Main industries of Germany
Main industries of GermanyUpdated on Wednesday 05th February 2020
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German economy works remarkably well thanks to its highly developed industries. Foreign investors in this country should know that Germany is one of the top exporters in the world, fact which makes of the German market one of the most popular places of investment in Europe. In order to make an informed choice, before opening a company in this country, our German lawyers list below the main industries of this country.
Top three industries in Germany
If you want to invest in Germany, it is important to know that the local automobile industry produces annually more than 5 million vehicles, a number which makes of this country the fourth exporter in the world in this sector. This performance of the automobile industry is supported as well by the longstanding excellence in mechanics which marked the German tradition for the last centuries.
Another field in which Germany has a high productivity is the electrical equipment industry, including electrical machine manufacture as well as electronic components. This represents an advantage for those who want to open an IT company in Germany, since specialized workforce and equipment are available directly at advantageous costs.
One of our attorneys in Germany can explain to you what steps need to be followed if you intend to open a company operating in one of the three industries mentioned earlier.
Other highly productive industries in Germany
When you decide to set up a business in Germany you may choose as well the sector of chemical industry which makes 11% of the country’s gross domestic product. Many pharmaceutic companies on the German market remain competitive worldwide thanks to the fact that chemical parks are so numerous in this country, and favorable to the development of small and medium sized companies.
Another key industry is technology, a field which has grown with more than €900 billion in the last 10 years.
We remind investors that German VAT registration is required in most of these industries, according to the company's annual threshold.
Don’t hesitate to contact our attorneys in Germany in order to set up a new company in one of the main German industries.