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How can the performance of my company impact my German resident permit?

I was granted a German resident permit for self-employment two years ago. However, the business didn’t go as well as I expected. I am trying everything to save the business. To be fully prepared, I would like to know the consequences of my residency status if the business fails and shuts down.

  • ECOVIS Beijing (Richard Hoffmann Rechtsanwaltskanzlei)
    January 24, 2020

    The key to obtaining a German residence permit as a self-employed person is to show that the business will have a positive effect on the German economy, and that there is an economic interest in and/or a regional need for the business and that funding has been secured. Entrepreneurs have to show that their business will increase the market potential as well as sales opportunities of other German enterprises and that it will create a positive impact on the economy. The key to the expansion of your resident permit is to convince the immigration authority that there is a possibility to bring the company back to the right track or to explore new businesses to boost the income. We would suggest preparing the financial statements of the company for the last two years, and a statement of why the business did not turn out so positive and the efforts that you put in. And also, you need to prepare a future plan for the company and a financial forecast. The next step would be to consult the immigration authority and prepare further information or documents such as your income statement and pension statement.