News

  • Invest in Luxembourg
    PwC Luxembourg Monthly Barometer
    In spite of easing financial market tensions, PwC Monthly Barometer remains negative (-29%) and continues to point to an economic slowdown. However, the January outlook for Luxembourg appears brighter, with a 12-point rise in confidence on the previous month. This is the strongest increase since year-end 2010.
    In the face of looming threats over European triple A ratings, recent international business acquisitions, corporate relocations and start-ups in Luxembourg serve to strengthen the attractiveness of Luxembourg in the eyes of foreign investors and hint at more encouraging prospects ahead.
    Click here to discover more.
    January 2012

  • ICT
    Innova and Netflix to set up in Luxembourg
    Luxembourg is becoming the front door to the European market for Technology and Communication companies. Netflix, the leader in online movies and Innova, a highly competitive online gaming company, both announced that they were to set up in Luxembourg.
    The Luxembourg government has established an attractive business frame for technology companies which are poised to enter the European market. The government's positive initiatives for creating a technology centre include favourable fiscal conditions, infrastructure, safety and stability.
    The list of companies setting up in Luxembourg is getting longer, enjoying the central location in Europe and the easy access to a large number of dynamic markets.
    December 2011

  • ICT
    Belval, an attractive place for the online gaming industry
    As a development priority held by the Government, Esch-Belval is on the way to becoming a centre of excellence in the fields of knowledge and innovation. As a meaningful example, Agopia, a spin-off company from Absolu Digital, is a new game editor, established in Esch-Belval area. As this industry is expanding significantly, Agopia expects to attract various profiles (i.e. developers, graphic designer or high-skilled technicians). The group also plans to build new facilities to support its development. With the University and advanced technology infrastructures, Esch-Belval is committed to becoming an attractive and flourishing location for the online gaming industry and an ideal platform for digital edition companies.
    October 2011

  • ICT
    Big Fish Games’ new platform in Luxembourg
    Founded in 2002, Big Fish Games is a developer, publisher and distributor of casual games. The company which is headquartered in Seattle, also have regional offices in Canada and Ireland. Big Fish is now establishing a new branch in Luxembourg. This new platform will manage commercial activities and marketing for Europe.
    The technical conditions and the advantageous fiscal environment, with the exemption regime for income related to Intellectual Property rights for example, have been key reasons for the company to set up in Luxembourg.
    September 2011

  • ICT
    Sony launches its "Reader Store" platform from Luxembourg
    Sony has decided to set up in Luxembourg its new branch, Sony Digital Reading Services SARL. This European platform will host Sony digital library, the “Reader Store”. It will be launched first in the UK, Germany and Austria, and the rest of Western Europe will have to wait until early 2012.
    The strategic location of Luxembourg at the crossroads of major European markets, combined to top tier IT infrastructure and the multilingual workforce have been key elements that convinced Sony to set up in the Grand Duchy. VAT advantages have also been key in the decision process. Sony will benefit from the 15% VAT rate on each e-book, regardless of the country of origin of the buyer.
    September 2011

  • Logistics
    A swiss company invests in Findel free port
    Natural Le Coultre, a Swiss company specialised in storage, packing and the shipping of works of art and valuable items, will invest 30 million in the creation of a new 20.000 sqm free port in Findel. The free port is an arrangement with Luxembourg authorities where the VAT is postponed until the goods leave the area. Having most operations first in Geneva and second in Singapore, the company plans to launch its activities in Luxembourg at the end of 2013.
    In addition, this project would generate a collaboration with high added value logistics companies Cargolux and Luxair Cargo. Local advisory and art-oriented companies will also benefit from the newly established Swiss company's activies.
    September 2011

  • Country profile
    Luxembourg, the most welcoming country
    Luxembourg is well-known for its very cosmopolitan population. Out of 502,000 inhabitants in 2010, 215,700 foreigners called the Grand Duchy of Luxembourg home, that is 43% of the total population. By comparison, in 2010 the number of foreigners in the EU-27 was 32.5 million, which corresponds to 6.5% of the total population.
    If we focus on neighbouring countries, foreigners represent 9.7% of the population in Belgium, 8.7% in Germany and 5.8% in France.
    In Luxembourg, 37.1% of the total population comes from other EU-countries, while 5.9% originate from outside the EU-27.
    August 2011

  • ICT
    Three online gaming companies settle in Luxembourg
    US cloud gaming specialist OnLive has selected Luxembourg for its European operations expansion. OnLive has implemented a cloud-based gaming platform that lets users play top-tier video games on nearly every current internet-connected device. OnLive is the third online gaming company to settle in Luxembourg after Nexon and Kabam. This trend strengthens again, Luxembourg's attractiveness for the ICT sector which is based on advanced infrastructure and business-oriented regulatory framework.
    30 June 2011

  • Start up
    Plug and Play connects to Luxembourg
    The American business accelerator Plug and Play has opened a bridge between Luxembourg and Silicon Valley through a partnership with the Luxembourg Ministry of economy and Foreign Trade and a collaboration with PwC Luxembourg. These two initiatives will foster the development of high growth companies involved in ICT fields thanks to a transfer of expertise from the US-based offices of Plug and Play to Luxembourg. In addition, European several start-up companies will have the opportunity to be hosted by Plug and Play in the Silicon Valley, and benefit from a broad spectrum of business acceleration services.
    29 June 2011

  • Logistics
    Qatar Airways joins hand with Cargolux
    Qatar Airways entered into a strategic equity and commercial partnership with Cargolux with a 35 per cent stake in Europe's leading cargo airline. The accord will give Qatar Airways a greater foothold in the growing freight business, offering synergies with the cargo operator which has a global reach from its Luxembourg hub. Cargolux President and CEO Frank Reimen said: "we have identified numerous synergies owing to the complementary nature of our businesses that will enable us to develop scale and reach and strengthen our respective hubs in Luxembourg and Doha". Both airline companies said that the implementation of the cooperation plan will result in high customer satisfaction, enhance competitiveness through improved returns and benefit the Luxembourg and Doha economies overall through extra trucking and handling tonnage and the creation of new jobs.
    June 2011

  • Tax
    First Total Tax Contribution study in Luxembourg
    PwC Luxembourg, in collaboration with "Confédération Luxembourgeoise du Commerce" (CLC) and "Business Federation Luxembourg" (FEDIL), has released the first micro-economic study measuring the effective tax amount that companies pay in Luxembourg. This study, initiated by PwC UK and carried out in many other countries across the globe, aims at providing companies, policy makers and other stake holders with valuable insights into how much companies contribute to the business community. "This tool will allow the government, Luxembourg in particular, to assess its macro-economic situation by counting all tax collected" according toWim Piot, tax leader at PwC Luxembourg.
    In addition, the Total Tax Contribution study will help companies assessing their effective tax burden as well as identifying weakness/strengths in their tax strategy.
    Click here to discover more.
    May 2011

  • Financial Services
    ICBC, the world's largest bank sets up its European headquarters in Luxembourg
    ICBC, the Industrial and Commercial Bank of China, is the most profitable bank in the world and also the largest by market capitalisation. The group, which can boast 240 million customers, now wants to expand in Europe and has opened branches in five European countries. The bank has also renamed its Luxembourg subsidiary ICBC Europe.
     "We need Chinese investments in Europe" pointed out Minister Frieden, the Luxembourg Minister of Finance "ICBC wants to support Chinese companies which want to do business in Europe". The business relationship works both ways. Luxembourg domiciled funds invest 20 billion Euros in the Chinese market each year according to Minister Frieden.
    January 2011