North European country comparisons in 2022

Tax resident companies Denmark Ireland Latvia Lithuania UK
Summary at a glance
Total year 1 Europe company set up costs €12,655 €15,930 €8,990 €10,925 £5,790
Total year 2 Europe company set up costs (incl. audit and tax) €8,370 €12,130 €3,580 €3,400 £3,440
How long to set up a Europe company? 1 week 2 weeks 2 weeks 3 weeks 1 week
How long to open Europe company bank account? 3 weeks 4 weeks 3 weeks 2 weeks 4 weeks
Issued share capital required €6,700 €1 €1,400 €1,450 £0
Corporate bank account location Nordea Bank Bank of Ireland Rietmu Latvia Nordea Bank HSBC
London
Tenancy agreement required before Europe company incorporation? No No No No No
Annual tax return to be submitted Yes Yes Yes Yes Yes
Do you need to travel for Europe company setup? No No No No No
Legal considerations
Resident director required? No EEA No No No
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 required? No Yes No No No
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 (as of Oct '15)
Public register of shareholders and directors Yes Yes Yes Yes Yes
Tax and accounting considerations
Corporate tax payable % 22% 12.5% 15% 15% 19%
Annual financial statements required Yes Yes Yes Yes Yes
Statutory audit required No No No No No
Access to how many double tax treaties 70 56 47 49 120
Europe tax exempt free zones available 1 1 2 3 5
Resident company for local tax Yes Yes Yes Yes Yes
Withholding tax payable (dividends paid outside EEA) 15% 20% 15% (blacklist only) 15% 0%
How long to get Europe work permit approved 2 months 2 months 2 months 2 months 2 months
Can the entity hire expatriate staff? Yes Yes Yes Yes Yes
Logistics considerations
Allowed to sign sales contracts with local clients Yes Yes Yes Yes Yes
Allowed to invoice local clients Yes Yes Yes Yes Yes
Average monthly salary of skilled labour US$4,500 US$3,705 US$3,800 US$2000 £2,000
Average monthly salary of unskilled labour US$1,500 US$1,000 US$950 US$320 £750
English spoken by what % of the population 86% 100% 20% 32% 100%
Literacy rate % 99% 99% 99% 99% 99%
Computer literacy rate % 66% 75% 90% 84% 80%
Office rental per square meter per month US$20 US$5 €10 US$16 £7.5
Warehouse rental per square meter per month US$15 US$7 €7 US$10 £5
Country rating (out of 100) AAA BBB+ BBB BBB AAA
Internet connectivity rating Excellent Excellent Good Good Excellent
GDP per capita (US$) 56,210 46,175 14,009 14,150 38,589
Government liberal or controlling of daily business Liberal Liberal Liberal Liberal Liberal
Population % tertiary enrollment 74% 68% 57% 69% 60%
Global business efficiency index score (out of 100) 83% 78% N/A N/A 69%
Ease of doing business global ranking (lower the better) 3 17 22 20 6
Europe population 5.6 million 4.6 million 2 million 3 million 64 million
Europe unemployment rate 6.2% 9.4% 9.8% 9.5% 5.3%
Inflation rate (2013) 0.4% -0.2% -0.2% -0.7% -0.1%
GDP 2014 US$ billion US$342 billion US$246 billion US$32 billion US$48 billion US$2.94 trillion
Average annual growth (2012) 1.1% 4.8% 2.4% 2.9% 2.6%
Estimate of Europe business engagement costs £
Healy Consultants engagement fees 5,100 2,935 1,600 4,275 950
Company secretary and legal registered office fees 1,940 1,450 1,100 1,100 1,100
Government fees 115 270 490 100 40
Corporate bank account opening 4,950 5,950 4,950 2,950 2,950
Estimate of total outgoings in Year 1 12,655 15,930 8,990 8,925 5,790
Draft sales invoice attached View invoice PDF View invoice PDF View invoice PDF View invoice PDF View invoice PDF

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