South European country comparisons in 2023

Tax resident companiesHungaryBulgariaAustriaGreeceMontenegro
Summary at a glance
Total year 1 Europe company set up costs€9,990€10,460€14,920€12,600€10,020
Total year 2 Europe company set up costs (incl. audit and tax)€3,420€4,730€6,949€5,500€5,890
How long to set a Europe company?2 weeks2 weeks2 weeks3 weeks2 weeks
How long to open Europe company bank account?3 weeks4 weeks3 weeks4 weeks4 weeks
Issued share capital required€9,600€2€10,000€1€1
Corporate bank account locationCitibankRaiffeisen BankBank AustriaHSBC GreeceAtlas Bank
Tenancy agreement required before Europe company incorporation?NoNoNoNoNo
Annual tax return to be submittedYesYesYesYesYes
Do you need to travel for Europe company setup?NoNoNoNoNo
Legal considerations
Resident director required?NoNoNoNoNo
Resident shareholder required?NoNoNoNoNo
Minimum number of directors for Europe company11121
Minimum number of shareholders for Europe company11121
Resident company secretary required?NoNoNoNoNo
Individual shareholders allowedYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYes
Corporate director(s) allowedNoNoNoNoNo
Public register of shareholders and directorsYesYesYesYesYes
Tax and accounting considerations
Corporate tax payable %9%10%24%22%9%-15%
Annual financial statements requiredYesYesYesYesYes
Statutory audit requiredYesYesNoYesYes
Access to how many double tax treaties7068505036
Europe tax exempt free zones availableYesYesYesYesYes
VAT rates27%20%20%24%21%
Withholding tax payable on international dividends0%5%25%10%9%
How long to get Europe work permit approved5 weeks4 weeks5 weeks6 weeks5 weeks
Can the entity hire expatriate staff?YesYesYesYesYes
Logistics considerations
Allowed to sign sales contracts with local clientsYesYesYesYesYes
Allowed to invoice local clientsYesYesYesYesYes
Average monthly salary of skilled labourUS$6,300US$4,100US$9,100US$8,100US$5,100
Average monthly salary of unskilled labourUS$,4,000US$3,600US$ 4,600US$4,400US$3,600
English spoken by what % of the population20%25%73%51%40%
Literacy rate %98%98.4%98%96%98%
Computer literacy rate %56%42%60%50%48%
Office rental per square meter per monthUS$10US$8US$18US$10US$10
Warehouse rental per square meter per monthUS$8US$7US$14US$10US$7
Country rating (out of 100)465296938
Internet connectivity ratingExcellentGoodExcellentExcellentGood
GDP per capita (US$)US$13,481US$7,499US$50,547US$21,956US$7,107
Government liberal or controlling of daily businessModerately controllingLiberalLiberalLiberalLiberal
Population % tertiary enrollment6057705648
Global business efficiency index score (out of 100) 60677450N/A
Ease of doing business global ranking (lower the better)4238216046
Europe population9.9 million7.3 million8.5 million11 million0.6 million
Europe unemployment rate10.2%12.9%4.9%27.3%19.8%
Inflation rate (2015) -0.4%-0.6%0.7%-0.9%1.7%
GDP 2013 US$ billion$133.4 billion$54.5 billion$428.3 billion$242.2 billion$4.42 billion
Average annual growth (2012) 3.6%1.7%0.3%0.8%1.5%
Estimate of Europe business engagement costs£
Healy Consultants engagement fees3,6303,4007,4005,4003,050
Company secretary and legal registered office fees1,1001,2001,1001,1003,100
Government fees56060520200170
Corporate bank account opening3,9504,9504,9504,9502,950
VAT registration750850950950750
Estimate of total outgoings in Year 19,99010,46014,92012,60010,020
Draft sales invoice attachedView invoice PDFView invoice PDFView invoice PDFView invoice PDFView invoice PDF

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