Europe tax exempt companies in 2022

Europe low tax companies Ireland LLC UK LLP Luxembourg holding co Montenegro LLC Hungary LLC
Summary at a Glance
Type of Europe company Non resident Non resident Resident Resident Resident
Corporate tax payable % 0% 0% 0% 9% 10%
Total Europe company set up costs €16,580 £8,090 €19,170 €11,020 €10,990
Subsequent annual costs (incl audit and tax) €12,130 £3,640 €4,970 €5,890 €3,420
How long to set up the Europe company? 2 weeks 1 week 3 weeks 2 weeks 2 weeks
How long to open Europe company bank account? 4 weeks 4 weeks 4 weeks 3 weeks 3 weeks
Issued share capital required €1 £1 €13,000 €1 €1,800
Corporate bank account location HSBC London HSBC London ING Luxembourg Podgorička banka Deutsche Bank Hungary
Do you travel for Europe company incorporation? No No No No No
EU VAT registration number Yes Yes Yes Yes Yes
Legal considerations
Resident director required? Yes No No No No
Resident shareholder required? No No No No No
Minimum number of directors for Europe company 2 1 1 1 1
Minimum number of shareholders for Europe company 1 1 1 1 1
Resident company secretary required? Yes Yes Yes Yes Yes
Individual shareholders allowed Yes Yes Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes Yes Yes
Corporate director(s) allowed No No No No No
Public register of shareholders and directors Yes Yes Yes Yes Yes
EU member country? Yes Yes Yes No Yes
Tax and accounting considerations
Corporate tax payable % 0% 0% 0% 9% 10%
Audit exemption possible? No No No No No
Annual tax return to be submitted? No Yes Yes Yes Yes
Access to how many double tax treaties? 0 0 60 38 71
Access to EU directives? Yes Yes Yes No Yes
Resident company for local tax purposes? No No Yes Yes Yes
Withholding tax payable? 0% 0% 0% 9% 4%
How long to get Europe work permit approved? N/A N/A 2 months 2 months 3 months
Can the entity hire expatriate staff in the country? No No No Yes Yes
Logistics considerations
Must rent premises? No No No No No
Allowed to sign sales contracts with local clients No No No Yes Yes
Allowed to invoice local clients No No No Yes Yes
Average monthly salary of skilled labour US$3,000 US$4,000 US$2,800 US$1,500 US$1,500
Average monthly salary of unskilled labour US$1,900 US$2,500 US$2,300 US$600 US$800
English spoken by what % of the population 98% 98% 56% 20% 20%
Literacy rate % 99% 99% 100% 98% 99%
Computer literacy rate % 70% 85% 65% 75% 80%
Office rental per square meter per month US$20 US$55 US$20 US$17 US$15
Warehouse rental per square meter per month US$5 US$6 US$3 US$4 US$3
Country rating (out of 100) 57 98 100 40 43
Internet connectivity rating Good Excellent Good Average Average
GDP per capita US$45,836 US$38,514 US$107,476 US$6,813 US$12,622
Government liberal or controlling of daily business Liberal Liberal Moderate Liberal Liberal
Population % tertiary enrollment 68% 60% 20% 50% 60%
Ease of doing business global ranking (lower the better) 15 4 56 51 54
Europe population 6m 63m 0.5m 0.6m 9m
Europe unemployment rate 13% 7% 6% 13% 10%
Inflation rate (2013) 0.2% 2.7% 1.5% 2.2% 1.4%
GDP 2012 US$ billion US$210bn US$2.4tn US$57bn US$4bn US$125bn
Average annual growth (2012) -1.2% 1.3% -0.7% 7% 0.9%
Estimate of Europe business engagement costs £
Healy Consultants engagement fees 2,935 1,150 10,600 2,050 3,630
Company secretary and legal registered office fees 1,450 1,200 1,600 3,100 1,100
Government fees 270 40 1,070 150 560
VAT registration/exemption, tax registration 650 750 950 750 750
Corporate bank account opening 5,950 4,950 4,950 3,950 4,950
Estimate of total outgoings in Year 1 16,580 8,090 19,170 11,020 10,990
Draft sales invoice attached View invoice PDF View invoice PDF View invoice PDF View invoice PDF View invoice PDF

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For additional information on our Europe company incorporation services, please contact our in-house country expert, Mr. Petar Chakarov, directly:
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