North European country comparisons

North European country comparisons

Tax resident companiesDenmarkIrelandLatviaLithuaniaUK
Summary at a glance
Total year 1 Europe company set up costs€10,655€6,255€6,990€8,925£5,790
Total year 2 Europe company set up costs (incl. audit and tax)€6,720€5,245€3,580€3,400£3,440
How long to set up a Europe company?1 week1 week2 weeks3 weeks1 week
How long to open Europe company bank account?3 weeks4 weeks3 weeks2 weeks4 weeks
Issued share capital required€6,700€1€2,800€2,900£0
Corporate bank account locationNordea BankBank of IrelandRietmu LatviaNordea BankHSBC
London
Tenancy agreement required before Europe company incorporation?NoNoNoNoNo
Annual tax return to be submittedYesYesYesYesYes
Do you need to travel for Europe company setup?NoNoNoNoNo
Legal considerations
Resident director required?NoEEANoNoNo
Resident shareholder required?NoNoNoNoNo
Minimum number of directors for Europe company11111
Minimum number of shareholders for Europe company11111
Resident company secretary required?NoYesNoNoNo
Individual shareholders allowedYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYes
Corporate director(s) allowedNoNoNoNoNo (as of Oct '15)
Public register of shareholders and directorsYesYesYesYesYes
Tax and accounting considerations
Corporate tax payable %32%12.5%15%15%20%
Annual financial statements requiredYesYesYesYesYes
Statutory audit requiredNoNoNoNoNo
Access to how many double tax treaties70564749120
Europe tax exempt free zones available11235
Resident company for local taxYesYesYesYesYes
Withholding tax payable (dividends paid outside EEA)15%20%15% (blacklist only)15%0%
How long to get Europe work permit approved2 months2 months2 months2 months2 months
Can the entity hire expatriate staff?YesYesYesYesYes
Logistics considerations
Allowed to sign sales contracts with local clientsYesYesYesYesYes
Allowed to invoice local clientsYesYesYesYesYes
Average monthly salary of skilled labourUS$4,500US$3,705US$3,800US$2000£2,000
Average monthly salary of unskilled labourUS$1,500US$1,000US$950US$320£750
English spoken by what % of the population86%100%20%32%100%
Literacy rate %99%99%99%99%99%
Computer literacy rate %66%75%90%84%80%
Office rental per square meter per monthUS$20US$5€10US$16£7.5
Warehouse rental per square meter per monthUS$15US$7€7US$10£5
Country rating (out of 100)AAABBB+BBBBBBAAA
Internet connectivity ratingExcellentExcellentGoodGoodExcellent
GDP per capita (US$)56,21046,17514,00914,15038,589
Government liberal or controlling of daily businessLiberalLiberalLiberalLiberalLiberal
Population % tertiary enrollment74%68%57%69%60%
Global business efficiency index score (out of 100)83%78%N/AN/A69%
Ease of doing business global ranking (lower the better)31722206
Europe population5.6 million4.6 million2 million3 million64 million
Europe unemployment rate6.2%9.4%9.8%9.5%5.3%
Inflation rate (2013) 0.4%-0.2%-0.2%-0.7%-0.1%
GDP 2014 US$ billionUS$342 billionUS$246 billionUS$32 billionUS$48 billionUS$2.94 trillion
Average annual growth (2012) 1.1%4.8%2.4%2.9%2.6%
Estimate of Europe business engagement costs£
Healy Consultants engagement fees5,1001,9351,6004,275950
Company secretary and legal registered office fees1,9401,1001,1001,1001,100
Government fees11527049010040
Corporate bank account opening2,9502,9502,9502,9502,950
Estimate of total outgoings in Year 110,6556,2556,9908,9255,790
Draft sales invoice attacheddraft invoice for Denmark

Contact us

For additional information on our Europe company incorporation services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Karen Lee, directly:
client relationship officer - Karen