| Our ranking in order of preference | 1 | 2 | 3 | 4 | 5 |
| Summary at a Glance | | | | | |
| Total year 1 engagement set up costs in €? | 8,210 | 8,820 | 12,060 | 9,660 | 16,815 |
| Total year 2 costs (incl. audit and tax) in €? | 3,420 | 3,440 | 3,900 | 2,355 | 10,360 |
| Our Client must travel during the engagement? | No | No | No | No | Yes |
| Total engagement period? | 2 months | 2 months | 2 months | 3 months | 3 months |
| Corporation tax rate on net profits? | 9% | 16% | 19% | 19% | 23% |
| Average monthly employee salary in €? | 773 | 417 | 705 | 765 | 565 |
| Average monthly office rental per sq m in €? | 10 | 8 | 15 | 12 | 11 |
| Average warehousing rental per sq. m. per month in €? | 4 | 3.2 | 3.5 | 4.5 | 10 |
| Computer literacy % of population | 72% | 57% | 58.4% | 74.1% | 46.6% |
| English language proficiency % of population? | 58.54 | 58.63 | 64.26 | 57.42 | 47.80 |
| Incorporation requirements | | | | | |
| How long to set the company up? | 2 weeks | 3 weeks | 3 weeks | 4 weeks | 3 weeks |
| Minimum number of shareholders? | 1 | 1 | 1 | 1 | 1 |
| National shareholder required? | No | No | No | No | No |
| Individual and corporate shareholders allowed? | Yes | Yes | Yes | Yes | Yes |
| Minimum number of directors? | 1 | 1 | 1 | 1 | 1 |
| Resident director required? | No | No | No | No | No |
| Minimum paid up share capital in €? | 10,000 | 50 | 1 | 7,000 | 3,360 |
| Fast turnkey solution available? | No | 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 | | | | | |
| Corporate tax payable? | 9% | 16% | 19% | 19% | 23% |
| Withholding tax on dividends paid overseas | 0-16% | 0-16% | 20% | 15% | 15% |
| Annual financial statements required? | Yes | Yes | Yes | Yes | Yes |
| Statutory independent annual audit required? | No | No | No | No | No |
| Local GST or VAT? (%) | 27% | 19% | 23% | 21% | 18% |
| Tax incentives for manufacturing start-ups? | Yes | Yes | Yes | Yes | Yes |
| Access to double tax treaties? | 79 | 75 | 80 | 70 | 80 |
| Tax optimized free zones available? | Yes | Yes | Yes | Yes | Yes |
| EU VAT member? | Yes | Yes | Yes | Yes | No |
| Corporate bank account considerations | | | | | |
| Healy Consultants’ preferred bank? | KDB | Raiffeisen | HSBC Bank Polska | Ceska Sporitelna | HSBC Turkey |
| How long to open bank account? | 4 weeks | 4 weeks | 4 weeks | 4 weeks | 4 weeks |
| Do I travel to open the bank account? | No | No | No | No | No |
| Minimum bank deposit (USD)? | US$1,000 | No | US$20,000 | No | US$33,000 |
| Multi-currency corporate bank account? | No | Yes | Yes | Yes | Yes |
| Multi-currency corporate visa debit cards? | No | Yes | Yes | Yes | Yes |
| Corporate ATM card available? | No | No | Yes | Yes | Yes |
| Bank rating by World Economic Forum? | 73 | 91 | 51 | 24 | 38 |
| Ease of getting credit by WEF? | 126 | 59 | 89 | 36 | 64 |
| Euro currency used by this country? | No | No | Yes | No | No |
| Employment considerations | | | | | |
| Average skilled labour monthly salary in €? | 800 | 600 | 704 | 797 | 590 |
| Average unskilled labour monthly salary in €? | 500 | 400 | 650 | 405 | 450 |
| Average pension and insurance benefits %? | 27% | 15.8% | 35% | 34% | 20.5% |
| Minimum national salary in €? | 333 | 218 | 410 | 332 | 424 |
| Labor productivity per hour (in US$)? | 28.3 | 19 | 28.1 | 31 | 28.9 |
| Mandatory labor unions? | No | Yes | Yes | No | Yes |
| Minimum days’ notice to dismiss employees? | 30 | 15 | 14 | 60 | 20 |
| Minimum redundancy indemnity? | 2 month pay | No | 1 month pay | 2 month pay | 1 month pay |
| Quotas on foreign workers? | No | No | No | No | Yes |
| How long to get work permit approved? | 4 weeks | 4 weeks | 4 weeks | 4 weeks | 4 weeks |
| Manufacturing considerations | | | | | |
| Cost per unit of electricity in € per kWh? | 0.035 | 0.032 | 0.050 | 0.050 | 0.11 |
| Rank for getting electricity (by WB) | 162 | 171 | 64 | 123 | 34 |
| Warehousing rental (€ per sq. m. per month)? | 4 | 3.2 | 3.5 | 4.5 | 10 |
| Ranking for transport infrastructure? (by WEF)? | 65 | 106 | 78 | 53 | 22 |
| Ranking for customs procedures (by WEF)? | 31 | 86 | 58 | 47 | 83 |
| Government incentives for startups? | Yes | Yes | Yes | Yes | Yes |
| Internet connectivity rating? | 72.6% | 49.8% | 62.8% | 74.1% | 46.2% |
| Global competitiveness index? | 57 | 59 | 43 | 37 | 45 |
| Venture capital availability (by WEF)? | 121 | 78 | 99 | 42 | 90 |
| Logistical considerations | | | | | |
| Preferred manufacturing city? | Dunaújváros | Bucharest | Warsaw | Ostava | Bursa |
| Number of seaports? | 0 | 5 | 10 | 0 | 47 |
| Number of airports? | 41 | 45 | 126 | 128 | 98 |
| Proximity of railways in kilometers? | 7,877 | 22,298 | 19,617 | 9,469 | 9,642 |
| Computer literacy % of population | 72% | 57% | 58.4% | 74.1% | 46.6% |
| Local purchasing power (GDP per capita in US$) | 24,942 | 19,712 | 25,105 | 29,925 | 19,610 |
| Local market size (population in millions) | 9.8 | 21.6 | 38.2 | 10.7 | 75.8 |
| Average annual inflation rate in 2015? | 0.63% | -1.5% | -0.8% | 0.8% | 7.2% |
| Average unemployment rate? | 7.3% | 6.9% | 7.9% | 5.9% | 10.4% |
| Ease of doing business index | 57 | 48 | 32 | 44 | 55 |
| Estimate of engagement costs (€) | | | | | |
| Healy Consultants engagement fees | 2,850 | 3,850 | 4,850 | 3,550 | 6,940 |
| Company secretary and registered office | 1,100 | 1,100 | 1,200 | 950 | 2,750 |
| Government fees | 560 | 170 | 310 | 260 | 1,225 |
| Resident director fees (0 if not required) | 0 | 0 | 0 | 0 | 0 |
| Corporate bank account opening | 2,950 | 2,950 | 4,950 | 3,950 | 4,950 |
| Estimate of total outgoings in Year 1 | 8,210 | 8,820 | 12,060 | 9,660 | 16,815 |
| Draft sales invoice attached | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |
