How easy is it to set up a limited company in your jurisdiction?

Taken from: A New Place to Call Home Residency options and implications for high net worth individuals
Virtual Round Table Series Private Client Working Group 2017

An ‘off the shelf’ company, where you do not choose the name or the status, can be set up within 24 hours. The company will be able to trade immediately. The name, bylaws and scope of business can later be amended. We normally recommend following the regular process that takes about eight to ten working days, since it allows for:

• the choosing of the company’s name;

• choosing a trader scope of activities and CAEs (economic activities code):

• the bylaws are submitted by the company and can be tailor-made;

• the beginning of trade can be postponed until necessary. Opening a bank account will take longer since every bank needs to perform its Know Your Customer (KYC) duties, while operating in certain areas of business under regulation might require further licensing.

Every trading company will have to perform a certain amount of reporting to the tax authorities and social security and shall have a certified accountant.

Managers and directors don’t have to be resident, but, if from a country outside the EU, they must have a local tax representative. Corporate tax is currently at a nominal rate of 21 per cent.