Establishing a Company in the Czech Republic
The Czech Republic is a landlocked country in Central Europe. Its neighbors are Poland to the north, Germany to the west, Austria to the south and Slovakia – its former partner – to the east. The Czech Republic enjoys a stable, parliamentary-democratic government. Its economy, which transitioned to a free market economy, is amongst the most successful of the former Communist Block countries. The Czech Republic joined the European Union in 2004, but is not part of the Eurozone, thus it maintains an active local currency named the Czech Koruna. Businesses that form companies in the Czech Republic benefit from a wide-range of advantages, such as a well-developed local market, a plethora of European market trade agreements and ever expanding technological and financial infrastructure.
Roughly 11 million people live in the Czech Republic and its national capital is the unique city of Prague. “Czech” is the Czech Republic’s official language, and, similar to other nations in Central and Eastern Europe, the country is increasing its adoption of the English language.
The Czech Republic has had a long and complicated history, including, amongst others, German occupation in the 2nd World War, a strong Soviet influence, which eventually led to a Russian conquest, “independence” as part of the Czechoslovakian union and, finally, separation from Slovakia and starting out on a new path that continues through to the present as the independent and sovereign Czech Republic. Ties between the Czech Republic and Israel are excellent, and beginning in the 90’s, the two countries have been collaborating closely in the areas of foreign policy, economics, commerce, and culture. Many view the Czech Republic as one of Israel’s greatest "allies" within Europe, which is why a large number of entrepreneurs choose to establish companies in the Czech Republic to penetrate the European and international markets.