North European country comparisons in 2023
| Tax resident companies | Denmark | Ireland | Latvia | Lithuania | UK |
|---|---|---|---|---|---|
| Summary at a glance | |||||
| Total year 1 Europe company set up costs | €13,920 | €15,930 | €8,990 | €10,925 | £5,790 |
| Total year 2 Europe company set up costs (incl. audit and tax) | €5,860 | €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% | 20% | 15% | 25% |
| 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 | 4,710 | 2,935 | 1,600 | 4,275 | 950 |
| Company secretary and legal registered office fees | 3,160 | 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 | 13,920 | 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 |
