Registration of legal entities

The Kingdom of Sweden, situated in Northern Europe, encompasses the eastern and southern regions of the Scandinavian Peninsula. Although Sweden has been a member of the European Union since 1995, the Swedish krona remains its official currency.

Sweden boasts a well-developed economy, ranking among the top ten globally in terms of competitiveness and holding the 12th position as one of the most convenient international trading partners. Key industries include mining, machine building, woodworking, and hydropower. Additionally, biomedicine, IT, and design sectors are gaining prominence in the economy with each passing year. Stockholm, the Swedish capital, is renowned as one of Europe’s premier locations for launching startups in the digital technology sector. Foreign investment is encouraged, and there are no restrictions for non-resident entrepreneurs.

Croatia is a small country situated in Southern Europe, on the western part of the Balkan Peninsula. It gained independence in 1991 after being part of Yugoslavia. Despite joining the European Union in 2013, Croatia maintains the Croatian kuna as its local currency.

The local economy has shown steady development, with GDP indicators consistently growing in recent years. Key sectors driving the Croatian economy include machine and shipbuilding, food processing, textile and wood industries, and the pharmaceutical sector. Additionally, tourism and the IT industry have experienced notable growth. While foreign investment is encouraged in Croatia, non-resident businessmen face certain restrictions.

France is a sizable nation situated in Western Europe. It stands as one of the founding members of the European Union and holds a permanent seat on the UN Security Council. The official currency in circulation is the euro.

The French economy exhibits stability, with ongoing improvements in the welfare indicators of its populace. Key industries driving the economy include mechanical engineering, aviation and shipbuilding, the production of chemical and petrochemical products, agriculture, and mining. Additionally, tourism, the banking sector, and the IT industry contribute significantly to the nation’s economic landscape. Among foreign investors, France holds a reputation as a promising and prestigious jurisdiction.

Finland is situated in Northern Europe along the Baltic Sea coast. Since 1995, the country has been a member of the European Union, with the euro becoming its official currency in 2002. Over recent decades, Finland has regularly ranked among the happiest, most stable, and most prosperous nations globally.

As one of the highly developed industrial countries, Finland stands as a leader in terms of GDP per capita. The nation’s economy is anchored by key sectors such as forestry, telecommunications, metallurgy, energy, electronics, and pulp processing. Additionally, recent years have witnessed significant growth in the electrical engineering and IT sectors, biotechnology, and tourism. While Finland welcomes foreign investment, there are certain nuances to consider when starting a business as a non-resident.

Slovenia is situated in Southern Europe, on the Balkan Peninsula. Until 1990, the country was part of Yugoslavia and has since become an independent parliamentary republic. It joined the European Union in 2004, adopting the euro as its official currency.

Slovenia boasts a stable and developed economy, anchored by the production of electronics, electrical equipment, chemicals, pharmaceuticals, and light industry. Recent years have seen significant growth in organic farming, foreign trade, renewable energy production, and tourism. Slovenia welcomes foreign investment.

The Republic of Singapore is a city-state situated across 63 islands in Southeast Asia. Since gaining independence in 1965, the country has experienced robust economic development, leading to steadily increasing welfare among its residents. The official currency in this country is the Singapore dollar.

Singapore thrives within a stable market economy, boasting one of the highest per capita GDPs in the world. The nation offers a favourable investment climate with minimal corruption, consistently earning top rankings in economic freedom and ease of doing business indices. The local economy is primarily driven by the financial services sector, shipbuilding, and electronics manufacturing, with a growing emphasis on the development of the IT sector by the state.

The Republic of North Macedonia is a small country situated on the Balkan Peninsula in Southeastern Europe. Formerly a part of Yugoslavia until 1991, it now stands as an independent parliamentary republic. North Macedonia is not a member of the European Union, with the Macedonian denar serving as the local currency since 1992.

While the country’s economic development is relatively modest, overall stability characterises its economic landscape. Presently, low inflation rates prevail, and foreign entrepreneurs are offered favourable conditions for conducting business. Small and medium-sized enterprises form the majority of the market share. The key sectors of the Macedonian economy include the service industry, manufacturing (particularly in chemicals and textiles), and agriculture.

Romania is located in the southeast of Europe, on the Balkan Peninsular. While this country has been a member of the European Union since 2007, the Romanian leu (RON) still serves as its official currency.

Romania has successfully transitioned to a market economy and now boasts low inflation rates and robust economic growth. Its economy is driven by key industries including oil production, agriculture, machinery, and metallurgy. Tourism has experienced a notable expansion in recent years. Romania actively welcomes foreign investment, offering non-resident businessmen favourable working conditions and various privileges.

The Republic of Portugal is a small state situated in the southwest of continental Europe. It occupies a small part of the Iberian Peninsula and is bordered by the Atlantic Ocean. Portugal is a member of the European Union, with the euro as its official currency.

The country welcomes foreign investment, offering entrepreneurs certain tax benefits, along with special economic zones such as Madeira and Azores, providing favourable conditions for business activities. Portugal’s economy is classified as developed, with its foundation resting on industries such as mining, metallurgy, mechanical engineering, and agriculture, as well as services like tourism. In recent years, there has been significant growth in renewable energy sources, with a strong push to encourage enterprises focusing on innovative ideas and technologies.

The Kingdom of Norway is situated in Northern Europe on the Scandinavian Peninsula. This country stands as a prestigious, popular jurisdiction for business registration. Generally, Norway offers highly favourable conditions for foreign investors, although certain restrictions apply to non-residents in specific sectors, including energy, insurance and finance, fishing and fish processing, shipping, and air transport.

Norway boasts a stable and developed economy, based on the oil and gas industry, energy, shipping and shipbuilding, fishing, and mining. The banking sector, service industry, and alternative energy are also well-developed here. For many years, Norway has maintained a low level of inflation and unemployment, with one of the highest GDP volumes in the world.

The Netherlands, a small Western European country, stands as a prestigious jurisdiction for business registration. Foreign investments are welcomed here, and the government provides significant tax incentives for innovative projects.

The Dutch economy is classified as highly developed, boasting a low inflation level and consistent GDP growth over the past three decades. The country’s exceptional infrastructure includes Europe’s largest transport hub, the port of Rotterdam. The economy of the Netherlands is based on mechanical engineering, electronics, petrochemicals, ship and aircraft building, and the textile industry. Additionally, the service, IT, and banking sectors demonstrate robust development.

The Principality of Monaco is a microstate, situated in the southern part of Europe. Despite its compact size, Monaco stands as one of the world’s foremost financial centres, many successful businessmen are looking to reside and work in this prestigious jurisdiction.

The foundation of the local economy, considered stable and developed, is the service sector. A majority of Monaco’s workforce is engaged in key industries, including tourism, gambling (casinos), construction, the financial sector, pharmaceutical and electronic industries, and trade. Foreign investment is welcomed in the country, yet, for a non-resident to have the opportunity to register a company here, approval from the authorities (Direction de l’Expansion Economique) is imperative, along with agreement on the type of activity.

The Republic of Malta is a small island state located in the Mediterranean Sea. Since 2004, it has been a member of the European Union, and since 2008, the official local currency is the euro. This country is recognised as one of the most attractive European jurisdictions for conducting international business.

The Maltese economy is primarily driven by tourism, the electronics, textile, and food industries, ship repair and shipbuilding, and the production of decorative luxury goods. In recent years, crypto business and blockchain technologies have been actively developing here. Local authorities are keen on attracting foreign investments, leading to the development of numerous programs that offer preferential tax treatment for non-resident entrepreneurs.

The Principality of Liechtenstein holds a notable reputation as a significant and reliable financial centre in Europe. Interestingly, the current number of registered companies in the principality surpasses its actual population.

ADVANTAGES OF COMPANY REGISTRATION IN LIECHTENSTEIN

This jurisdiction attracts international investors due to its favourable geographical location and a range of other significant benefits. Noteworthy advantages include:

• Stability of the state’s economy and political environment.
• Efficiency of the banking system.
• Favourable tax climate and flexibility in the taxation system.
• Legislative loyalty to non-resident businessmen in the country.
• Absence of currency control.
• Simplicity of a new company registration, with short processing timeframe.
• Easy access to the markets of Europe and Switzerland.

Lithuania, officially known as the Republic of Lithuania, is a compact European state situated among the Baltic countries. This state is a member of the European Union. Lithuania actively seeks to attract foreign capital, benefiting from a stable economic climate and a favourable business environment.

The Lithuanian economy is widely acknowledged as both developed and stable. It thrives in key industrial sectors, including oil refining, radio electronics production, shipbuilding, food production, and mechanical engineering. Additionally, the service sector, along with IT and the financial industry, demonstrates significant development. The country boasts a sizable international seaport, complemented by well-established road and rail transport networks.

The small state of Latvia, also known as the Republic of Latvia, is situated in Northern Europe and is one of the Baltic countries. Since 2004, it has been an EU member, and in 2014, the euro was adopted as the official currency here.

The IMF recognizes Latvia’s economy as developed, placing it among countries with high income levels. According to World Bank rankings, the state consistently secures a position in the top twenty for ease of doing business. The backbone of Latvia’s economy comprises the service sector, along with the food and textile industries, mechanical engineering, and pharmaceutical production. The country boasts a well-developed transport infrastructure, featuring 8 seaports.

Establishing a company in Iceland holds promising prospects for businessmen, offering opportunities both domestically and in the European market. In 2021, the country secured the 21st position globally for ease of doing business, consistently maintaining a top-20 ranking for quality of life.

Iceland stands out as one of the most stable and advanced economies in Europe, marked by low unemployment and inflation rates, coupled with high economic growth. The local economy is based on the fishing industry, renewable energy, and aluminium production. Recently, there has been active development in biotechnology, tourism, banking, and information technology sectors as well.

Establishing a company in Germany is promising and prestigious. Today, this large European country provides favourable conditions for conducting business, ensuring seamless and rapid access to the markets of the European Union.

Germany boasts a dynamically evolving yet stable economy, anchored in industrial production sectors like mechanical engineering, electronics, and the chemical industry, in addition to a robust service sector. The banking sector, transport infrastructure, and social insurance system are well-developed here. The country actively welcomes foreign investment; innovative projects, particularly those with an environmental focus, are widely supported.

The Kingdom of Belgium, situated in the northwestern part of the European continent, stands as a highly developed post-industrial state. As a founding member of the European Union, Belgium boasts deep integration into its trade network, offering favourable conditions for foreign investors.

The backbone of Belgium’s economy lies in the service sector, international trade, industry — particularly steel and textiles — and transportation, with a special emphasis on maritime activities. Antwerp, one of Belgium’s major cities, has earned global recognition as the hub for diamond processing, complemented by active mining of various minerals throughout the region.

The small Western European principality of Andorra, located between Spain and France, provides favourable conditions for conducting business. The region welcomes foreign investment, and local regulations permit complete foreign ownership of companies. The applicable law was enacted in 2012, overturning the previous restriction that capped foreign ownership at 49% of the capital.

ADVANTAGES OF REGISTERING A COMPANY IN ANDORRA

This jurisdiction boasts several noteworthy advantages:

• Prestige and excellent reputation in business circles.
• Economic and political stability.
• Convenient location for conducting business in Europe.
• One of the lowest tax rates in Europe (corporate tax is only 10%, and with CashPooling mode it is possible to get an additional bonus of 80%! Sales VAT is 4.5%, and there is no inheritance tax).
• Absence of foreign exchange and stamp duties.
• Flexible, favourable banking policy.

Andorra, functioning as a post-industrial state, derives its primary income from tourism, with the banking sector, service industry, and trade in luxury goods also playing pivotal roles. Noteworthy is the minimal state intervention in economic management, with few restrictions on private enterprises.

Switzerland is located in Central Europe and consists of 26 cantons. Despite not being an EU member, it actively engages with the European Single Market and the Schengen Area through bilateral treaties. The official currency here is the Swiss franc.

Internationally recognized as one of the most developed countries, Switzerland consistently ranks within the top ten for GDP per capita, quality of life, and economic competitiveness. The local economy is underpinned by key sectors including the banking industry, pharmaceutical and chemical sectors, mechanical engineering, high-precision mechanics, and tourism. In recent years, Switzerland has also asserted itself as a prominent hub for fintech and cryptocurrency startups.

Poland, situated in the central part of Europe, is a sizable country and a member of the European Union. Despite its EU membership, the official currency remains the Polish zloty (PLN). Polish legislation is generally favourable to foreign investors, although there are still some existing restrictions.

The Polish economy is actively developing and holds considerable promise. Remarkably, economic indicators have exhibited steady growth for 28 consecutive years, marking a record achievement within the European Union as of 2019. The country’s GDP and quality of life continue to rise steadily. The local economy is based on mechanical engineering, the coal industry, metallurgy, textile and chemical industries, services, and agriculture. Additionally, there is active development in renewable energy, tourism, and the IT sector.

ADVANTAGES OF REGISTERING A COMPANY IN POLAND

Naturally, the primary advantage of business registering in Poland lies in the country’s favourable geographical location and well-established transit routes connecting Western and Eastern Europe. Additional advantages of the jurisdiction encompass:

• Stability of the economy and political climate.
• Developed modern infrastructure.
• The opportunity for duty-free trade with EU countries.
• Highly qualified yet relatively inexpensive personnel.
• The opportunity for preferential tax conditions.
• Relatively quick company registration.

The Republic of Italy stands as a highly developed European country, holding the third position in size and importance within the European Union’s economy. It offers favourable conditions for foreign investors, with a streamlined procedure for registering new enterprises.

Italy ranks 8th in the world in terms of GDP, boasting a diverse economic foundation rooted in mechanical engineering, chemical and industrial production, the food industry, and tourism. Traditionally, the realms of design, clothing and art objects manufacture carry significant weight here.

Over the past decade, Denmark has consistently held a position among the top ten countries with the most favourable conditions for conducting business. Foreign investors find this jurisdiction appealing for various reasons, including the government’s positive stance toward external investments.

Denmark boasts one of the most stable economic systems in Europe, marked by a steady currency, low inflation, and a well-balanced state budget. The country’s economy thrives on metalworking, mechanical engineering, high-tech industries, and the oil and gas sector. In recent years, there has been significant growth in renewable energy, biotechnology, and pharmaceuticals. Denmark also has an excellent transport infrastructure, especially shipping and highways.

Hungary, situated in Central Europe, offers excellent business opportunities. The favourable tax climate, coupled with the keen interest of local authorities in attracting foreign investments, makes it an ideal destination. The number of businessmen looking to operate within this jurisdiction is steadily rising.

Hungary boasts an industrial-agrarian economy with key sectors encompassing mining, machine building, agriculture, metallurgy, textiles, and pharmaceutical production. International tourism and the service sector also contribute significantly to the economic landscape. Emerging industries such as information technologies and renewable energy sources are experiencing rapid growth. The country’s stable economic situation further enhances its appeal to investors.

Bosnia and Herzegovina is a compact state situated on the Balkan Peninsula in Southeastern Europe. Over the past few decades, the country’s economy has been on a steady upward trajectory, with a consistent rise in interest from foreign investors.

According to the experts, in recent years, Bosnia and Herzegovina has maintained low inflation while achieving substantial economic growth. The local economy is based on mining, manufacturing, metallurgy, the chemical industry, electronics, and tourism. Notably, the capital city, Sarajevo, has earned a reputation as a hub for startups, with local authorities actively engaged in attracting and supporting innovative projects.

While Albania may not be among the highly developed European countries, analysts highlight its impressive economic growth rates and promising prospects. Despite the limited volume of foreign investment, the state actively welcomes and supports such endeavours.

ADVANTAGES OF COMPANY REGISTRATION IN ALBANIA

Among the advantages of opening a company in this jurisdiction are:

• Favourable geographical location, providing easy access to European markets.
• Relative ease of conducting business.
• Quick and simple process of registering a legal entity.
• Loyal tax system.
• Access to highly qualified yet inexpensive labour.

The local economy is based on the export of natural resources and food products, supported by sectors like agriculture, industry, and tourism. Notably, the IT sector has seen rapid development lately, and the real estate market is experiencing growth.

Bulgaria, located in the eastern part of the Balkan Peninsula, is hailed by experts as an ideal hub for diverse business activities. The local government warmly welcomes foreign investments and extends various forms of support to non-resident businessmen.

ADVANTAGES OF COMPANY REGISTRATION IN SPAIN

Spanish legislation offers special tax regimes and incentives for foreign investors engaged in specific activities. Other advantages of a company registering in Spain include the following:

• easy access to the EU markets;
• a stable economic and political environment;
• flexible tax policy;
• simple and fast business registration;
• availability of double taxation agreements with more than 80 countries.

ADVANTAGES OF COMPANY REGISTRATION IN AUSTRIA

In addition to the progressive economy, Austria attracts foreign investors through the following:

• the prestige of the jurisdiction;
• convenience of doing business with other European countries due to the favourable geographical location;
• developed, modern banking system;
• favourable and flexible taxation;
• developed production base;
• relative simplicity of setting up a new company, favourable attitude to foreign investors.

ADVANTAGES OF COMPANY REGISTRATION IN IRELAND

The advantages of this jurisdiction for doing business include:

• stable economy;
• ease of registration and doing business;
• prestige, convenient geographical location of the jurisdiction;
• the policy of active support of business;
• low corporate tax rate, a system of tax incentives;
• double taxation agreements with more than 70 countries;
• state support of innovative spheres;
• highly qualified English-speaking staff;
• a well-developed legal framework that guarantees the protection of intellectual property.

Ireland is great for implementing business projects in the financial sector, technological innovation, pharmaceuticals, IT, etc. Venture capital funds and business accelerators actively help startups and aspiring entrepreneurs, they offer attractive financing programs. Eight out of ten European IT companies have already chosen Ireland as their base. Moreover, Dublin, the country’s capital, is home to the International Financial Services Center (IFSC), where many of the world’s leading financial institutions are based.

Registering a company in Ireland is also beneficial for trading activities. For trade businesses, the income tax rate here is at 12.5% — this is one of the lowest rates in Europe. Certain conditions will allow reducing the rate to 10%.

ADVANTAGES OF COMPANY REGISTRATION IN THE UK

Among the advantages of registering a legal entity in the UK are the following:

• the prestige of the jurisdiction;
• economic stability;
• double taxation treaties with more than a hundred countries;
• transparency and progressiveness of corporate law;
• active development of the lending market, favourable credit conditions;
• high level of investment protection;
• absence of currency control;
• transparency and flexibility of the taxation system.

Greece is attractive to foreign investors first and foremost due to its advantageous geographical position and sufficiently favourable legislation. The country successfully overcame the economic crisis of 2009-2010, and over the past few years, the local economy has been showing a steady growth.

Currently, Greece receives its main income from tourism, metallurgy, textile and food industries, and international trade (in particular maritime). Electrical engineering, the IT sector, and green energy are actively developing here. In Greece, the transport infrastructure is well-developed, and the banking system is branched.

BENEFITS OF COMPANY REGISTRATION IN ESTONIA

Geographical location of Estonia is a significant plus for doing business: it lies in the centre of the Baltic region and has a well-developed transport infrastructure that connects it with other countries of Northern and Central Europe. Also, this jurisdiction has a number of other advantages, among which are:

• stability of the economic and political spheres;
• low level of corruption;
• highly developed banking sector;
• high level of digitalization in all spheres of life (for example, the e-government model is one of the most innovative in Europe);
• Double tax agreements (DTAs) with more than 60 countries of the world;
• high standard of living, comfortable living conditions;
• business can be 100% foreign-owned.

Hong Kong is one of the major financial centres in the modern world. The most famous offshore zone of the Asia-Pacific region is located here, although the region does not belong to the classic offshore jurisdictions.

ADVANTAGES OF COMPANY REGISTRATION IN HONG KONG

Significant advantages of the region, which make it so attractive among businessmen from all over the world, include:

• ease of business registration in Hong Kong;
• the prestige of the jurisdiction;
• a competitive corporate tax rate when doing business in Hong Kong (from 8.25% to 16.5%);
• absence of corporate tax for companies operating outside Hong Kong;
• double taxation treaties with many countries around the world;
• no minimum capital requirements for company registration.

Even though the Grand Duchy of Luxembourg is one of the world’s smallest countries, it ranks first worldwide in per capita GDP. This country is the financial centre of Europe, and foreign investors are granted the widest opportunities here.

ADVANTAGES OF COMPANY REGISTRATION IN LUXEMBOURG

Luxembourg’s economy is dominated by the financial sector. The manufacturing sector, retail trade, communications, and logistics also play a significant role. Representative offices of many EU institutions and companies are present in the country making it exceptionally convenient for conducting business. In addition to the prestige of the jurisdiction, several other advantages make opening a company in Luxembourg beneficial for representatives of various fields of activity, namely:

• flexible tax policy;
• openness to foreign investments;
• stable economy;
• a clear, well-developed legislative framework;
• innovation and research work encouragement policy;
• lack of currency control;
• simple and fast company registration process.

The Republic of Cyprus is a fairly popular jurisdiction among immigrants from the post-Soviet space who plan to start a business in Europe. Since 2004, when the country became a member of the European Union, significant changes have taken place here, the legislation has been reformed, and doing business has become somewhat more complicated, but also safer.

The economy of Cyprus is highly dependent on external factors. Tourism, agriculture, and the light industry are well-developed here. Many insurance, financial, trade, and logistics companies are based on this island.

ADVANTAGES OF COMPANY REGISTRATION IN CYPRUS

In addition to the obvious benefits of Cyprus, such as climate and excellent living conditions, there are other advantages to registering a company in this country. Some of these include:

• flexible taxation system, low corporate tax rate (only 12.5%);
• simplicity and efficiency in registering any type of company;
• possibility of obtaining citizenship in exchange for investment;
• convenient geographical location, easy access to European markets;
• well-developed transport infrastructure (in particular, shipping);
• double tax treaties with more than 40 countries worldwide;
• progressive legislation.

Slovakia is a small country in Central Europe that is considered fairly attractive for starting a business. It has been a member of the European Union since 2004 and joined the Eurozone in January 2009. The official name of the state is the Slovak Republic.

Slovakia is a country with a stable market economy. It is based on mechanical engineering, electronics, chemical industry, and agriculture. The IT sector, tourism, and energy production from renewable sources are actively developing. Foreign investment is welcome here, and non-resident businessmen can benefit from various tax advantages.

The Czech Republic as a member of the European Union is the place where EU standards are really applied in many aspects. When choosing a country for registering a company, one should take into account that the Czech Republic has a well-developed infrastructure, a high quality of life and, importantly, a favorable business climate. It is also important to add that the country has an excellent geographical position: the Czech Republic manages to maintain positive relations both with the eastern CIS countries and with its western neighbors.