The complete ranking
We rank the six markets in which we operate according to their value for money for a Spanish SME, from highest to lowest overall recommendation.
Key points
- 1. Portugal · Corporate tax 21% · 4-8 weeks. The best balance: cheap, close, same time zone and a double taxation treaty with Spain.
- 2. France · Corporate tax 25% · 3-6 weeks. The SAS with no minimum capital is flexible and gives access to the second-largest EU market.
- 3. Italy · IRES 24% · 4-10 weeks. Capital from €1 with the SRLS and a complementary Mediterranean market.
- 4. Germany · Corporate tax 30-33% · 6-14 weeks. The GmbH conveys maximum B2B credibility, but it is more expensive and slower.
- 5. Andorra · Corporate tax 10% · 2-6 weeks. Unbeatable taxation for holding and investment companies.
- 6. Dubai · Corporate Tax 9% · 1-3 weeks. The fastest and with 0% personal income tax, ideal for internationalising outside the EU.
How to choose according to your objective
If you are looking for the lowest cost and a quick start, Portugal is the default option. If your priority is paying little tax on profit, Andorra (10%) or Dubai (9%) are superior. If you sell to large German companies or want to hire there, the GmbH generates the most trust.
If your goal is to save on VAT on your intra-community operations, Portugal and France offer standard European rates (23% and 20%), while Andorra has the IGI of 4.5% and Dubai the VAT of 5%.
What to consider before deciding
The wrong choice usually turns out expensive: changing country means dissolving and reincorporating. That is why, before deciding, it is advisable to speak with an adviser who knows all six markets and not just one.
Key points
- Corporate tax on profit
- Real incorporation timeline (not the theoretical one)
- Minimum share capital requirement
- Double taxation treaty with Spain
- Monthly accounting and tax cost
- Ease of opening a bank account as a non-resident
