Foreign graduates from German universities who want to stay and look for work can apply to extend their existing residence permits for up to 18 months (and work unrestricted), as long as they have evidence of their degree, have health insurance and can support themselves financially. The minimum amount of the money you need to possess is the maximum subsidy according to the federal law on individual subsidising of education, currently resulting in 720 euros per month (current status 01.01.2019). It must be verified that you can secure these living expenses for the whole period of your stay which amounts to a sum of 8.640 euros per year.
During the course of the 18 months you have the possibility to set up your own business. Since people with good business ideas are in demand in Germany, they are highly welcomed. Should you, as a foreign individual, intend to start a new business that fits your university degree, you have acquired earlier in Germany, the legal process will take a smoother path and the permission can be granted easier. If your business idea does not correspond with the obtained university degree in Germany, you will have to additionally prove how your business is going to benefit the economy and make your plan extra convincing to be accepted by the local Chamber of Industry and Commerce (IHK).
In Germany, there are multiple ways of setting up a business
The visit to notary is one of the major milestones on the road to forming your GmbH or UG and might cost up to €1,000 while the registration of your self-employed or freelance activities have costs below €50.
Over the years our team has the knowledge and skills to support you in dealing with all of these issues. Our professional experts will help you to collect all of the documents, write a convincing business plan – that would be eligible according to the German law – and submit your papers to the local authorities to facilitate the process.