| Our ranking in order of preference |
1 |
2 |
3 |
4 |
5 |
| Summary at a Glance |
|
|
|
|
|
| Total year 1 engagement costs? |
€26,140 |
US$10,900 |
US$30,650 |
US$31,925 |
US$20,370 |
| Total year 2 costs (incl. audit and tax)? |
€7,990 |
US$4,750 |
US$11,150 |
US$15,450 |
US$8,150 |
| Our Client must travel during the engagement? |
No |
No |
No |
No |
No |
| Total engagement period? |
6 months |
4 months |
5 months |
9 months |
7 months |
| Corporation tax rate on net profits (click link)? |
25% |
18% |
20% |
15% |
20% |
| Average monthly labor salary? |
US$320 |
US$189 |
US$60 |
US$300 |
US$500 |
| Average monthly office rental per sq m? |
US$20 |
US$27 |
US$10 |
US$16 |
US$35 |
| Average monthly warehouse rental per sq m? |
US$5 |
US$5 |
US$1 |
US$3 |
US$3 |
| National resident shareholder required? |
No |
No |
No |
No |
No |
| English language proficiency % of population? |
1% |
2% |
8% |
35% |
10% |
| Incorporation requirements |
|
|
|
|
|
| How long to secure company registration number? |
2 months |
1 month |
2 months |
4 months |
3 months |
| Minimum number of shareholders? |
2 |
1 |
1 |
1 |
2 |
| Individual and corporate shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Minimum number of directors? |
1 |
1 |
1 |
1 |
1 |
| Resident director (click link) required? |
No |
Yes |
No |
No |
No |
| Minimum paid up share capital? |
€1 |
1 |
US$1 |
US$1 |
US$3.7m |
| Fast turnkey solution available (click link)? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Fastest time Healy Consultants set up company? |
2 months |
1 month |
2 months |
4 months |
3 months |
| Office premises required before registration? |
No |
No |
Yes |
Yes |
Yes |
| Virtual office address will suffice? |
Yes |
Yes |
No |
No |
No |
| Special permit or license required? |
No |
No |
Yes |
No |
Yes |
| Shareholders & directors security check? |
Yes |
No |
No |
Yes |
No |
| Corporate director(s) allowed? |
No |
No |
No |
No |
No |
| Can be wholly foreign owned? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Company registration process is? |
Difficult |
Complex |
Relatively easy |
Complex |
Complex |
| Company documents in English? |
No |
Yes |
Yes |
Yes |
No |
| Must translate shareholders and directors docs? |
Yes |
No |
No |
No |
Yes |
| Efficiency of Government co registration office? |
Poor |
Medium |
Medium |
Poor |
Poor |
| Government incorporation fees payable? |
€40 |
US$50 |
US$2,000 |
US$3,500 |
US$6,100 |
| Public register of shareholders & directors? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Tax and accounting considerations |
|
|
|
|
|
| Corporate tax (%) payable (click link)? |
25 |
18 |
20 |
15 |
20 |
| GST or VAT (%) payable (click link)? |
10 |
20 |
0 |
0 |
0 |
| Average customs duty (%) on imports? |
10 |
5 |
5 |
10 |
5 |
| Average withholding tax (%) on dividend distributions? |
0 |
15 |
20 |
0 |
0 |
| Annual financial statements required? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Statutory independent annual audit required? |
Yes |
No |
No |
Yes |
Yes |
| Monthly accounting and tax reporting required? |
No |
Yes |
No |
No |
No |
| Access to how many double tax treaties? |
42 |
67 |
7 |
21 |
10 |
| Number of tax exempt free zones available? |
0 |
0 |
0 |
3 |
1 |
| Corporate bank account considerations |
|
|
|
|
|
| Healy Consultants’ preferred bank? |
Bank Melli Iran |
Unicredit Bank |
AIB |
Ziraat Bank |
LFB |
| How long to open corporate bank account? |
5 weeks |
4 weeks |
4 weeks |
5 weeks |
5 weeks |
| Do I travel to open the bank account? |
No |
No |
No |
No |
No |
| Can open a US$ or € bank account? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Must have a resident bank signatory? |
No |
Yes |
No |
No |
Yes |
| Corporate ATM cards available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Good internet banking available? |
No |
Yes |
No |
No |
No |
| Funds transfer currency controls |
No |
Yes |
No |
Yes |
Yes |
| Bank rating by World Economic Forum? |
125 |
138 |
N/A |
N/A |
142 |
| Ease of getting credit by WEF? score (1-7) |
1.6 |
2.6 |
N/A |
N/A |
1.5 |
| Political / Economic Considerations |
|
|
|
|
|
| Any existing economic sanctions? |
Yes |
No |
No |
No |
Yes |
| Country in a state of war? |
No |
Yes |
Yes |
Yes |
Yes |
| Existing stable Government? |
Yes |
No |
No |
No |
No |
| 2014 Global Terrorism Index ranking (1 – worst)? |
28 |
51 |
2 |
1 |
15 |
| Foreign employee safety? |
High |
Medium |
Low |
Low |
Low |
| Volatility of the currency? |
High |
Low |
High |
High |
Low |
| Annual stock market growth (%)? |
-14 |
-30 |
None |
None |
None |
| Fitch country rating (click link) |
B+ |
RD |
None |
B- |
None |
| Estimated Real GDP (%) growth (click link)? |
2 |
2 |
5 |
6 |
15 |
| Employment considerations |
|
|
|
|
|
| Average skilled labor salary? |
US$480 |
US$284 |
US$90 |
US$450 |
US$750 |
| Average unskilled labor salary? |
US$260 |
US$151 |
US$50 |
US$240 |
US$400 |
| Average pension/insurance benefits (%) of salary? |
23 |
4 |
0 |
17 |
15 |
| Minimum monthly national salary? |
US$215 |
US$57 |
US$78 |
US$214 |
US$328 |
| Mandatory labor unions? |
No |
No |
No |
No |
No |
| Minimum notice to dismiss employees? |
0 |
2 months |
1 month |
0 |
1 month |
| Minimum redundancy indemnity? |
1 month |
1 month |
2 months |
0 |
2 weeks |
| Quotas on foreign workers? |
No |
Yes |
No |
No |
Yes |
| How long to get work permit approved? |
4 months |
3 months |
4 months |
4 months |
5 months |
| Other considerations |
|
|
|
|
|
| Rank for getting electricity (click link) |
107 |
185 |
141 |
36 |
65 |
| Ranking for transport infrastructure (click link) (1-7 best) |
3.4 |
3.2 |
N/A |
N/A |
2.1 |
| Ranking for customs procedures out of 7 (click link)? |
3.3 |
3.3 |
N/A |
N/A |
2.6 |
| Literacy % of population (click link)? |
87 |
99 |
38 |
80 |
91 |
| Computer literacy (%) of population? |
57 |
42 |
1 |
9 |
22 |
| Internet connectivity rating? |
Satisfactory |
Satisfactory |
Poor |
Poor |
Poor |
| Global business efficiency index (click link)? |
83 |
76 |
N/A |
N/A |
126 |
| Local purchasing power (GDP per capita) |
5315 |
3083 |
659 |
6334 |
6570 |
| Local market size (in millions of people) |
78 |
45 |
31 |
35 |
6 |
| Average annual inflation rate (%) in 2014? |
17 |
12 |
5 |
2 |
5 |
| Average unemployment rate (%) in 2014? |
11 |
9 |
N/A |
16 |
N/A |
| Most common industry in the country? |
Oil & Gas |
Metalwork |
Textiles |
Oil & Gas |
Oil & Gas |
| Ease of doing business index (click link) |
130 |
96 |
183 |
156 |
188 |
