Comparison of High risk jurisdictions in 2021

High risk jurisdictionsIranUkraineAfghanistanIraqLibya
Our ranking in order of preference12345
Summary at a Glance
Total year 1 engagement costs?€26,140US$10,900 US$30,650US$25,800US$20,370
Total year 2 costs (incl. audit and tax)?€7,990US$4,750US$11,150US$8,950US$8,150
Our Client must travel during the engagement?NoNoNoNoNo
Total engagement period?6 months4 months5 months9 months7 months
Corporation tax rate on net profits (click link)?25%18%20%15%2%
Average monthly labor salary?US$320US$189US$60US$300US$500
Average monthly office rental per sq m?US$20US$27US$10US$16US$35
Average monthly warehouse rental per sq m?US$5US$5US$1US$3US$3
National resident shareholder required?NoNoNoNoNo
English language proficiency % of population?1%2%8%35%10%
Incorporation requirements
How long to secure company registration number?2 months1 month2 months4 months3 months
Minimum number of shareholders?21112
Individual and corporate shareholders allowed?YesYesYesYesYes
Minimum number of directors?11111
Resident director (click link) required?NoYesNoNoNo
Minimum paid up share capital?€11US$1US$1US$3.7m
Fast turnkey solution available (click link)?YesYesYesYesYes
Fastest time Healy Consultants set up company?2 months1 month2 months4 months3 months
Office premises required before registration?NoNoYesYesYes
Virtual office address will suffice?YesYesNoNoNo
Special permit or license required?NoNoYesNoYes
Shareholders & directors security check?YesNoNoYesNo
Corporate director(s) allowed?NoNoNoNoNo
Can be wholly foreign owned?YesYesYesYesYes
Company registration process is?DifficultComplexRelatively easyComplexComplex
Company documents in English?NoYesYesYesNo
Must translate shareholders and directors docs?YesNoNoNoYes
Efficiency of Government co registration office?PoorMediumMediumPoorPoor
Government incorporation fees payable?€40US$50US$2,000US$3,500US$6,100
Public register of shareholders & directors?YesYesYesYesYes
Tax and accounting considerations
Corporate tax (%) payable (click link)?2518201520
GST or VAT (%) payable (click link)?1020000
Average customs duty (%) on imports?1055105
Average withholding tax (%) on dividend distributions?0152000
Annual financial statements required?YesYesYesYesYes
Statutory independent annual audit required?YesNoNoYesYes
Monthly accounting and tax reporting required?NoYesNoNoNo
Access to how many double tax treaties?426772110
Number of tax exempt free zones available?00031
Corporate bank account considerations
Healy Consultants’ preferred bank?Bank Melli IranUnicredit BankAIBZiraat BankLFB
How long to open corporate bank account?5 weeks4 weeks4 weeks5 weeks5 weeks
Do I travel to open the bank account?NoNoNoNoNo
Can open a US$ or € bank account?YesYesYesYesYes
Must have a resident bank signatory?NoYesNoNoYes
Corporate ATM cards available?YesYesYesYesYes
Good internet banking available?NoYesNoNoNo
Funds transfer currency controlsNoYesNoYesYes
Bank rating by World Economic Forum?125138N/AN/A142
Ease of getting credit by WEF? score (1-7)1.62.6N/AN/A1.5
Political / Economic Considerations
Any existing economic sanctions?YesNoNoNoYes
Country in a state of war?NoYesYesYesYes
Existing stable Government?YesNoNoNoNo
2014 Global Terrorism Index ranking (1 – worst)?28512115
Foreign employee safety?HighMediumLowLowLow
Volatility of the currency?HighLowHighHighLow
Annual stock market growth (%)?-14-30NoneNoneNone
Fitch country rating (click link)B+RDNoneB-None
Estimated Real GDP (%) growth (click link)?225615
Employment considerations
Average skilled labor salary?US$480US$284US$90US$450US$750
Average unskilled labor salary?US$260US$151US$50US$240US$400
Average pension/insurance benefits (%) of salary?23401715
Minimum monthly national salary?US$215US$57US$78US$214US$328
Mandatory labor unions?NoNoNoNoNo
Minimum notice to dismiss employees?02 months1 month01 month
Minimum redundancy indemnity?1 month1 month2 months02 weeks
Quotas on foreign workers?NoYesNoNoYes
How long to get work permit approved?4 months3 months4 months4 months5 months
Other considerations
Rank for getting electricity (click link)1071851413665
Ranking for transport infrastructure (click link) (1-7 best)3.43.2N/AN/A2.1
Ranking for customs procedures out of 7 (click link)?3.33.3N/AN/A2.6
Literacy % of population (click link)?8799388091
Computer literacy (%) of population?57421922
Internet connectivity rating?SatisfactorySatisfactoryPoorPoorPoor
Global business efficiency index (click link)?8376N/AN/A126
Local purchasing power (GDP per capita)5315308365963346570
Local market size (in millions of people)784531356
Average annual inflation rate (%) in 2014?1712525
Average unemployment rate (%) in 2014?119N/A16N/A
Most common industry in the country?Oil & GasMetalworkTextilesOil & GasOil & Gas
Ease of doing business index (click link)13096183156188

Contact us

For additional information on our incorporation services, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi