| Our ranking in order of preference |
1 |
2 |
3 |
4 |
5 |
| Summary at a Glance |
|
|
|
|
|
| Total year 1 engagement set up costs in €? |
8,210 |
8,820 |
12,060 |
9,660 |
16,815 |
| Total year 2 costs (incl. audit and tax) in €? |
3,420 |
3,440 |
3,900 |
2,355 |
10,360 |
| Our Client must travel during the engagement? |
No |
No |
No |
No |
Yes |
| Total engagement period? |
2 months |
2 months |
2 months |
3 months |
3 months |
| Corporation tax rate on net profits? |
10% |
16% |
9-19% |
19% |
20% |
| Average monthly employee salary in €? |
773 |
417 |
705 |
765 |
565 |
| Average monthly office rental per sq m in €? |
10 |
8 |
15 |
12 |
11 |
| Average warehousing rental per sq. m. per month in €? |
4 |
3.2 |
3.5 |
4.5 |
10 |
| Computer literacy % of population |
72% |
57% |
58.4% |
74.1% |
46.6% |
| English language proficiency % of population? |
58.54 |
58.63 |
64.26 |
57.42 |
47.80 |
| Incorporation requirements |
|
|
|
|
|
| How long to set the company up? |
2 weeks |
3 weeks |
3 weeks |
4 weeks |
3 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 |
No |
| Minimum paid up share capital in €? |
10,000 |
50 |
1 |
7,000 |
3,360 |
| Fast turnkey solution available? |
No |
No |
No |
No |
No |
| Corporate director(s) allowed? |
No |
No |
Yes |
Yes |
No |
| Public register of shareholders & directors? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Tax and accounting considerations |
|
|
|
|
|
| Corporate tax payable? |
10% |
16% |
9-19% |
19% |
20% |
| Withholding tax on dividends paid overseas |
0-16% |
0-16% |
20% |
15% |
15% |
| Annual financial statements required? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Statutory independent annual audit required? |
No |
No |
No |
No |
No |
| Local GST or VAT? (%) |
27% |
24% |
23% |
21% |
18% |
| Tax incentives for manufacturing start-ups? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Access to double tax treaties? |
79 |
75 |
80 |
70 |
80 |
| Tax optimized free zones available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| EU VAT member? |
Yes |
Yes |
Yes |
Yes |
No |
| Corporate bank account considerations |
|
|
|
|
|
| Bejarano ADF Consultants’ preferred bank? |
KDB |
Raiffeisen |
HSBC Bank Polska |
Ceska Sporitelna |
HSBC Turkey |
| How long to open bank account? |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
| Do I travel to open the bank account? |
No |
No |
No |
No |
No |
| Minimum bank deposit (USD)? |
US$1,000 |
No |
US$20,000 |
No |
US$33,000 |
| Multi-currency corporate bank account? |
No |
Yes |
Yes |
Yes |
Yes |
| Multi-currency corporate visa debit cards? |
No |
Yes |
Yes |
Yes |
Yes |
| Corporate ATM card available? |
No |
No |
Yes |
Yes |
Yes |
| Bank rating by World Economic Forum? |
73 |
91 |
51 |
24 |
38 |
| Ease of getting credit by WEF? |
126 |
59 |
89 |
36 |
64 |
| Euro currency used by this country? |
No |
No |
Yes |
No |
No |
| Employment considerations |
|
|
|
|
|
| Average skilled labour monthly salary in €? |
800 |
600 |
704 |
797 |
590 |
| Average unskilled labour monthly salary in €? |
500 |
400 |
650 |
405 |
450 |
| Average pension and insurance benefits %? |
27% |
15.8% |
35% |
34% |
20.5% |
| Minimum national salary in €? |
333 |
218 |
410 |
332 |
424 |
| Labor productivity per hour (in US$)? |
28.3 |
19 |
28.1 |
31 |
28.9 |
| Mandatory labor unions? |
No |
Yes |
Yes |
No |
Yes |
| Minimum days’ notice to dismiss employees? |
30 |
15 |
14 |
60 |
20 |
| Minimum redundancy indemnity? |
2 month pay |
No |
1 month pay |
2 month pay |
1 month pay |
| Quotas on foreign workers? |
No |
No |
No |
No |
Yes |
| How long to get work permit approved? |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
| Manufacturing considerations |
|
|
|
|
|
| Cost per unit of electricity in € per kWh? |
0.035 |
0.032 |
0.050 |
0.050 |
0.11 |
| Rank for getting electricity (by WB) |
162 |
171 |
64 |
123 |
34 |
| Warehousing rental (€ per sq. m. per month)? |
4 |
3.2 |
3.5 |
4.5 |
10 |
| Ranking for transport infrastructure? (by WEF)? |
65 |
106 |
78 |
53 |
22 |
| Ranking for customs procedures (by WEF)? |
31 |
86 |
58 |
47 |
83 |
| Government incentives for startups? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Internet connectivity rating? |
72.6% |
49.8% |
62.8% |
74.1% |
46.2% |
| Global competitiveness index? |
57 |
59 |
43 |
37 |
45 |
| Venture capital availability (by WEF)? |
121 |
78 |
99 |
42 |
90 |
| Logistical considerations |
|
|
|
|
|
| Preferred manufacturing city? |
Dunaújváros |
Bucharest |
Warsaw |
Ostava |
Bursa |
| Number of seaports? |
0 |
5 |
10 |
0 |
47 |
| Number of airports? |
41 |
45 |
126 |
128 |
98 |
| Proximity of railways in kilometers? |
7,877 |
22,298 |
19,617 |
9,469 |
9,642 |
| Computer literacy % of population |
72% |
57% |
58.4% |
74.1% |
46.6% |
| Local purchasing power (GDP per capita in US$) |
24,942 |
19,712 |
25,105 |
29,925 |
19,610 |
| Local market size (population in millions) |
9.8 |
21.6 |
38.2 |
10.7 |
75.8 |
| Average annual inflation rate in 2015? |
0.63% |
-1.5% |
-0.8% |
0.8% |
7.2% |
| Average unemployment rate? |
7.3% |
6.9% |
7.9% |
5.9% |
10.4% |
| Ease of doing business index |
57 |
48 |
32 |
44 |
55 |
| Estimate of engagement costs (€) |
|
|
|
|
|
| Bejarano ADF Consultants engagement fees |
2,850 |
3,850 |
4,850 |
3,550 |
6,940 |
| Company secretary and registered office |
1,100 |
1,100 |
1,200 |
950 |
2,750 |
| Government fees |
560 |
170 |
310 |
260 |
1,225 |
| Resident director fees (0 if not required) |
0 |
0 |
0 |
0 |
0 |
| Corporate bank account opening |
2,950 |
2,950 |
4,950 |
3,950 |
4,950 |
| Estimate of total outgoings in Year 1 |
8,210 |
8,820 |
12,060 |
9,660 |
16,815 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
