- Brexit is less than a month old and yet all kinds of practical problems are bursting onto the scene. The solution for you as a British company? Incorporate in the European Union (EU).
Why would you do this?
If you own a legal entity in the EU, you can hire staff in the EU, or even keep current EU staff who may wish to move or are unable to work in the UK post-Brexit. Having an EU entity will help you avoid tariffs, change your supply chain, manage bank accounts, pay suppliers and set up operations in the EU. You can keep your UK entity while having an EU entity.
Perhaps it is also time to take a closer look at your company structure. The new EU company, if properly structured, may still be able to provide you with some interesting tax breaks. Pull out al all the stops – contact us for a tailor-made solution.
The question is what the best place is to set up your business in continental Europe. There may, of course, be various reasons for choosing one specific country over the others. But one thing is for sure: Western Europe and Southern Europe won’t offer you any tax savings. Compared to the UK, you will pay a lot more taxes in France, Belgium, Germany, Italy, and even Luxembourg. You are also going to suffer more tax audits and a lot more administrative hassle compared to the UK. That’s why Bulgaria is your place.
The Bulgarian tax system has been stable for decades. With a 10% tax rate and several additional advantages, it makes sense to go East. Moreover, wages are low, which allows you to hire some extra help. Starting a Bulgarian company is straightforward; it can even be done remotely. The banking system is stable and you can easily open accounts in sterling, euros, dollars, etcetera. Every bank has an English-language version.
Whatever you do, choose the right people to work with. Don’t just buy any company online, but contact us for an affordable, high-quality service at firstname.lastname@example.org.