngest the German Kindergarten are the perfect place to learn German in a breeze.
Then, if you move into your new home, go and introduce yourself to the next-door neighbors and maybe invite them over for dinner to get to know them better. It will be con-sidered well-mannered and is a nice opportunity to get in touch.
What’s also important is that you do not take it personally when Germans are direct and to the point. Germans are straight shooters. The good thing is, our word is rock solid. A yes is a yes and a no is a no. Germans will most likely seem cold to you at first glance. Again, do not take it per-sonally. Germans are quite distant to strangers but once they get to know you better this will vanish.
In Germany people have the mentality that work needs to be done before they can relax, which is why during work-ing hours they may appear stressed but in the evenings they like to lay back and enjoy their Feierabendbier. Speak-ing of beer, Germans see it as some sort of holy beverage, so do not start criticizing it.
Wishing you the best of all times.
For further information, please contact:
Joachim von Prittwitz
Senior Manager, International Business, KPMG, Germany
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
11 | Business in Germany | October 2016
07 Key Events
Frankfurt Book Fair 19 – 23 October 2016, Frankfurt »
BEPS – Base Erosion and Profit Shifting 13 September – 24 October, various locations and dates »
6th Annual KPMG Global Power & Utilities Conference 08 November 2016, Brussels »
Cologne Carnival 11 November 2016, Cologne »
Christmas Market 23 November – 21 December 2016, Nuremberg »
Bau 2017 The World’s Leading Trade Fair for Architecture, Materials and Systems 16 – 21 January 2017, Munich »
CeBIT IT Fair 20 – 24 March 2017, Hanover »
That special eventCarnival is a big deal in Germany – in the south and the west, at least. It is considered as the “fifth season”, beginning on the eleventh of November and ending approximately six weeks before Easter. The first day and the last week reach peak intensity, with people dressing up in costumes, partying, and dancing in the streets. Many local companies make special arrangements to allow their employees to participate in the processions.
The most famous cities for their “Karnevalszeit” are Cologne, Mainz, and Düsseldorf, with a heated debate over which one is superior. Judging by the crowds it draws, Cologne is unrivalled, with up to a million people watching the parade on Carnival Monday.
Business Destination GermanyInternational Business
Benefiting from Opportunities in Europe‘s Largest National Economy
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accu-rate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examina-tion of the particular situation.
© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative (“KPMG Inter-national”), a Swiss entity. All rights reserved. Printed in Germany. The KPMG name and logo are registered trademarks of KPMG International.
Contact
KPMG AG Wirtschaftsprüfungsgesellschaft
Marko GründigManaging Partner, TaxT +49 89 [email protected]
Andreas Glunz Managing Partner, International Business T +49 211 475-7127 [email protected]
www.kpmg.de
www.kpmg.de/socialmedia
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2016
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The new Tax Treaty Germany–Japan
July 2016
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The Impact of Brexit on Non-EU Multinationals with UK Holdings
The Brexit Strategy
2016
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© 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks of KPMG International.
08 Three Questions12 | Business in Germany | October 2016
... to Dietmar Rieg, President & CEO German American Chamber of Commerce, Inc. in New York
1. How do Americans perceive Germany’s economic role in the world? As the largest economy in the European Union and the fourth largest worldwide, Germany commands an outstanding economic position from an American perspective. Economic ties are very strong. A continued discussion about TTIP and respective progress would certainly strengthen this relationship.
2. In your view, what is the particular strength of the Germany industry? Superb products, quality engineering and the embrace of innovations and disruptive technological advancements like the Internet of Things, foster dynamic economic structures. Add sharp and individualized customer focus and corporate activities supported by a distinctive dual educational system, and the result is strong commercial performance on a wide range of international markets.
3. Which cultural site or event in Germany would you recommend as a must see? Neuschwanstein, Oktoberfest, or Heidelberg are certainly wellknown destinations for Americans. However more than 40 UNESCO world heritage sites and its diverse cultural heritage offer a fascinating experience for visitors. So will a stay at my home town of Schwaebisch Gmuend, with its unique and well documented 850 year history, or a visit to its annual musical festival, the Europaeische Kirchenmusik.
A short German lesson
Datenschutz, der – meaning data privacy, is a telling word that is closely related to the infamous German “Angst”. Datenschutz is often part of the public debate on digitalization and progress, as Germans are worried that new technologies will infringe on their privacy. While it is hard to find anybody who has personally suffered from a lack of data privacy, the focus on Datenschutz is hampering businesses. As a consequence, parts of Siberia are better documented on Google Streetview than most German cities.
Our Publications Useful insights for doing business in Germany
Business Destination Germany Investment decisions are tough. Germany offers a wide range of opportunities. This analysis shows
why now is the best time to become part of ‘Made in Germany’. »
Investment in Germany This guide provides you with a comprehensive overview of the German business and legal environment, including
economic facts, legal forms, subsidies, tariffs, accounting principles and taxation. »
German Tax Facts App Everything you need to know about taxes for companies, investors and employees all combined in one smart and handy app. Now available at the Apple App Store and Google Play Store. »
German Tax Monthly German Tax Monthly provides information on the latest tax developments in Germany, focusing on foreign investors and selected topics of interest in daily international business. Subscribe
Brexit Strategy Great Britain was the preferred location for European headquarters of nonEU multinationals. How they will
be affected by Brexit. And which country is now the most promising. »
Germany-Japan Tax Treaty For the thousands of Japanese companies in Germany, and for future investors, the new double tax agreement will
bring significant advantages. »
Contact
KPMG AG Wirtschaftsprüfungsgesellschaft Andreas Glunz* Managing Partner, International Business T +49 211 4757127 [email protected]
Joachim von PrittwitzSenior Manager, International BusinessT +49 30 2068[email protected]
If you would like to receive this or other KPMG newsletters, please subscribe here.
Feedback to Editorial team: Business in Germany
www.kpmg.dewww.kpmg.de/socialmedia
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
* Responsible according to German Law (§7 (2) Berliner PresseG