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Doing Business in the Netherlands

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Doing Business in the Netherlands Published on 09/04/2020 DOING BUSINESS IN THE NETHERLANDS Brought to you by: KNAV specialises in Accounting, Tax, Valuation and Transaction advisory services. Allinial Global is an association of legally independent accounting and consulting firms who share education, marketing resources, and technical knowledge in a wide range of industries. We're independent accounting firms coming together to support the success of independent client companies. We'll go wherever we need in the world to secure the highest quality solutions to our clients' business needs. Allinial Global member firms have the flexibility to find not just a good solution to your business challenges, but the best solution for you - whether it's locally or internationally. Doing Business in the Netherlands Introduction CAPITAL: AMSTERDAM POPULATION Total Population: 17,231,017 Natural Increase: 0.6% Density: 511 Inhabitants/km² Urban Population: 91.5% Population of main metropolitan areas: Amsterdam (2,452,659); Rotterdam (1,509,373); The Hague (906,897); Utrecht (754,615); Eindhoven (700,299) Ethnic Origins: The population is comprised of about 79% of people of Dutch origin, around 9% of other Western origin and around 12% of Non-Western descent (Turks, Moroccans, Surinamese, etc.). (Statistics Netherlands). Official Language: Official languages: Dutch and Frisian. Other Languages Spoken: Commercial languages: English, German and Spanish. In the Netherlands, the official language is Dutch. However, it is important to note the growing use of English, German and Spanish in business. Business Language(s): The majority of the population speaks English, which is the most used language in trade. Religion: Roman Catholic 28%, Protestants 19%, Muslim 5%, other 6%, none 42% (2015). National Currency: Euro (EUR) COUNTRY OVERVIEW Area: 41,540 km² Type of State: The Netherlands are a constitutional monarchy based on parliamentary democracy. Type of Economy: High-income economy, OECD member. An economy which is heavily based on foreign trade; third largest world exporter of agricultural and market gardening products. HDI*: 0.922/1 HDI (World Rank): 5/188 Note: (*) The HDI, Human Development Index, is an Indicator Which Synthesizes Several Data Such as Life Expectancy, Level of Education, Professional Careers, Access to Culture etc. TELECOMMUNICATION Telephone Code: To call from the Netherlands, dial 00 To call the Netherlands, dial +31 Internet Suffix: .nl Computers: 91.2 per 100 Inhabitants Telephone Lines: 42.4 per 100 Inhabitants Internet Users: 93.0 per 100 Inhabitants Access to Electricity: 100% of the Population Foreign Trade in Figures Page 2 of 67 Doing Business in the Netherlands Foreign Trade Indicators 2014 2015 2016 2017 2018 Imports of Goods (million USD) 589,440 505,806 503,414 574,308 644,673 Exports of Goods (million USD) 672,671 567,217 569,705 652,000 723,752 Imports of Services (million USD) 172,714 157,116 169,458 210,609 228,539 Exports of Services (million USD) 194,824 178,068 179,776 216,472 240,515 Source: WTO – World Trade Organisation, 2017 See the latest updates in the Country Profile for the Netherlands. Latest Update: December 2019 Page 3 of 67 Doing Business in the Netherlands Economic and Political Overview ECONOMIC OUTLINE Economic Overview The Netherlands is the sixth largest economic power in the Eurozone and the fifth largest exporter of goods. The country is very open to trade and consequently to the global economic conjuncture. For the past couple of years, the recovery in Europe has allowed the Dutch economy to grow at a dynamic pace: growth was estimated at 2.8% of GDP in 2018 driven primarily by domestic demand, but the pace of expansion is expected to ease from 2.6% and 2.3% in the next couple of years mainly due to slowing private consumption and investment (IMF). The Dutch public finances are relatively sound: in 2018 the debt-to-GDP ratio fell to 53.1% (from 56.5% the previous year) and is expected to further decrease to 49.9% in 2019, well below the 60% threshold set by the EU as an objective for member countries. The current account was also positive (+0.2%), and this surplus is projected to increase further (0.3% in 2019 and 0.4% in 2020, as per IMF forecasts). Inflation – at 1.4% in 2018, driven by both higher energy prices and an upward pressure on wages – is expected to rise further in 2019 as the increase in the reduced VAT-tariff kicks in enters into force at the start of the year. The government is planning to increase expenditures in the education, defence and health care sectors, with a lowering of personal income tax rates planned for 2019 and 2020. The future of Brexit negotiations could also have an impact on the Dutch trade outlook, as the country is considered the most exposed to the conjuncture in Great Britain. The Netherlands presents a very high income per capita, which is distributed in a relatively equal manner. The GDP per capita is above the EU average and was estimated at USD 52,503 in 2017 (World Bank). Unemployment rate is relatively low, at 3.9% in 2018 (after a peak of 7% in 2015) and should remain flat in the next couple of years. At the same time, the workforce expanded significantly in the first part of 2018, suggesting there is still room for solid employment growth in the short term. Main Indicators 2017 2018 2019 2020 2021 (e) (e) (e) GDP (billions USD) 833.58e 914.52e 902.36 930.99 970.52 GDP (Constant Prices, Annual % Change) 2.9e 2.6e 1.8 1.6 1.5 GDP per Capita (USD) 48,800e 53,228e 52,368 53,873 55,999 General Government Balance (in % of GDP) 1.3 0.9e 0.5 0.0 0.1 General Government Gross Debt (in % of 56.9 52.4e 49.2 47.3 45.5 GDP) Inflation Rate (%) 1.3 1.6e 2.5 1.6 1.7 Unemployment Rate (% of the Labour Force) 4.9 3.8e 3.3 3.3 3.3 Current Account (billions USD) 90.19 99.45e 88.88 88.10 89.95 Current Account (in % of GDP) 10.8 10.9e 9.8 9.5 9.3 Source: IMF – World Economic Outlook Database, Latest available data Note: (e) Estimated Data Main Sectors of Industry Page 4 of 67 Doing Business in the Netherlands The agricultural sector represents almost 1.9% of the country's GDP and employs 2.1% of the active population (World Bank, 2018). This sector produces high yields, which is due in part to the intensive farming of arable land. Nearly 60% of the production is exported, either directly or through the food industry. This makes the Netherlands the second largest exporter of agricultural products in the world (after the U.S.). The main crops exported are cereals, potatoes and horticultural products. The Netherlands is also the largest flower exporter in the world. Industrial activity generates around 17.5% of the Dutch GDP, mainly through food-processing, the petro-chemical industry, metallurgy and the transport equipment industry. The Netherlands is also one of the largest producers and distributors of oil and natural gas. The secondary sector employs 16.3% of the workforce. Services account for over 70.3% of national revenue and employ 81.4% of the workforce. The services sector is focused mainly on transportation, distribution, logistics, banking and insurance, water engineering and new technologies. The country is also Europe's leading service provider in ocean freight, which is not surprising as its economy largely depends upon exports. Breakdown of Economic Activity By Sector Agriculture Industry Services Employment By Sector (in % of Total Employment) 2.2 16.1 81.6 Value Added (in % of GDP) 1.6 17.9 70.4 Value Added (Annual % Change) -2.5 3.9 3.3 Source: World Bank, Latest available data. Learn more about Market Analyses about the Netherlands on Globaltrade.net, the Directory for International Trade Service Providers. Indicator of Economic Freedom Score: 76,8/100 World Rank: 13 Regional Rank: 5 Economic freedom in the world (interactive map) Source: 2019 Index of Economic Freedom, Heritage Foundation Business environment ranking Score: 7.78 World Rank: 16/82 Source: The Economist - Business Environment Rankings 2014-2018 Country Risk See the country risk analysis provided by Coface. Sources of General Economic Information Ministries Ministry of Social Affairs and Employment Ministry of Economical Affairs Ministry of Infrastructure and the Environment Ministry of Finances Page 5 of 67 Doing Business in the Netherlands Statistical Office Central Bureau of Statistics Central Bank Dutch National Bank Stock Exchange Amsterdam Exchange (AEX) Other Useful Staten-Generaal Resources Tax Office Main Online Het Financiel Dagblad (only in Dutch) Newspapers NRC Handelsblad (only in Dutch) Algemeen Dagblad (only in Dutch) Economic Portals NL Agency POLITICAL OUTLINE Type of State The Netherlands are a constitutional monarchy based on parliamentary democracy. Executive Power The Chief of State is the King ( website of the royal family). Following parliamentary (lower house) elections, the leader of the majority party or leader of a majority coalition is usually appointed Prime Minister (head of the Government) by the Monarch to serve a four year term. The Council of Ministers is appointed by the monarch on recommendation of the Prime Minister. Legislative Power Legislative power is bicameral. The parliament called States General consists of two chambers: First Chamber (upper house) and Second Chamber (lower house). The Government has the right to dissolve the parliament, either one or both of the chambers. Main Political Parties The Netherlands has a two-tier parliament divided into two chambers. The grand coalition currently dominates parliamentary powers and sits in the political centre: -
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