Europe free zones comparisons in 2022

Summary at a Glance United Kingdom France Germany Bulgaria Spain
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
Healy 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

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