| OUR RANKING IN ORDER OF PREFERENCE |
1 |
2 |
3 |
4 |
5 |
| Summary at a Glance |
|
|
|
|
|
| Total year 1 engagement set up costs? |
€10,150 |
US$11,550 |
€10,925 |
US$10,145 |
US$31,450 |
| Total year 2 costs (incl. audit and tax)? |
€5,100 |
US$4,550 |
€3,400 |
US$1,475 |
US$5,320 |
| Our Client must travel during the engagement? |
No |
No |
No |
No |
No |
| Total engagement period? |
10 weeks |
9 weeks |
11 weeks |
11 weeks |
18 weeks |
| Corporation tax rate on net profits? |
20% |
15% |
15% |
12% |
20% |
| Average monthly employee salary (2016)? |
€1,091 |
€351 |
€748 |
€224 |
€515 |
| Average monthly office rental per sq m? |
€18 |
€12 |
€20 |
€8 |
€41 |
| Average monthly warehouse rental per sq m? |
€6.50 |
€2 |
€8 |
€2 |
€6 |
| Literacy % of population? |
99.9% |
99.70% |
99.8% |
99.8 |
99.7% |
| English language proficiency % of population? |
61% |
10% |
50% |
n/a |
8% |
| Incorporation requirements |
|
|
|
|
|
| How long to set the company up? |
3 weeks |
1 week |
2 weeks |
2 weeks |
6 weeks |
| Minimum number of shareholders? |
1 |
1 |
1 |
1 |
1 |
| National shareholder required? |
No |
No |
No |
No |
No |
| Individual and corporate shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Minimum number of directors? |
1 |
1 |
1 |
1 |
1 |
| Resident director required? |
No |
No |
No |
No |
Yes |
| Minimum paid up share capital? |
€2,500 |
US$1 |
€2,500 |
US$300 |
US$130 |
| Fast solution (turnkey) available? |
Yes |
No |
Yes |
No |
Yes |
| Corporate director(s) allowed? |
No |
Yes |
No |
Yes |
No |
| Public register of shareholders & directors? |
Yes |
Yes |
Yes |
No |
Yes |
| Tax and accounting considerations |
|
|
|
|
|
| Corporate tax payable? |
20% |
15% |
15% |
12% |
20% |
| Withholding tax on dividends paid overseas |
No |
5% |
0% |
6% |
15% |
| Annual financial statements required? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Statutory independent annual audit required? |
No |
No |
No |
No |
No |
| Local GST or VAT? (%) |
20% |
18% |
21% |
20% |
18% |
| Tax incentives for manufacturing start-ups? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Access to double tax treaties? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Tax exempt free zones available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| EU VAT member? |
Yes |
No |
Yes |
No |
No |
| Corporate bank account considerations |
|
|
|
|
|
| Bejarano ADF Consultants’ preferred bank? |
Swedbank |
People’s Bank of Georgia |
Finasta bank |
Victoria Bank |
Sberbank |
| How long to open bank account? |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
5 weeks |
| Do I travel to open the bank account? |
No |
No |
No |
No |
No |
| Multi-currency corporate bank account? |
No |
No |
No |
No |
No |
| Multi-currency corporate visa debit cards? |
No |
No |
No |
No |
No |
| Corporate ATM card available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Bank rating by World Economic Forum? |
29 |
69 |
41 |
82 |
53 |
| Ease of getting credit by WEF? |
40 |
110 |
91 |
104 |
56 |
| Euro currency used by this country? |
Yes |
No |
Yes |
No |
No |
| Employment considerations |
|
|
|
|
|
| Average skilled labour monthly salary? |
€950 |
€345 |
€844 |
€215 |
US$525 |
| Average unskilled labour monthly salary? |
€650 |
€250 |
€570 |
€150 |
US$370 |
| Average social contributions (% salaries)? |
20% |
15% |
23.50% |
23% |
22% |
| Minimum national salary? |
€390 |
€63 |
€300 |
€60 |
€97 |
| Mandatory labor unions? |
No |
No |
No |
No |
No |
| Minimum notice to dismiss employees? |
15 days |
60 days |
14 days |
14 days |
30 days |
| Minimum redundancy indemnity? |
14 days |
14 days |
15 days |
30 days |
60 days |
| Quotas on foreign workers? |
Yes |
Yes |
Yes |
Yes |
Yes |
| How long to get work permit approved? |
2 months |
1 month |
2 months |
2 months |
3 months |
| Manufacturing considerations |
|
|
|
|
|
| Electricity prices, (Eur per kWh)? |
0.25 |
0.12 |
0.19 |
0.18 |
0.13 |
| Rank for getting electricity (by WB) |
34 |
62 |
54 |
104 |
29 |
| Ranking for transport infrastructure? (by WEF)? |
44 |
128 |
27 |
100 |
94 |
| Ranking for customs procedures (by WEF)? |
29 |
118 |
28 |
99 |
141 |
| Import duty on raw materials? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Government incentives for start ups? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Internet connectivity rating? |
21 |
65 |
36 |
52 |
52 |
| Global business efficiency index |
17 |
15 |
24 |
63 |
62 |
| Does the country have maritime access? |
Yes |
Yes |
Yes |
No |
Yes |
| Logistical considerations |
|
|
|
|
|
| Preferred manufacturing city? |
Tallinn |
Tbilisi |
Klaipeda |
Chisinau |
Khatanga |
| Proximity of sea port in kilometers? |
5.7 |
8 |
7.6 |
94 |
47 |
| Proximity of airport in kilometers? |
12 |
15 |
35 |
6.3 |
14.2 |
| Proximity of rail in kilometers? |
19 |
22 |
13 |
5 |
10.3 |
| Computer literacy % of population |
99.8% |
99.80% |
99.70% |
98.50% |
99.70% |
| Local purchasing power (GDP per capita) |
US$25,865 |
US$6,100 |
US$25,708 |
US$4,753 |
US$23,292 |
| Local market size (in USD billions) |
20.14 |
12.9 |
37.4 |
6.2 |
1.5 |
| Average annual inflation rate 2014-15? |
-0.10% |
4.50% |
-0.50% |
8.30% |
15.30% |
| Average unemployment rate 2014-15? |
6.20% |
12.40% |
8.20% |
8.50% |
5.40% |
| Ease of doing business index |
17 |
15 |
24 |
63 |
62 |
| Estimate of engagement costs |
€ |
US$ |
€ |
US$ |
US$ |
| Bejarano ADF Consultants engagement fees |
3,250 |
4,300 |
4,275 |
3,100 |
3,500 |
| Company secretary and registered office |
950 |
1,100 |
1,100 |
1,295 |
1,200 |
| Government fees |
250 |
450 |
100 |
50 |
110 |
| Resident director fees (0 if not required) |
0 |
0 |
0 |
0 |
0 |
| Corporate bank account opening |
4,950 |
4,950 |
4,950 |
4,950 |
4,950 |
| Estimate of total outgoings in Year 1 |
10,150 |
11,550 |
10,925 |
10,145 |
31,450 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
