France And Utah, The New Hot Spots For Tech
We all know about the strong tech ecosystem in Utah, with the state’s pro-business climate and local talent, but there’s a similar momentum happening across the Atlantic, in none other than the country of France. The country has experienced a flood of investments from US tech companies in the past year, both from the Silicon Valley and Utah.
“Why France?” you may ask. It starts with location, as France offers 67 million consumers right in the middle of the 500 million strong European Central Market. Next would be the R&D, as France has positioned itself in recent years to be a European hub for all things research and development. Known for its excellent engineers, France offers the most competitive R&D tax credit in Europe, with a 30% credit on R&D expenditure.
And under President Macron’s recent reforms, France is becoming an even easier location for doing business. Changes to the labor code offer greater flexibility to employers, while France’s corporate tax rate will be further lowered to 25% by 2022.
Many US companies have recently announced major investments in France, reaffirming their confidence in country’s future and economy. In January, Google announced a new AI research center in France while Facebook confirmed plans to double its AI research hub in Paris to 100 employees. In February, Disney announced a $2.5 billion investment into Disneyland Paris and in late April, Salesforce shared plans to invest an additional $2.2 billion into its French business.
One of the symbols of the new tech ecosystem in France is Station F, which opened in the summer of 2017 and is touted as the largest start-up campus in the world. Housed in a former railway depot, this massive structure is designed to house around 1000 startups alongside incubators from Facebook, Microsoft, Zendesk, and many others.
Utah companies have also taken notice in France’s tech scene. While Impartner already operates its European HQ in Paris, Qualtrics set up an office in the French capital last September and AccessData announced the opening of its Paris office this past March.
The strong business connections between Utah and France aren’t just a one-way street. According to the French Treasury in the US, France is second country in terms of jobs created by foreign companies in Utah, with 4,600 jobs in the state. Dannon operates a plant in West Jordan and distribution center in Salt Lake City, while BioFire, a subsidiary of BioMérieux, employees around 1,100 in the state. The beehive state is surprisingly francophone, as the second US state in terms of number of pupils learning French.
In recent years, the French government has made a strong push to attract foreign talent to France. Both the French Tech Visa, a fast-tracked visa for foreigners working in tech, and the Welcome to France site, a website dedicated to assisting foreigners relocating to France, were recently launched. La French Tech is booming, with a thriving community of French tech start-ups like BlaBlaCar, Criteo, Sigfox alongside American start-ups. And with daily non-stop flights between Salt Lake City and Paris, getting there couldn’t be easier. What are you waiting for? Choose France!
Business France is France’s government agency for the international development of the French economy. Our invest division assists foreign companies with setting up in France through providing regulatory information, introductions to government incentives, sites selection studies, and more. Interested in investing, or just have questions about doing business in France? Check out our twitter and website or better yet, send us a message!
