The Czech Republic is located right in the beating heart of the European Union. Nestled between Germany, Austria, Poland and Slovakia, the Czech Republic has easy access to all the nations mentioned by road and rail, and many others with an extensive network of flights.
Although a relatively small nation with a low population, they counteract this by being very dynamic. The Czechs are incredibly efficient in terms of their work ethics and mentality, having a low unemployment rate, stable inflation levels, low public debt and high levels of foreign investment.
Czech Republic also boasts an incredibly safe and high-quality lifestyle, being listed as the 8th safest location in the world (Global Peace Index), with excellent public health services, public transport, high levels of education for its population, and low crime rates.
All of these factors combine to create a location which provides businesses the ability to hire quality staff in a safe, low-cost and dynamic location.
And let us not forget Prague, possibly one of the most beautiful cities within the whole of Europe, featuring ancient lineage and jaw-dropping architecture, great food and activities, and low costs for a capital city.
Capable employees
The workforce is the backbone of any economy, and having a skilled workforce is essential to keeping competitive and profitable. In the Czech Republic you can access highly skilled and capable staff at reasonable prices – often around 50% lower than those paid in other western jurisdictions. As an idea, average gross wages between all sectors is around 18,000 EUR
The Czech employees are generally very good at tech related fields. The Czech level of schooling is considered very high, with around a quarter of the population holding a University-level qualification. Most of the population speaking multiple languages also, this being English predominantly with a large number speaking German as a third language.
Top location & Vast connection to suppliers
Given the Czech Republic’s central location within the EU, and also their expansive home industries ranging from automotive and aeronautical engineering to pharmaceutical and agricultural, locating suppliers of a myriad of products will be easily done. Their road and rail networks between other EU nations are also highly developed, so sourcing from nearby countries is also an available and quick option.
After all, setting up a company within the Czech Republic gives you unfettered access to the whole of the EU, without taxes and tariffs for inter-country trading.
Advanced science & research
To ensure they remain at the forefront of advancements in many sectors, the Czech Republic has dedicated a large portion of its GDP to Science and Research. At over 2% per annum, this puts it 10th out of the entire EU in terms of its spending in this regard – allowing it to punch well above its weight.
Research & Development forms a large part of the Czechs output, exceeding their physical industrial production. With over 55 world-renowned centres of development and innovation, it allows access to some of the best minds and systems within the EU, if not the world as a whole.
Key sectors of importance to the Czechs range AI, automation. The Czech Republic is also focusing its attention on medical innovation. There is also significant support in fields such as engineering, aircraft development, automotive development, and manufacture.
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