European inward investment guideJuly 2008
CMS Adonnino Ascoli & Cavasola Scamoni CMS Albiñana & Suárez de Lezo
CMS Bureau Francis Lefebvre CMS Cameron McKenna LLP CMS DeBacker
CMS Derks Star Busmann CMS von Erlach Henrici CMS Hasche Sigle CMS Reich-Rohrwig Hainz
European inward investment guide – July 2008 – 3
Introduction 4
Austria 6
Belgium 8
Bosnia and Herzegovina 10
Bulgaria 12
Croatia 14
Czech Republic 16
Denmark 18
England and Wales 20
Finland 22
France 24
Germany 26
Greece 28
Hungary 30
Ireland 32
Italy 34
Luxembourg 36
The Netherlands 38
Norway 40
Poland 42
Portugal 44
Romania 46
Russia 48
Serbia 50
Slovakia 52
Slovenia 54
Spain 56
Sweden 58
Switzerland 60
Ukraine 62
CMS Offices 66
Content
European inward investment guide – July 2008 – 4
Introduction
Investment across a number of jurisdictions is increasingly a way of life for business today. This comparative
guide provides a simple checklist with answers to standard questions raised by clients looking to invest in
European jurisdictions. It focuses on 29 jurisdictions in Europe and enables a simple comparison between
each jurisdiction.
The market for formation of companies in the European Economic Area (EEA) was liberalised as a result of
the 2003 landmark judgment of the European Court of Justice in the Inspire Art case. This case laid down the
rule of law that, subject only to exceptional cases, EEA jurisdictions could not impose extra conditions (such
as minimum share capital) on ‘foreign’ EEA incorporated companies over and above those applying in its
country of incorporation. This means that companies may freely form a legal entity in one EEA member state
to do business in another. This publication may assist in the selection process for the most suitable jurisdic-
tion.
The European Commission has recently proposed a new European Private Company Statute whereby a new
company to be known as a Societas Privata Europaea (SPE) may be incorporated in each jurisdiction within
the European Union. The SPE would have common characteristics, notwithstanding the country of incorporation,
and could become the standard corporate vehicle to be used in each member state in future years. If this
statute is enacted, the earliest date that an SPE would be available is July 2010.
CMS is the organisation of independent European law and tax firms of choice for organisations based in, or
looking to move into, Europe. CMS provides a deep local understanding of legal, tax and business issues and
delivers client-focused services through a joint strategy executed locally across 28 jurisdictions with 56 offices
in Western and Central Europe and beyond. CMS was established in 1999 and today comprises nine CMS
firms, employing over 2,200 lawyers and is headquartered in Frankfurt, Germany.
Austria
Peter Huber
Belgium
Cedric Guyot
Bulgaria
Dessislava Spassova
Croatia
Gregor Famira
Czech Republic
Radim Kotlaba
England and Wales
Martin Mendelssohn
France
Alain Couret
Germany
Thomas Meyding
For further information on how we can help you, please contact:
European inward investment guide – July 2008 – 5
Hungary
Gabriella Ormai
Italy
Pietro Cavasola
The Netherlands
Paulus van den Bos
Poland
Dariusz Greszta
Romania
John Fitzpatrick
Russia
David Cranfield
Serbia
Radivoje Petrikic
Slovakia
Sylvia Szabó
Slovenia
Ales Lunder
Spain
Antonio Pino
Switzerland
Max Albers
Ukraine
Adam Mycyk
Details of the CMS offices and further contacts are on the back of this guide. This guide is intended only to
provide a general overview of certain local requirements for incorporating the most usual form of private
company in various European jurisdictions. The information contained in this guide is not comprehensive and
does not purport to be professional advice. If you would like specific advice or further information, please
call the relevant contact.
The information contained in this guide is valid as at 1 July 2008.
European inward investment guide – July 2008 – 6
Austria
1. Legal form of most common limited liability company GmbH
2. Time to incorporate 7–14 days
3. Use of shelf companies yes, not common
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation generally no
6. Possibility of incorporation by means of proxies yes, proxies to be notarised
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
35,000
8. Capital tax rate or stamp duty (if any) 1% on capital plus incorporation fees
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 director
11. Resident director requirement no
12. Supervisory board requirement yes, subject to thresholds
13. Works council requirement yes, if 5 employees or more
14. Legal requirement for audit yes, depending on size
European inward investment guide – July 2008 – 7
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
filing of annual accounts(regardless of audit requirement)
17. Time period for filing annual accounts 9 months
18. Is an annual general shareholders meeting required? yes, but can be substituted by resolu-tions in writing except where notarisa-tion is required
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, dateof birth and address)
26. Publicity of shareholding yes
27. Standard corporation tax rate 25% flat rate(EUR 1,750 minimum per annum;EUR 1,092 minimum for first year)
European inward investment guide – July 2008 – 8
Belgium
1. Legal form of most common limited liability company NV/SA
2. Time to incorporate 7 days
3. Use of shelf companies no
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation no, except for specific business
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
61,500
8. Capital tax rate or stamp duty (if any) none
9. Minimum number of shareholders 2
10. Minimum number of officers (e.g. director/secretary) 3 directors (or 2 if 2 shareholders)
11. Resident director requirement no
12. Supervisory board requirement no
13. Works council requirement depending on size
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 9
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts 1 month after approval
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares yes
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name and residential address)
26. Publicity of shareholding no
27. Standard corporation tax rate 33,99%
European inward investment guide – July 2008 – 10
Bosnia and Herzegovina
1. Legal form of most common limited liability company d.o.o. (limited liability company; very similar to German/Austrian type GmbH)
2. Time to incorporate by law the minimum is 5 days, usually 10 to 90 days
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation yes, obligatory
5. Separate governmental authorisation on incorporation for foreign investors it is obligatory to request permission from Ministry, which takes 7 to 15 days
6. Possibility of incorporation by means of proxies yes, proxies to be notarised
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
2,000 Konvertibilna Marka (KM)= approx EUR 1,031 (exchange rate EUR 1= KM 1.995)
8. Capital tax rate or stamp duty (if any) no capital tax rate, just court fees KM 206 (1 founder) or KM 406 (2 or more founders)
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 director
11. Resident director requirement no
12. Supervisory board requirement generally no; only yes if certain thresh-olds are exceeded or certain conditions are met
13. Works council requirement yes, if 15 or more employees
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 11
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
filing of annual accounts (regardless of audit requirement)
17. Time period for filing annual accounts 3 months after balance sheet date
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes, court and bank (by municipality or notary)
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes, local (name, personal number, address), foreigner (name, passport, address in BiH)
26. Publicity of shareholding yes
27. Standard corporation tax rate for d.o.o. founded before 31/12/2007 0% for 5 years; for all newly established companies 10%
European inward investment guide – July 2008 – 12
Bulgaria
1. Legal form of most common limited liability company OOD/EOOD (when it is wholly owned)
2. Time to incorporate normally within 7 days of filing the docu-ments with the Commercial Registry, but may be 2 to 3 weeks due to work over-load of the Commercial Registry
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation some of the documents for incorporation need to be notarised
5. Separate governmental authorisation on incorporation generally no
6. Possibility of incorporation by means of proxies yes, proxies to be notarised
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
5000 BGN (approx EUR 2,556)
8. Capital tax rate or stamp duty (if any) none
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 director
11. Resident director requirement no
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 13
15. Publicity requirement for audited accounts depending on size
16. Are there any other annual filingrequirements or fees payable?
tax declaration
17. Time period for filing annual accounts 31 March if not consolidated; 30 June if consolidated
18. Is an annual general shareholders meeting required? yes, but can be replaced by resolutions in writing
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no/right of first refusal
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, date of birth, address)
26. Publicity of shareholding yes
27. Standard corporation tax rate 10%
European inward investment guide – July 2008 – 14
Croatia
1. Legal form of most common limited liability company d.o.o. (limited liability company; verysimilar to German/Austrian type GmbH)
2. Time to incorporate not prescribed in law, butusually 10–21 days
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation generally no
6. Possibility of incorporation by means of proxies yes, proxies to be notarised
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 2,700
8. Capital tax rate or stamp duty (if any) no capital tax rate, incorporation fees only
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 director
11. Resident director requirement no
12. Supervisory board requirement generally no, only yes if certain thresh-olds are exceeded or certain conditions are met
13. Works council requirement yes, if 20 or more employees
14. Legal requirement for audit yes, depending on size
European inward investment guide – July 2008 – 15
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
filing of annual accounts(regardless of audit requirement)
17. Time period for filing annual accounts 3 months after balance sheet date
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name and personal number)
26. Publicity of shareholding yes
27. Standard corporation tax rate 20%
European inward investment guide – July 2008 – 16
Czech Republic
1. Legal form of most common limited liability company s.r.o.
2. Time to incorporate 5 working days
3. Use of shelf companies yes, but little advantage over incorporation
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation no, but trade licence required prior to incorporation
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 8,000
8. Capital tax rate or stamp duty (if any) EUR 200 stamp duty for incorporation
9. Minimum number of shareholders 1 (2 if sole founder has only 1 shareholder)
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 17
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 6 months for approval; filing to follow without undue delay
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares there are no shares in s.r.o., only ownership interests
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no, but officially verified – notarised signa-tures required on transfer agreement
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, date of birth and address)
26. Publicity of shareholding yes
27. Standard corporation tax rate 21% (20% as of 2009, 19% as of 2010)
European inward investment guide – July 2008 – 18
Denmark
1. Legal form of most common limited liability company A/S or APS
2. Time to incorporate same day
3. Use of shelf companies yes, but online incorporation more common
4. Notarial requirement on incorporation no
5. Separate governmental authorisation on incorporation no
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
68,000 for A/S; 16,500 for APS
8. Capital tax rate or stamp duty (if any) none
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no
12. Supervisory board requirement depending on size
13. Works council requirement no, but if requested supervisory boardrepresentation in companies with a minimum of 35 employees
14. Legal requirement for audit yes, depending on size
European inward investment guide – July 2008 – 19
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts no later than 5 monthsafter end of financial year
18. Is an annual general shareholders meeting required? after end of financial year
19. Legal requirements for letterhead yes
20. Availability of bearer shares yes
21. Availability of non-voting shares no for A/S; yes for APS
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (limited)
26. Publicity of shareholding yes
27. Standard corporation tax rate 25%
European inward investment guide – July 2008 – 20
England and Wales
1. Legal form of most common limited liability company limited
2. Time to incorporate 1 week (same day possible)
3. Use of shelf companies yes
4. Notarial requirement on incorporation no
5. Separate governmental authorisation on incorporation no
6. Possibility of incorporation by means of proxies no
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
none
8. Capital tax rate or stamp duty (if any) 0.5% on transfer (minimum £10)
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit yes, subject to threshold and activity
European inward investment guide – July 2008 – 21
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 9 months
18. Is an annual general shareholders meeting required? no, unless required by constitution
19. Legal requirements for letterhead yes
20. Availability of bearer shares unusual
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (all)
26. Publicity of shareholding yes
27. Standard corporation tax rate 28%
European inward investment guide – July 2008 – 22
Finland
1. Legal form of most common limited liability company osakeyhtiö (Oy) (Finnish), aktiebolag (AB) (Swedish)
2. Time to incorporate 1–4 weeks from filing ofcomplete set of documents
3. Use of shelf companies yes
4. Notarial requirement on incorporation no
5. Separate governmental authorisation on incorporation registration at the National Board ofPatents and Registration of Finland
6. Possibility of incorporation by means of proxies for the most part, yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 2,500
8. Capital tax rate or stamp duty (if any) none
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 to 5 board members (if less than 3, at least one deputy required); managing director not mandatory
11. Resident director requirement 1 board member (+ 1 deputy, if any) resident in the EEA; managing director, if any, resident in the EEA; separate rep-resentative resident in Finland required if no legal representative resides in Finland
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit yes; not mandatory for smaller compa-nies when certain conditions fulfilled, however
European inward investment guide – July 2008 – 23
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts 2 months from approval,i.e. 8 months from end of financial year
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (except for business occupation)
26. Publicity of shareholding yes, but not public register
27. Standard corporation tax rate 26%
European inward investment guide – July 2008 – 24
France
1. Legal form of most common limited liability company SA or SAS
2. Time to incorporate few days after receipt and review of fulldocumentation by authorities
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation no, unless real estate involved
5. Separate governmental authorisation on incorporation no, except for specific business
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 37,000 (EUR 225,000 for listed SA)
8. Capital tax rate or stamp duty (if any) 1.1%, capped at EUR 4,00 per trans-feree (except for listed companies in the absence of a written agreement)
9. Minimum number of shareholders 7 for SA; 1 for SAS
10. Minimum number of officers (e.g. director/secretary) 3 for SA; 1 for SAS
11. Resident director requirement not for EU citizens
12. Supervisory board requirement no, except specific form of SA
13. Works council requirement yes, if employees exceed 49
14. Legal requirement for audit yes
European inward investment guide – July 2008 – 25
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 1 month after AGM, i.e. 6 months from end of financial year
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares yes, but in principle only in listed SA
21. Availability of non-voting shares yes, but limited
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares not compulsory
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, residentialaddress, place and date of birth)
26. Publicity of shareholding yes (through constitution)
27. Standard corporation tax rate approx. 33.33% (+ 3.3% for large companies)
European inward investment guide – July 2008 – 26
Germany
1. Legal form of most common limited liability company GmbH
2. Time to incorporate minimum 3 weeks
3. Use of shelf companies yes
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation no, except for specific business
6. Possibility of incorporation by means of proxies yes, only directors have to file for registration in person
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 25,000 (after October/November 2008, only EUR 1 for the so called ‘Unternehmer-gesellschaft’; in such a case, profits must be retained until EUR 25,000 is reached)
8. Capital tax rate or stamp duty (if any) notarial fees (depending on size; inexpensive after October/ November 2008 if standard documents used), incorporation fees
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no; non-EU residents must fulfil entry re-quirements
12. Supervisory board requirement yes, if employees exceed 500
13. Works council requirement yes, if at least 5 employees and requested by employees
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 27
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts without delay after submission to shareholders for approval, but no later than 12 months
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name)
26. Publicity of shareholding in principle, yes
27. Standard corporation tax rate 15.825%
European inward investment guide – July 2008 – 28
Greece
1. Legal form of most common limited liability company S.A.
2. Time to incorporate provided that articles of association have been drafted (under a notarial deed), time for incorporation is:a) 1 day if the company’s share capital is less than EUR 3,000,000b) 5–20 days if the company’s share capital is more than EUR 3,000,000 (depending on the competent Prefecture and time for issuance of administrative approval by competent Prefecture; see also 5, below)
3. Use of shelf companies yes
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation administrative approval issued by com-petent Prefecture only required when initial share capital of the S.A. is more than EUR 3,000,000
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 60,000
8. Capital tax rate or stamp duty (if any) 1% upon incorporation
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 3; please note a legal entity can be a member of the BoD, represented by a natural person
11. Resident director requirement yes
12. Supervisory board requirement no
13. Works council requirement yes, depending on the numberof company employees
14. Legal requirement for audit Yes; a regular audit is not required, however, if the S.A. does not have an annual turnover of EUR 1,000,000 and does not meet 2 of the 3 following cri-teria a) balance sheet of EUR 2,500,000 b) net turnover of EUR 5,000,000 c) 50 employees
European inward investment guide – July 2008 – 29
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 6 months after the end of the fiscal year
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead no
20. Availability of bearer shares yes
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes
26. Publicity of shareholding yes
27. Standard corporation tax rate 25%
European inward investment guide – July 2008 – 30
Hungary
1. Legal form of most common limited liability company KFT
2. Time to incorporate 15 working days or 1 hour (in case of the establishment of a KFT on basis of articles of association template as set out in applicable law)
3. Use of shelf companies no
4. Notarial requirement on incorporation generally, no
5. Separate governmental authorisation on incorporation no, other than specific business
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 2,000
8. Capital tax rate or stamp duty (if any) registration fee: EUR 420 or EUR 60 (in case of establishment of KFT on basis of articles of association template as set out in applica-ble law)
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement financial institutions and certain investment service providers
12. Supervisory board requirement yes, if employees exceed 200
13. Works council requirement yes, if employees exceed 50
14. Legal requirement for audit yes, if number of employees exceeds 50 or net income exceeds EUR 380,000
European inward investment guide – July 2008 – 31
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts within 150 days of balance sheet date of subject year (in case of consolidated annual reports, within 180 days of balance sheet date)
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, residential address, mother’s first name and mother’s maiden name)
26. Publicity of shareholding yes
27. Standard corporation tax rate 16% + 4% solidarity tax
European inward investment guide – July 2008 – 32
Ireland
1. Legal form of most common limited liability company Private Company, limited by shares
2. Time to incorporate 5–20 working days; 5–10 days with Compa-nies Registration pre-approved documents on disc; up to 20 days for non-approved Companies Registration documents
3. Use of shelf companies no
4. Notarial requirement on incorporation only in circumstances where incorporation documents executed outside the state
5. Separate governmental authorisation on incorporation no
6. Possibility of incorporation by means of proxies no
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 0.01 but more usually EUR 1.00
8. Capital tax rate or stamp duty (if any) 1% stamp duty on transfer, no capital duty on allotments
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 2
11. Resident director requirement yes; alternatively, proposed company may enter into an insurance bond lodged at Com-panies Registration Office
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit yes
European inward investment guide – July 2008 – 33
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 9 months
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares not for private companies (public companies only)
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares yes
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no; only signature needs to be witnessed
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (all these must be made public at Com-panies Registration Office, and each director must list all other Irish directorships, up to maximum of 25 directorships per director)
26. Publicity of shareholding yes – annual filing necessary stating share-holder details
27. Standard corporation tax rate 12.5% on Irish trading profits; 25% on other profits; 20% on capital gains
European inward investment guide – July 2008 – 34
Italy
1. Legal form of most common limited liability company SRL
2. Time to incorporate 5–7 days
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation no, other than specific business
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 10,000
8. Capital tax rate or stamp duty (if any) EUR 168
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no
12. Supervisory board requirement depending on size
13. Works council requirement no
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 35
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts within 150 days of end of financial year (120 days for approval plus 30 days for filing)
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no (no shares, but quotas)
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes
26. Publicity of shareholding yes
27. Standard corporation tax rate 27.5% IRES; 3.9% IRAP
European inward investment guide – July 2008 – 36
Luxembourg
1. Legal form of most common limited liability company SCA/Sàrl/SA
2. Time to incorporate 7 days, provided bank compliance
3. Use of shelf companies no
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation no, except when qualifying as SIF/SICAR (for specific business), CSSF authorisation required
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 31,000 for SCA and SA; EUR 12,500 for Sàrl
8. Capital tax rate or stamp duty (if any) 0.5% on capital and share premium, since 1 January 2008
9. Minimum number of shareholders 2 shareholders for SCA and SA; 1 partner for Sàrl
10. Minimum number of officers (e.g. director/secretary) 1 manager (which must be the general part-ner) for SCA; 1 manager for Sàrl; 3 directors for SA (1 if there is only 1 shareholder)
11. Resident director requirement no, but recommended
12. Supervisory board requirement 3 statutory auditors for SCA; none for Sàrl; 1 statutory auditor (commissaire au compte) for SA
13. Works council requirement yes, if the company has habitually employed a minimum of 150 people during last 3 years
14. Legal requirement for audit yes, if threshold between statutory and inde-pendent auditors as provided for in article 35 of the law of 19 December 2002 is met
European inward investment guide – July 2008 – 37
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no, other than expenses for incorporation and annual tax returns (including the Cham-ber of Commerce contribution)
17. Time period for filing annual accounts 1 month after approval
18. Is an annual general shareholders meeting required? yes, for approval of annual accounts 6 months after year end
19. Legal requirements for letterhead yes
20. Availability of bearer shares yes, for SA and SCA
21. Availability of non-voting shares yes, for SA and SCA
22. Legal obligation to limit transfer of shares no, other than Sàrl (where transfer needs to be approved by 75% of the share capital)
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, date and place of birth, residentialaddress and business occupation)
26. Publicity of shareholding no, other than Sàrl (included in registration)
27. Standard corporation tax rate 29.63% (maximum aggregate rate for corpo-rate income tax, municipal business tax)
European inward investment guide – July 2008 – 38
The Netherlands
1. Legal form of most common limited liability company B.V.
2. Time to incorporate 5 days minimum
3. Use of shelf companies yes
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation yes
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, depending on exchange rate)
EUR 18,000
8. Capital tax rate or stamp duty (if any) no
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no
12. Supervisory board requirement depending on size
13. Works council requirement depending on size
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 39
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 8 days after adoption but neverlater than 13 months after year end
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares yes
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes
26. Publicity of shareholding yes, if only one shareholder
27. Standard corporation tax rate 20% (up to and including EUR 40,000)23% (more than EUR 40,000, up to andincluding EUR 200,000)25.5% (more than EUR 200,000)
European inward investment guide – July 2008 – 40
Norway
1. Legal form of most common limited liability company AS and ASA
2. Time to incorporate 3 days to 6 weeks
3. Use of shelf companies yes
4. Notarial requirement on incorporation no
5. Separate governmental authorisation on incorporation no
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 12,250 for AS; EUR 122,500 for ASA
8. Capital tax rate or stamp duty (if any) no
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) AS: 1 board member, 0 officersASA: 3 board members, 1 officer (CEO)
11. Resident director requirement yes, but not for EFTA or EU citizens
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit yes
European inward investment guide – July 2008 – 41
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts 6 months
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead no
20. Availability of bearer shares no
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes
26. Publicity of shareholding yes
27. Standard corporation tax rate 28%
European inward investment guide – July 2008 – 42
Poland
1. Legal form of most common limited liability company Sp. z.o.o.
2. Time to incorporate 4–6 weeks
3. Use of shelf companies yes
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation no
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 12,500
8. Capital tax rate or stamp duty (if any) 0.5% tax on conclusion of articles of association and increasing share capital; 1% tax on transfer of shares; stamp duty on registration of company and changes in register approx. EUR 35-350
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no
12. Supervisory board requirement depending on number of shareholders and size
13. Works council requirement no
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 43
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes, for annual accounts
17. Time period for filing annual accounts 15 days after approval
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name and residential address)
26. Publicity of shareholding yes
27. Standard corporation tax rate 19%
European inward investment guide – July 2008 – 44
Portugal
1. Legal form of most common limited liability company Lda. (Private limited liability company/ socie-dade por quotas)
2. Time to incorporate 1 day; online procedure available
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation no
5. Separate governmental authorisation on incorporation only for very limited sectors of activity
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 5,000
8. Capital tax rate or stamp duty (if any) 0.4% on share capital (stamp duty)
9. Minimum number of shareholders 2
10. Minimum number of officers (e.g. director/secretary) 1 manager
11. Resident director requirement no
12. Supervisory board requirement depending on size
13. Works council requirement no
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 45
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts 3 months after approval of the accounts (which must occur within 3 months of end of financial year)
18. Is an annual general shareholders meeting required? yes, within 3 months of end of financial year
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares unusual
22. Legal obligation to limit transfer of shares transfer of shares depends on company’s approval
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, nationality, marital status, ad-dress and tax payer number)
26. Publicity of shareholding yes (in Commercial Registry)
27. Standard corporation tax rate 25%
European inward investment guide – July 2008 – 46
Romania
1. Legal form of most common limited liability company S.R.L.
2. Time to incorporate one week from submission of relevant documents
3. Use of shelf companies no
4. Notarial requirement on incorporation generally no (required for proxies, state-ments and, in certain cases, - articles of association)
5. Separate governmental authorisation on incorporation no, except for specific business
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 50
8. Capital tax rate or stamp duty (if any) EUR 150 average incorporation tax
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) none
11. Resident director requirement no
12. Supervisory board requirement no
13. Works council requirement depends on number of employees
14. Legal requirement for audit generally no; depends on size
European inward investment guide – July 2008 – 47
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 15 days from approval, but nolater than 150 days from year-end
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares approval of shareholders representing75% of the share capital necessary for transfers of shares to third parties
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
yes (directors only)
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (except for business occupation)
26. Publicity of shareholding yes
27. Standard corporation tax rate 16%
European inward investment guide – July 2008 – 48
Russia
1. Legal form of most common limited liability company O.O.O.
2. Time to incorporate 4–6 weeks
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation yes, for translations and ancillary docu-ments
5. Separate governmental authorisation on incorporation yes, for certain business activities
6. Possibility of incorporation by means of proxies yes, with exception –of execution of application form by director or founder; see also point 24.
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
300
8. Capital tax rate or stamp duty (if any) no
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 (can be sole shareholder)
11. Resident director requirement unusual
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit yes
European inward investment guide – July 2008 – 49
15. Publicity requirement for audited accounts yes, if proceeds or total assets exceed certain limits
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 90 days
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead no
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares yes
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
no
26. Publicity of shareholding no
27. Standard corporation tax rate 24%
European inward investment guide – July 2008 – 50
Serbia
1. Legal form of most common limited liability company D.O.O.
2. Time to incorporate 5 working days
3. Use of shelf companies no
4. Notarial requirement on incorporation yes (court notarisation)
5. Separate governmental authorisation on incorporation no
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 500
8. Capital tax rate or stamp duty (if any) notarisation and registration fees upto EUR 350, depending on amountof subscribed share capital
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 managing director
11. Resident director requirement no
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit depending on size
European inward investment guide – July 2008 – 51
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts 2 months (4 months for consolidated accounts)
18. Is an annual general shareholders meeting required? yes, unless only one shareholder
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares preemptive right for companyand existing shareholders
23. Notarial requirement on transfer of shares court notarisation required
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes
26. Publicity of shareholding yes
27. Standard corporation tax rate 10%
European inward investment guide – July 2008 – 52
Slovakia
1. Legal form of most common limited liability company s.r.o.
2. Time to incorporate 15–30 days
3. Use of shelf companies yes
4. Notarial requirement on incorporation no notarial deed needed, only verifiedsignature(s) of founder(s) on memorandum of association
5. Separate governmental authorisation on incorporation no, but trade licence required prior to incorporation
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 5,000
8. Capital tax rate or stamp duty (if any) none
9. Minimum number of shareholders 1 (2 if sole founder only has 1 shareholder)
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement not for officers/executives fromEU member state or OECD members
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit after fulfilment of 2 out of 3 conditions: (1) total amount of assets exceeding SKK 20,000,000; (2) net turnover exceeding SKK 40,000,000; (3) average calculated number of employees in respective ac-counting period exceeding 20
European inward investment guide – July 2008 – 53
15. Publicity requirement for audited accounts yes, in Commercial Bulletin
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts within 30 days of approval
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no shares in s.r.o. (ownership interest)
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares no
23. Notarial requirement on transfer of shares no (officially verified only – notarisedsignatures on contract of transfer ofownership interest)
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, date of birth and address)
26. Publicity of shareholding yes
27. Standard corporation tax rate 19%
European inward investment guide – July 2008 – 54
Slovenia
1. Legal form of most common limited liability company d.o.o. (limited liability company; very similar to German/Austrian type GmbH)
2. Time to incorporate not prescribed by law; between 5 and 21 days from February 2008
3. Use of shelf companies yes, but uncommon
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation no
6. Possibility of incorporation by means of proxies yes, proxies to be notarised
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 7,500
8. Capital tax rate or stamp duty (if any) no capital tax rate, just notary fees
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 director
11. Resident director requirement no
12. Supervisory board requirement no
13. Works council requirement yes, if company has 20 employees or more
14. Legal requirement for audit depends on size
European inward investment guide – July 2008 – 55
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
filing of annual accounts (regardless of audit requirement) and respective fee
17. Time period for filing annual accounts 3 months after balance sheet date; 8 months after balance sheet date for annual accounts for which auditing required
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares yes
22. Legal obligation to limit transfer of shares shareholders have right of preemption, although this can be derogated from articles of association
23. Notarial requirement on transfer of shares yes
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name and residential address)
26. Publicity of shareholding yes
27. Standard corporation tax rate 22% in 2008; 21% in 2009; 20% from 2010 onwards
European inward investment guide – July 2008 – 56
Spain
1. Legal form of most common limited liability company SA; SRL
2. Time to incorporate 1 week (3 weeks for registration)
3. Use of shelf companies yes
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation depending on business
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 60,101.21 for SA; EUR 3,005.06 for SRL
8. Capital tax rate or stamp duty (if any) 1%
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement yes, NIE (Número de Identificaión de Extranjeros - Foreigner Identification Number) for each foreign director required upon incorporation
12. Supervisory board requirement no
13. Works council requirement depending on size
14. Legal requirement for audit yes, subject to threshold
European inward investment guide – July 2008 – 57
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 1 month after approval by GSM
18. Is an annual general shareholders meeting required? yes, within 6 months of end of each financial year
19. Legal requirements for letterhead yes
20. Availability of bearer shares yes for SA; no for SRL
21. Availability of non-voting shares yes for SA; no for SRL
22. Legal obligation to limit transfer of shares no for SA; yes for SRL
23. Notarial requirement on transfer of shares yes, except registered shares in SA
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes
26. Publicity of shareholding only upon incorporation (and under some forms of share capital increase in SRL); not subsequent transfer
27. Standard corporation tax rate 35%
European inward investment guide – July 2008 – 58
Sweden
1. Legal form of most common limited liability company aktiebolag (AB)
2. Time to incorporate 2–6 weeks
3. Use of shelf companies yes
4. Notarial requirement on incorporation no
5. Separate governmental authorisation on incorporation registration at the Swedish Companies Registration Office
6. Possibility of incorporation by means of proxies no
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 11,000 (SEK 100,000)
8. Capital tax rate or stamp duty (if any) none
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1 and 1 deputy for private limited companies
11. Resident director requirement majority of directors must be EEA residents
12. Supervisory board requirement no
13. Works council requirement not applicable, but statutory requirements exist regarding co-determination
14. Legal requirement for audit yes
European inward investment guide – July 2008 – 59
15. Publicity requirement for audited accounts yes
16. Are there any other annual filingrequirements or fees payable?
no
17. Time period for filing annual accounts the annual accounts are adopted at the gen-eral meeting of shareholders; certified copies of annual report then to be sent to Swedish Companies Registration Office within 1 month from general meeting; if this is delayed, a fee may be charged after 7 months, and personal liability after 15 months
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead yes
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares possible to include preemption rights (rights to receive prior option of the purchase and reservations for approval of company in articles of association)
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
no
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (except for business occupation)
26. Publicity of shareholding yes
27. Standard corporation tax rate 28%
European inward investment guide – July 2008 – 60
Switzerland
1. Legal form of most common limited liability company Aktiengesellschaft (AG) or GmbH
2. Time to incorporate 1 week
3. Use of shelf companies no
4. Notarial requirement on incorporation yes
5. Separate governmental authorisation on incorporation Commercial Registry verifies incorporation requirements before registration; separate governmental authorisations required for regulated companies only
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
AG: EUR 62,260GmbH: EUR 12,450
8. Capital tax rate or stamp duty (if any) capital taxes range from 0.07–0.6% (ordinary taxation) and from 0.006–0.3% (privileged taxation)1% stamp duty on any kind of equity con-tributions; the first CHF 1,000,000 of share capital are exempt from stamp duty; reor-ganisations may be stamp duty tax exempt
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement no, but at least 1 person registered with the Commercial Registry and domiciled in Switzerland must be able to represent the company
12. Supervisory board requirement no
13. Works council requirement in medium/big enterprises, a certain number of employees may propose to elect employees’ representatives; no statutory requirements for co-determination; employers must only inform employees (or their representatives) in certain cases, and in limited cases ask them to submit proposals
14. Legal requirement for audit depending on size and importance of a com-pany, either full audit or review; very small entities may waive duty to audit
European inward investment guide – July 2008 – 61
15. Publicity requirement for audited accounts AG: only for listed AGs; GmbH: none
16. Are there any other annual filingrequirements or fees payable?
no (other than for regulated companies)
17. Time period for filing annual accounts no requirement for filing
18. Is an annual general shareholders meeting required? yes (plenary meeting possible)
19. Legal requirements for letterhead yes
20. Availability of bearer shares AG: yes; GmbH: no
21. Availability of non-voting shares AG: yes (participation/profit sharing certifi-cates); GmbH: yes (profit sharing certificates only)
22. Legal obligation to limit transfer of shares AG: no, but shareholders may agree to restrict transferability of sharesGmbH: yes, but articles of incorporation may provide for derestriction
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
yes (once upon first registration)
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
yes (name, nationality, domicile, signatory power; remuneration/loans in case of public AGs)
26. Publicity of shareholding only GmbHs required to register shareholders/ shareholdings in Commercial RegistryShareholders of listed AGs must notify any acquisition and sale of shares (or acquisition/sale rights) exceeding or falling below certain thresholds of voting rights
27. Standard corporation tax rate effective tax rate varying from 12.7–26%; holding, mixed and domiciliary company privileges and other tax incentives (tax holi-days) available
European inward investment guide – July 2008 – 62
Ukraine
1. Legal form of most common limited liability company T.O.V. (limited liability company)
2. Time to incorporate 2 weeks
3. Use of shelf companies yes, in certain cases
4. Notarial requirement on incorporation yes, for translations and ancillary documents
5. Separate governmental authorisation on incorporation yes, for certain business activities
6. Possibility of incorporation by means of proxies yes
7. Approximate minimum capital requirement (in Euro, dependent on exchange rate)
EUR 7,000
8. Capital tax rate or stamp duty (if any) no
9. Minimum number of shareholders 1
10. Minimum number of officers (e.g. director/secretary) 1
11. Resident director requirement unusual
12. Supervisory board requirement no
13. Works council requirement no
14. Legal requirement for audit yes, in certain cases
European inward investment guide – July 2008 – 63
15. Publicity requirement for audited accounts no
16. Are there any other annual filingrequirements or fees payable?
yes
17. Time period for filing annual accounts 50 days
18. Is an annual general shareholders meeting required? yes
19. Legal requirements for letterhead no
20. Availability of bearer shares no
21. Availability of non-voting shares no
22. Legal obligation to limit transfer of shares yes
23. Notarial requirement on transfer of shares no
24. Requirement of legalisation offounder and/or director signature
yes
25. Publicity for directors (name, nationality, residentialaddress, business occupation, date of birth)
no
26. Publicity of shareholding no
27. Standard corporation tax rate 25%
European inward investment guide – July 2008 – 66
CMS Offices
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For further information on the CMS Corporate Group please contact your usual
CMS partner or any of the following offices:
European inward investment guide – July 2008 – 67
Poland Warsaw CMS Cameron McKenna Dariusz Greszta Spółka Komandytowa Warsaw Financial Centre XVIII Floor Ul. Emilii Plater 5300113 Warsaw, Poland T + 48 22 5205 555 F + 48 22 5205 556
Romania Bucharest CMS Cameron McKenna SCA S-Park 11-15, Tipografilor Street B3-B4, 4th Floor District 1 013714 Bucharest, Romania T +40 21 407 3800, T +40 750 111 800 F +40 21 407 3900, F +40 750 111 900
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Slovakia Bratislava CMS Reich-Rohrwig Hainz Joint office with CMS Cameron McKenna in cooperation with JUDr. Jaroslav Ružicka Kapitulská 15 811 01 Bratislava, Slovakia T + 421 2 544 33 490 F + 421 2 544 35 906
Slovenia Ljubljana CMS Reich-Rohrwig Hainz Tomšiceva 1 1000 Ljubljana, Slovenia T +386 1 620 5210 F +386 1 620 5211
Spain Madrid CMS Albiñana & Suárez de Lezo Calle Génova, 27 28003 Madrid, Spain T + 34 91 451 9300 F + 34 91 399 3070
Switzerland Zurich CMS von Erlach Henrici AG Dreikönigstrasse 7 Postfach, CH 8022 Zurich, Switzerland T + 41 1 285 11 11 F + 41 1 285 11 22
Ukraine Kyiv CMS Cameron McKenna 6th Floor, 38 Volodymyrska Street 01034 Kyiv, Ukraine T +380 44 391 3377 F +380 44 391 3388
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CMS is the organisation of independent European law and tax firms of choice for organisations based in, or looking to move into, Europe.
CMS provides a deep local understanding of legal, tax and business issues and delivers client-focused services through a joint strategy executed
locally across 28 jurisdictions with 56 offices in Western and Central Europe and beyond. CMS was established in 1999 and today comprises
nine CMS firms, employing over 2,200 lawyers and is headquartered in Frankfurt, Germany.
CMS nine member firms are: CMS Adonnino Ascoli & Cavasola Scamoni (Italy); CMS Albiñana & Suárez de Lezo (Spain); CMS Bureau Francis
Lefebvre (France); CMS Cameron McKenna LLP (UK); CMS DeBacker (Belgium); CMS Derks Star Busmann (Netherlands);CMS von Erlach
Henrici AG (Switzerland); CMS Hasche Sigle (Germany) and CMS Reich-Rohrwig Hainz (Austria).
CMS offices and associated offices:
Amsterdam, Berlin, Brussels, London, Madrid, Paris, Rome, Vienna, Zurich, Aberdeen, Algiers, Antwerp, Arnhem, Beijing, Belgrade,
Bratislava, Bristol, Bucharest, Budapest, Buenos Aires, Casablanca, Cologne, Dresden, Duesseldorf, Edinburgh, Frankfurt, Hamburg, Kyiv, Leipzig,
Ljubljana, Lyon, Marbella, Milan, Montevideo, Moscow, Munich, New York, Prague, Sao Paulo, Sarajevo, Seville, Shanghai, Sofia, Strasbourg,
Stuttgart, Utrecht, Warsaw and Zagreb.
The members of CMS are in association with The Levant Lawyers with offices in Beirut, Abu Dhabi, Dubai and Kuwait.
www.cmslegal.com