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Country-Specific Company Formation Notes

3 min read

Each supported jurisdiction has its own quirks — minimum capital, residency rules, banking, tax registration. This is the field guide for incorporating in the UK, Ireland, Portugal, Lithuania, Bulgaria or Estonia.

Country-Specific Company Formation Notes

Workium supports company formation in six jurisdictions. Each one has its own quirks. Here is the field guide.

United Kingdom

Entity types: LTD (private limited), Limited (informal), PLC (public), LLP (partnership)
Minimum capital: £1 for LTD, £50,000 for PLC
Residency: No requirement for directors or shareholders
Speed: Same-day incorporation possible at Companies House (Workium typically delivers in 24-48 hours)
Tax: 19-25% Corporation Tax (banded by profits)
Annual filing: Confirmation Statement (£100/yr add-on available)
Workium add-on: UK Proof of Address (£49) for non-UK directors who need a registered address

Ireland

Entity types: Limited Company (the only option in Workium for Ireland)
Minimum capital: €1 (no upper requirement)
Residency: At least one EEA-resident director OR a non-resident director's bond. Workium handles this in review.
Speed: 3-5 working days through CRO
Tax: 12.5% Corporation Tax (one of the lowest in EU). 15% headline for large multinationals as of 2024.
Banking: Easier than most EU jurisdictions thanks to Stripe Atlas-style fintechs (Revolut Business, Wise Business, Fire)

Portugal

Entity types: Sociedade por Quotas (Lda) for SMEs, SA for larger businesses
Minimum capital: €1 for Lda, €50,000 for SA
Residency: No director residency requirement, but a fiscal representative is required for non-EU directors
Speed: 5-10 working days (NIF + bank account add another week each)
Tax: 17% Corporation Tax for first €50K of profit, 21% above
Tax registration: NIF (€149 add-on) needed by every owner
Bank account: Workium offers a €249 setup add-on for Portuguese bank introductions

Lithuania

Entity types: UAB (private limited)
Minimum capital: €1,000 (yes, fully payable in cash before registration)
Residency: No director residency requirement
Speed: 3-5 working days
Tax: 5-15% Corporation Tax (banded). Startup-friendly Tier 1 rate of 5% for small businesses earning <€300K.
Banking: A few Lithuanian fintechs available (Paysera, Bank of Lithuania).

Bulgaria

Entity types: OOD (multi-shareholder) or EOOD (single shareholder)
Minimum capital: BGN 2 (about €1)
Residency: No requirement
Speed: 5-10 working days
Tax: 10% Corporation Tax — the lowest in the EU
Banking: Local banks (Unicredit Bulbank, DSK) require in-person presence; fintech alternatives are limited

Estonia

Entity types: Osaühing (OÜ)
Minimum capital: €0.01 (yes, one euro cent — historic curiosity)
Residency: No requirement, but most non-EU founders use Estonia's e-Residency programme
Speed: 1-3 working days (the fastest in the EU thanks to e-Residency)
Tax: 0% on retained profits, 20-25% on distributed dividends. Unique in the EU.
Banking: Multiple fintechs operate in Estonia (LHV, Wise, Revolut).

Choosing the Right Jurisdiction

Need to invoice UK customers → UK
Lowest CT rate → Bulgaria (10%) > Ireland (12.5%) > Estonia (0% on retained, 20% on distributed)
Fastest setup → Estonia (1-3 days) > UK (1-2 days) > Ireland / Lithuania (3-5 days)
Best fintech banking → UK > Estonia > Ireland
Best for retained-profit businesses → Estonia (0% on undistributed)

Not sure? Email sales@workium.co.uk and we will scope your situation in a 30-minute call.

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