Europe tax exempt companies in 2023

Europe low tax companiesIreland LLCUK LLPLuxembourg holding coMontenegro LLCHungary LLC
Summary at a Glance
Type of Europe companyNon residentNon residentResidentResidentResident
Corporate tax payable %0%0%0%9%9%
Total Europe company set up costs€16,580£8,063€24,170€11,020€10,990
Subsequent annual costs (incl audit and tax)€12,130£3,613€10,540€5,890€3,420
How long to set up the Europe company?2 weeks1 week3 weeks2 weeks2 weeks
How long to open Europe company bank account?4 weeks4 weeks4 weeks3 weeks3 weeks
Issued share capital required€1£1€13,000€1€1,800
Corporate bank account locationHSBC LondonHSBC LondonING LuxembourgPodgorička bankaDeutsche Bank Hungary
Do you travel for Europe company incorporation?NoNoNoNoNo
EU VAT registration numberYesYesYesYesYes
Legal considerations
Resident director required?YesNoNoNoNo
Resident shareholder required?NoNoNoNoNo
Minimum number of directors for Europe company21111
Minimum number of shareholders for Europe company11111
Resident company secretary required?YesYesYesYesYes
Individual shareholders allowedYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYes
Corporate director(s) allowedNoNoNoNoNo
Public register of shareholders and directorsYesYesYesYesYes
EU member country?YesYesYesNoYes
Tax and accounting considerations
Corporate tax payable %0%0%0%9%9%
Audit exemption possible?NoNoNoNoNo
Annual tax return to be submitted?NoYesYesYesYes
Access to how many double tax treaties?00603871
Access to EU directives?YesYesYesNoYes
Resident company for local tax purposes?NoNoYesYesYes
Withholding tax payable?0%0%0%9%4%
How long to get Europe work permit approved?N/AN/A2 months2 months3 months
Can the entity hire expatriate staff in the country?NoNoNoYesYes
Logistics considerations
Must rent premises?NoNoNoNoNo
Allowed to sign sales contracts with local clientsNoNoNoYesYes
Allowed to invoice local clientsNoNoNoYesYes
Average monthly salary of skilled labourUS$3,000US$4,000US$2,800US$1,500US$1,500
Average monthly salary of unskilled labourUS$1,900US$2,500US$2,300US$600US$800
English spoken by what % of the population98%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 monthUS$20US$55US$20US$17US$15
Warehouse rental per square meter per monthUS$5US$6US$3US$4US$3
Country rating (out of 100)57981004043
Internet connectivity ratingGoodExcellentGoodAverageAverage
GDP per capitaUS$45,836US$38,514US$107,476US$6,813US$12,622
Government liberal or controlling of daily businessLiberalLiberalModerateLiberalLiberal
Population % tertiary enrollment68%60%20%50%60%
Ease of doing business global ranking (lower the better)154565154
Europe population6m63m0.5m0.6m9m
Europe unemployment rate13%7%6%13%10%
Inflation rate (2013)0.2%2.7%1.5%2.2%1.4%
GDP 2012 US$ billionUS$210bnUS$2.4tnUS$57bnUS$4bnUS$125bn
Average annual growth (2012)-1.2%1.3%-0.7%7%0.9%
Estimate of Europe business engagement costs£
Healy Consultants engagement fees2,9351,15013,6002,0503,630
Company secretary and legal registered office fees1,4501,2003,6003,1001,100
Government fees270131,070150560
VAT registration/exemption, tax registration650750950750750
Corporate bank account opening5,9504,9504,9503,9504,950
Estimate of total outgoings in Year 116,5808,06324,17011,02010,990
Draft sales invoice attachedView invoice PDFView invoice PDFView invoice PDFView invoice PDFView invoice PDF

Contact us

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