Legal service and protection

Slovakia, officially known as the Slovak Republic, is a fairly profitable and safe jurisdiction for doing business. The country maintains a stable economic environment, while the tax system and legislation here are loyal and competitive. In 2004, Slovakia joined the European Union, and in 2009 it adopted the euro as its official currency. In 2021, the International Monetary Fund ranked Slovakia 45th among the world’s wealthiest nations (out of 226 countries and territories considered). Furthermore, in 2022, the Global Innovation Index also included Slovakia in the prestigious Top 50 list.

The local economy is mainly based on such industries as metallurgy, the food industry, the electric power sector, and the service sector; while tourism and innovative technologies have also experienced significant growth in recent years. Over the past few years, foreign investment has been mainly directed to the automotive industry and electrical equipment production. Experts highlight that non-resident businessmen often encounter challenges when starting businesses in Slovakia, particularly regarding registering enterprises in government agencies — this is primarily due to bureaucratic hurdles, which can lead to delays in the overall process.

Estonia is often regarded as one of the most developed among other post-communist countries. According to the Corruption Perceptions Index (CPI) published by Transparency International, the level of corruption here is one of the lowest worldwide, and the country ranks 15th in this indicator. The Estonian economy is primarily based on the service sector, including hotel services and trade, as well as industrial production, which includes engineering, chemical industry, shipbuilding, and woodworking. Estonia boasts a robust information technology (IT) sector and is considered one of the most advanced countries in Europe in terms of government and public service digitalization, known as “E-stonia digital state.” Tallinn serves as the financial centre of Estonia, and the Central Bank of Estonia is a member of the European System of Central Banks. Although Estonia is known as one of the most favourable jurisdictions for foreign investment and doing business by non-residents, businessmen here may encounter difficulties both at the stage of a company registration and during its further activity (especially if the business requires obtaining a licence).

Switzerland is one of the most prosperous and successful countries in the world. The local government has managed to create a favourable business environment for both residents and foreign businessmen. However, for the latter, opening a business requires meeting certain conditions, such as obtaining a category C permit that allows non-residents and non-citizens of EU countries to live and work in Switzerland. Alternatively, they can submit a detailed and substantiated application for a business establishment to cantonal (regional) authorities. Both these requirements may pose certain difficulties for applicants, making professional legal assistance necessary to manage them effectively.

Doing business in France opens up exquisite opportunities for development and entry into the international market. The country’s economy annually attracts significant foreign investment, and the local business environment is loyal to non-resident entrepreneurs. This jurisdiction is among thirty countries with the most favourable conditions for doing business. Nevertheless, businessmen, especially foreign ones, often face difficulties with the choice of business organization form and local tax policy, which forces them to seek the help of professional lawyers.

According to Eurostat, Poland is the sixth-largest economy in the EU, and it ranks 21st in terms of nominal GDP globally. Industrial production is well-developed in this country, namely engineering, metallurgy, mining, chemical, shipbuilding, and light industries. Poland is open to foreign investment, and the state provides comprehensive support to new businesses that create jobs and contribute taxes to the local treasury. Obtaining a residence permit (residence card) is fairly easy for business owners here. Nevertheless, novice businessmen may face difficulties with the nuances of Polish law, especially in the field of taxation, and when communicating with local officials, as this requires proficiency in the Polish language.

The Lithuanian economy is one of the fastest-growing in the European Union, ranking first among the Baltic countries in terms of GDP per capita. Lithuania holds the 11th position in the World Bank’s Ease of Doing Business rank, and it has ranked 16th in the world and 2nd in Eastern Europe in the European StartupBlink 2021 ranking, which evaluates startup ecosystems. Such industries as oil, food, energy, chemicals, services, and agriculture are well-developed here. Foreign investments in the Lithuanian economy are highly encouraged. According to the Bank of Lithuania and State Data Agency of Lithuania, as of June 30, 2022, for the second quarter of 2022, the total foreign direct investment amounted to 28.3 billion euros, increasing by 10.4% compared to the first quarter of 2022, and accounting for 46.9% of GDP. However, foreign businessmen may encounter some difficulties when opening a bank account and submitting reports.

Latvia may not be the richest and most prosperous country, however, its membership in the European Union and a successful transition to a stable market economy make it fairly popular for starting a new business. Moreover, it is one of the most developed countries among the post-Soviet states and ranks 3rd after Estonia and Lithuania. The service sector forms about 70% of the country’s GDP with a well-developed financial sector, and recent active growth in industrial production, including engineering, manufacturing of electrical goods, textile products, and others. Interest in investing in the Latvian economy increases year after year, and foreign businessmen are offered favourable conditions. Moreover, foreign citizens who invest more than EUR 50,000 in the fixed asset of a Latvian company can obtain a residence permit here. In 2020, the volume of foreign direct investment (FDI) in the country’s economy amounted to 16.67 billion euros. However, novice businessmen may face difficulties in filling out the documentation (which is only available in Latvian) and opening an account with a local bank.

The Republic of Cyprus is known for its open economy based on the principles of free enterprise. The division of the island into Greek and Turkish parts has a significant influence on the economic situation. The economy of the Greek sector is in better condition, although it is highly exposed to external factors. Cyprus has been a member of the European Union since 2004, and the euro has become the official currency here since 2008. It is noteworthy that up to 80% of the Republic’s GDP is composed of services and tourism. The mining industry, agriculture, and machine building are also important contributors to the economy. The banking and IT sectors are well-developed on the island. Cyprus is an exceptionally attractive jurisdiction for foreign investments, with a volume amounting to 375 billion euros in 2021, according to the Central Bank of the Republic. Generally, foreign businessmen do not encounter special difficulties when registering and conducting business in Cyprus. However, the language barrier and local bureaucracy can pose challenges and complicate their activities.

The Italian economy ranks as the 10th largest in the world by nominal GDP (as of 2022). The chemical, food, machine-building, and metallurgical industries are the most developed here. The legal framework in Italy aligns with internationally accepted standards. Both residents and non-residents are allowed to establish businesses here. However, non-residents must meet certain requirements such as obtaining a residence permit or a long-term visa (Category D), which can be challenging to acquire. Additionally, non-residents may encounter difficulties with opening a bank account, as well as with the choice of the appropriate organizational and legal structure for their business and with labour legislation nuances.

Spain is a rather popular jurisdiction for starting a business among immigrants from post-Soviet countries. Registering a new company in Spain is relatively easy, the state welcomes foreign investment, and the reporting requirements are not overly complicated. However, the country’s tax legislation and certain bureaucratic nuances can be challenging for businessmen.

Greece, officially known as the Hellenic Republic, is a small country with a developed economy that has faced significant challenges in recent years due to the global financial crisis. However, the economic situation is gradually improving. Greece is an industrial and agrarian country, it has close economic ties with the states of the Balkan region and other members of the European Union. It has been a member country of the EU since 1981. The main industrial potential of Greece concentrates in the area of Athens and Thessaloniki. Tourism industry, food production, textile manufacturing, chemical production, and metallurgy are the most developed sectors. According to the Central Bank of Greece, foreign direct investment in the country’s economy in 2021 exceeded 4.8 billion euros, a notable increase of 2 billion euros compared to 2020. Foreign businessmen are generally welcomed with a favourable attitude here, however, non-residents may encounter challenges during the registration and operation of their businesses, including language barriers, unfamiliarity with local legal intricacies, and bureaucratic processes.

Doing business in Germany opens vast prospects for businessmen. This country welcomes foreign investment, and its legislation is highly accommodating toward non-resident businessmen. Nevertheless, doing business in Germany requires certain legal expertise, it is essential to have a good understanding of German law. Therefore, professional legal assistance is indispensable in most cases, since specific legal issues constantly arise throughout the course of the company’s activity.

The United Kingdom (UK) has always been one of the best countries for doing business. This jurisdiction is considered very prestigious for businessmen, and it has a good reputation. Great Britain is one of the world’s leading financial centres, and the Kingdom takes 7th place in the World Bank’s Ease of Doing Business ranking. At the same time, however, many legal subtleties must be considered both when starting a company and in its further operations. That is why many entrepreneurs prefer to hire a professional lawyer or outsource the legal support of a business to a specialised company.

SPECIFICS OF DOING BUSINESS IN THE CZECH REPUBLIC

The Czech Republic was ranked 17th out of 165 countries in the Economic Freedom of the World report published by the Canadian Fraser Institute in 2022. Moreover, compared to the last year, it improved its position by ten lines at once, ahead of Germany and Great Britain. This indicates positive trends in the country, improving living standards and business conditions.

Registering a company in the Czech Republic is not very troublesome; both residents and non-residents are eligible to do it. Foreign businessmen here have the same rights and conditions for conducting business as Czech citizens. Small individual enterprises are widespread in this country, and family businesses are frequent. Foreign businessmen are entitled to obtain a residence permit on the condition of starting a company in the territory of the Czech Republic or participating in the business as a partner.

OUR SERVICES

We assist legal entities in the following areas:

• registration of a business in the countries of the European Union, including all the specifics of the procedure, choosing the appropriate organisational and legal form of conducting business, as well as intricacies of subsequent work and accounting processes;
• liquidation and bankruptcy of companies according to the legislation of the country in force;
• specifics of the EU countries’ policies towards non-resident entrepreneurs;
• taxation specifics in European countries, and possibilities for reducing the tax burden;
• investing in European companies, legal assessment of the target company or market, organisation and conducting financial, tax, and legal due diligence;
• preparing documents to obtain permits, certificates, licenses, etc., registration of trademarks, copyright protection, and much more.