| Our ranking in order of preference |
1 |
2 |
3 |
4 |
5 |
| Summary at a Glance |
|
|
|
|
|
| Total year 1 engagement set up costs (in €)? |
16,580 |
10,990 |
9,535 |
8,990 |
8,360 |
| Total year 2 costs (incl. audit and tax in €)? |
12,130 |
3,420 |
3,400 |
3,580 |
4,630 |
| Our Client must travel during the engagement? |
No |
No |
No |
No |
No |
| Total engagement period? |
2 months |
2 months |
2 months |
2 months |
2 months |
| Corporation tax rate on net profits? |
12.50% |
10% |
12.50% |
15% |
10% |
| Tax-optimized free zones available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Average monthly employee salary (2015)? |
3200 |
786 |
1796 |
606 |
443 |
| Warehousing rental (€ per sq. m.)? |
€10 |
€4 |
€3 |
€5 |
€3 |
| Industrial space rental (€ per sq. m.)? |
€5 |
€5 |
€4 |
€5 |
€3 |
| Fast turnkey solution available? |
Yes |
No |
No |
Yes |
Yes |
| Incorporation requirements |
|
|
|
|
|
| How long to setup the company? |
2 weeks |
3 weeks |
3 weeks |
3 weeks |
2 weeks |
| Minimum paid up share capital in €? |
1 |
10,000 |
1 |
2,800 |
1 |
| Minimum number of shareholders? |
1 |
1 |
1 |
1 |
1 |
| National shareholder required? |
No |
No |
No |
No |
No |
| Corporate shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Minimum number of directors? |
2 |
1 |
1 |
1 |
1 |
| Resident director required? |
Yes |
No |
No |
No |
No |
| Corporate director(s) allowed? |
No |
No |
Yes |
Yes |
No |
| Public register of shareholders & directors? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Tax and accounting considerations |
|
|
|
|
|
| Corporation tax rate on net profits? |
12.50% |
10% |
12.50% |
15% |
10% |
| Average import taxes payable? |
23% |
25% |
15% |
21% |
20% |
| Average export tax payable? |
4% |
4% |
4% |
4% |
4% |
| Export credit incentives\subsidies available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Local GST or VAT? (%) |
23% |
27% |
19% |
21% |
20% |
| Tax incentives for manufacturing start-ups? |
Yes |
Yes |
Yes |
Yes |
Yes |
| How many tax-optimized free zones in the country? |
2 |
No |
2 |
4 |
7 |
| Part of the Eurozone single currency? |
Yes |
No |
Yes |
Yes |
No |
| EU VAT member? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Total effective tax paid by a business (% earnings) |
26% |
48% |
23% |
35% |
27% |
| Average dividend withholding tax with double taxation treaty access? |
10% |
8% |
10% |
5% |
3% |
| Average dividend withholding tax without double tax treaty access? |
20% |
16% |
17% |
15% |
5% |
| Access to how many double tax treaties? |
72 |
79 |
51 |
57 |
60 |
| Annual financial statements required? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Statutory independent annual audit required? |
Yes |
No |
No |
Yes |
No |
| Quarterly accounting and tax reporting to the Government? |
No |
No |
No |
No |
No |
| Corporate bank account characteristics |
|
|
|
|
|
| Bejarano ADF Consultants’ preferred bank? |
Top 5 Bank |
Top 10 Bank |
Top 5 Bank |
Top 10 Bank |
Top 3 Bank |
| How long to open a corporate bank account? |
4 weeks |
3 weeks |
4 weeks |
4 weeks |
4 weeks |
| Do I travel to open the bank account? |
No |
No |
No |
No |
No |
| Minimum deposit (€)? |
€1,000 |
€1,000 |
None |
€1,000 |
None |
| Multi-currency corporate debit cards? |
Yes |
Yes |
Yes |
Yes |
No |
| Corporate ATM card available? |
Yes |
No |
No |
No |
No |
| Foreign exchange controls? |
No |
No |
No |
No |
No |
| Bank rating by World Economic Forum? |
139 |
73 |
143 |
56 |
62 |
| Ease of getting credit? (by WEF)? |
117 |
126 |
109 |
96 |
53 |
| Employment considerations |
|
|
|
|
|
| Minimum national salary? |
1,499 |
333 |
870 |
360 |
184 |
| Average monthly employee salary (2015)? |
3,200 |
786 |
1,796 |
606 |
443 |
| Average social contributions (%salaries)? |
10.75% |
18.50% |
11.50% |
23.59% |
18.50% |
| Labor productivity per hour (in US$)? |
47.3 |
28.3 |
31.2 |
8.2 |
16.5 |
| Mandatory labour unions? |
No |
No |
No |
No |
No |
| Minimum notice to dismiss employees? |
1 week |
4 weeks |
1 weeks |
30 days |
30 days |
| Minimum redundancy indemnity? |
2 weeks |
2 months |
2 weeks |
4 weeks |
4 months |
| Quotas on foreign workers? |
Yes |
No |
Yes |
No |
No |
| How long to get work permit approved? |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
| Schengen area member state? |
Yes |
Yes |
No |
Yes |
No |
| Manufacturing considerations |
|
|
|
|
|
| Warehousing rental (€ per sq. m.)? |
10 |
4 |
3 |
4.5 |
3 |
| Industrial space rental (€ per sq. m.)? |
5 |
5 |
4 |
5.3 |
2 - 4 |
| Cost per unit of electricity (€ per kWh)? |
0.19 |
0.11 |
0.24 |
0.13 |
0.09 |
| Average unemployment rate in 2015? |
9.40% |
6.70% |
15.30% |
9.80% |
9.20% |
| Internet connectivity? |
25 |
60 |
58 |
42 |
54 |
| Dealing with construction permits ranking? |
128 |
103 |
148 |
47 |
101 |
| Tax incentives for manufacturing start-ups? |
Yes |
Yes |
No |
Yes |
Yes |
| Average inflation rate 2014-2015? |
0.20% |
-0.20% |
-1.40% |
0.6 |
-1.40% |
| Logistical considerations |
|
|
|
|
|
| Preferred manufacturing city? |
Dublin |
Budapest |
Limassol |
Riga |
Plovdiv |
| Proximity of sea port in kilometers? |
12.5 |
530* |
8.6 |
5 |
256 |
| Proximity of airport in kilometers? |
10.7 |
22.4 |
91 |
10.4 |
14.4 |
| Proximity of rail in kilometers? |
5.6 |
4.3 |
None |
10.5 |
1.6 |
| Does the country have maritime access? |
Yes |
No |
Yes |
Yes |
Yes |
| Local Market size (in USD) |
US$ 250bn |
US$136bn |
US$23bn |
US$31bn |
US$55bn |
| Local purchasing power (GDP per capita) |
53,313 |
13,902 |
31,836 |
16,037 |
7,588 |
| Ease of doing business index |
13 |
54 |
64 |
23 |
38 |
