to open a bank account for the authorised capital.
to open a bank account for the authorised capital.
to prepare the instruments of incorporation for the Notary Public.
your business will be registered in the Centre of Registers.
to open a bank account for your day-to-day transactions.
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| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
1 founder |
1 founder |
Not mandatory |
Unlimited civil liability. In the event of default, a person is liable with their personal property. |
SE is best for single-person risk-free activities. However, for some types of activity, self-employment is not allowed. Certain activities can be performed only by legal entities. It is easy to register and liquidate this type of business. |
| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
1 founder |
1 founder |
The price of a business certificate depends on the type of activity. |
Unlimited civil liability. In the event of default, a person is liable with their personal property. |
A business certificate is required for persons who engage only in certain activities prescribed by law. This type of business is best for those who can pay personal income tax in advance and are not subject to VAT. |
| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
1 founder |
10 founders |
Not mandatory |
Limited civil liability. Members of SP are not liable for their obligations with their personal property. |
MB is a good option when all founders are natural persons and the total number of founders does not exceed 10. Founders are not required to enter into an employment contract, and funds for personal needs can be obtained by paying out profits in advance. In addition, the accounting of MB can be handled by a hired accountant or accounting firm, or by one of the partners. |
| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
1 shareholder |
Unlimited |
>= EUR 2,500 |
Limited civil liability. Shareholders of LLC are not liable for their obligations with their personal property. |
LLC can be incorporated by both natural persons and legal entities. This requires an authorised capital of at least EUR 2,500. If the owners of the company wish to work in the company, they must sign an employment contract. The company’s accounting must be handled either by a hired accountant or by an accounting firm. |
| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
2 shareholders |
Unlimited |
>= EUR 25,000 |
Limited civil liability. Shareholders of PLC are not liable for their obligations with their personal property. |
PLC can be incorporated by both natural persons and legal entities, and the company’s shares can be traded on stock exchanges. This type of undertaking requires a large authorised capital; however, it can be increased through the sale of shares. The primary decision-making body in this type of company is the meeting of shareholders. Its decisions are implemented by a hired manager of the company. |
| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
1 owner |
1 owner |
Not mandatory |
Unlimited civil liability. In the event of default by SP, the owner is liable with their personal property. |
SP is best for single-person risk-free activities. The owner is not required to enter into an employment contract and can collect profits at any time. Therefore, this type of company pays lower taxes. If necessary, the owner can employ other persons. |
| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
1 founder |
Unlimited |
Not mandatory |
Limited civil liability. Members of PI are not liable for its obligations with their personal property. |
PI is a good option if your goal is to serve public interest and engage in activities that benefit the society. PI may also carry out commercial activities, but may not seek profit or be transformed into LLC. |
| Minimum number of founders | Maximum number of founders | Minimum authorised capital | Liability | Which option is best for you? | |
|---|---|---|---|---|---|
|
2 members |
Unlimited |
Not mandatory |
Limited civil liability. Shareholders of AC are not liable for its obligations with their personal property. |
AC is a good option if you intend to coordinate activities of members of the AC, represent them and defend their interests. |
| Procedure | Time needed | Related costs | Useful to know | |
|---|---|---|---|---|
|
Reserving a company name |
1 day |
~ EUR 16 |
Fill out the JAR-5 form and submit it to the Centre of Registers. The name of your choice will be reserved for a period of 6 months. |
|
|
Concluding the Memorandum of Incorporation and preparing the required documents |
1 day |
Only legal costs, if the documents are prepared by a lawyer. |
You will need: |
|
|
Opening an accumulation account (to make the initial contribution) |
The amount of time needed varies from one business model to another. |
Depends on the service rates applied by a specific bank. |
The account is opened only for the authorised capital of the company. The organisation may choose another bank for its day-to-day transactions. If the authorised capital exceeds EUR 25,000, at least 25% of this amount must be transferred to the accumulation account immediately. You will have 12 months to transfer the remaining amount. |
|
|
Preparing the instruments of incorporation and obtaining notary certification |
1–2 days |
EUR 72–290, depending on the capital of the company. |
Documents must be legalised in accordance with the requirements of the 1961 Hague Convention. |
|
|
Registration in the Register of Legal Entities |
Up to 3 working days |
~ EUR 57 |
Only submit documents once they have been notarised. |
|
|
Changing the accumulation account to the bank account of the company |
2–7 days (varies from bank to bank) |
Depends on the service rates applied by a specific bank. |
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