| Europe free zone name |
Liverpool Free Zone |
Freezone of Verdon |
Duisburg Free Port |
Bourgas Free Zone |
Free Zone of Barcelona |
| Corporate tax payable |
20%-23% |
33% |
15% |
10% |
30% |
| Average monthly salary skilled labour |
US$4,000 |
US$3,700 |
US$4,200 |
US$4,100 |
US$3,000 |
| Average monthly salary unskilled labour |
US$2,500 |
US$2,000 |
US$1,400 |
US$3,600 |
US$1,200 |
| Office rental square meter per month |
US$16 |
US$12 |
US$14 |
US$8 |
US$6.5 |
| Total Europe company set up costs |
£5,790 |
€14,240 |
€10,990 |
€8,360 |
€8,040 |
| Subsequent annual costs (excl accounting and tax) |
£1,100 |
€6,780 |
€2,400 |
€2,330 |
€3,830 |
| How long to set the company up in Europe free zone? |
1 week |
2 weeks |
8 weeks |
2 weeks |
4 weeks |
| How long to open Europe company bank account? |
4 weeks |
2 weeks |
4 weeks |
4 weeks |
3 weeks |
| Issued share capital required |
No |
€1 |
€25,000 |
€1 |
€3,000 |
| Corporate bank account |
HSBC London |
HSBC or SCB |
Deutsche Bank, Commerzbank |
Citibank Bulgaria |
Citibank, Barclays Bank |
| Tenancy agreement required before Europe company incorporation? |
No |
No |
No |
No |
No |
| Do you visit the country for Europe company incorporation? |
No |
No |
No |
No |
No |
| Resident director required? |
Yes |
No |
No |
No |
No |
| Resident agent required |
No |
No |
No |
No |
No |
| Legal considerations
|
|
|
|
|
|
| Resident shareholder required? |
No |
No |
No |
No |
No |
| Minimum number of directors for Europe company |
1 |
1 |
1 |
1 |
1 |
| Minimum number of shareholders for Europe company |
1 |
1 |
1 |
1 |
1 |
| Resident company secretary |
Yes |
No |
No |
No |
Yes |
| Individual shareholders allowed |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate shareholders allowed |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate director(s) allowed |
Yes |
Yes |
Yes |
Yes |
Yes |
| Public register of shareholders and directors |
Yes |
Yes |
Yes |
Yes |
No |
| All business permitted for foreigners |
Yes |
Yes |
Yes |
Yes |
Yes |
| Tax and accounting considerations
|
|
|
|
|
|
| Corporate tax payable |
20%-23% |
33% |
15% |
10% |
30% |
| Statutory audit required |
No |
No |
Yes |
Yes |
No |
| Annual tax return to be submitted |
Yes |
Yes |
Yes |
Yes |
Yes |
| Access to how many double tax treaties |
120 |
28 |
80 |
65 |
10 |
| Withholding tax payable |
20% |
30% |
15%-25% |
5% |
19%-21% |
| How long to get Europe work permit approved |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
| Can the entity hire expatriate staff in the country? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Logistic considerations
|
|
|
|
|
|
| Allowed to invoice/sign sales contracts with local clients |
Yes |
Yes |
Yes |
Yes |
Yes |
| Can rent office premises in the country |
Yes |
Yes |
Yes |
Yes |
Yes |
| Allowed to import raw materials? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Allowed to export goods? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Europe employment visa fees |
GBP3,950 |
US$3,950 |
US$3,950 |
US$3,950 |
US$3,950 |
| What % of population speak English |
100% |
40% |
56% |
24% |
27% |
| Literacy rate (%) |
99% |
99% |
99% |
98% |
97% |
| Computer literacy rate (%) |
85% |
72% |
80% |
70% |
75% |
| Country credit rating |
AAA |
AAA |
AAA |
A |
AAA |
| Internet connectivity rating |
Excellent |
Good |
Good |
Fair |
Fair |
| Global business efficiency index score (higher better) |
12 |
28 |
21 |
40 |
32 |
| Ease of doing business global ranking (lower better) |
15 |
34 |
20 |
66 |
44 |
| GDP per capita (US$) |
45,836 |
39,772 |
41,514 |
6,986 |
29,195 |
| Europe population (in million) |
63 million |
65 million |
81 million |
7 million |
47 million |
| Europe unemployment rate |
7% |
11% |
5% |
12% |
27% |
| Inflation rate (2013) |
2.7% |
2.3% |
2% |
2.4% |
2.5% |
| GDP 2012 (US$ billion) |
US$2,435 billion |
US$2,613 billion |
US$3,400 billion |
US$51 billion |
US$1,349 billion |
| Real GDP Growth rate (2012) |
0.3% |
0% |
0.7% |
0.8% |
-1.4% |
| Estimate of Europe business engagement costs |
|
|
|
|
|
| Bejarano ADF Consultants engagement fees |
£1,450 |
€2,960 |
€5,500 |
€3,400 |
€3,519 |
| Company secretary and legal registered office fees |
£1,450 |
€1,100 |
€1,100 |
€1,100 |
£1,100 |
| Estimate of government registration fees |
£40 |
€390 |
€700 |
€60 |
€1,071 |
| Corporate bank account opening |
£4,950 |
€4,950 |
€2,950 |
€2,950 |
€3,950 |
| Estimate of total outgoings in Year 1 |
$8,990 |
€10,150 |
€10,990 |
€8,360 |
€9,640 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
