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Business Best country/city for talents AND running a business
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1799
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Post: #1
Best country/city for talents AND running a business
Hi,

Background: I'm looking for a city and country in Europe which pairs access to talents and a solid legal framework for running a bigger business (online matters). Because of tax regulations I need to be myself present in that country to manage the business. Otherwise tax can get complicated and messy if it's not clear for the tax authorities from where the business is managed, the typical nomad stuff won't work here. So basically, I am looking for a place where I will fully relocate in the future. And because of this, I also want to enjoy my time in the new place, so talent access should be considered plus general quality of living and infrastructure. Close proximity to other central European countries is a must.

To give you some examples (and these are just my thoughts, you are welcome to correct we if I am wrong):

London:
+ has a great and internationally known legal framework with the UK Ltd (also low regulation)
+ has super cheap flights from everywhere in Europe
+ English is the official language and thus, you are fully independent (don't need translators or anything)
o Cost of labor is not low but still ok
- but is super expensive to live there
- acquiring talents is probably harder than in EE

Warsaw (or any other city in Poland)
+ Cost of labor is very attractive
+ Labor has Good education
+ Talents
+ Overall living costs great
+ Central location easy to get there from other countries
- English is not the official language
- Legal framework around the sp z.o.o (?) seems to be more regulated than the UK one
- slight corruption (?)

Hong Kong:
+ excellent and low regulated legal environment for running a business
- too far away from Europe

Tallinn:
+ Talent?
+ Most contracts can be held in English
+ Cost of labour low
- a bit far off (4h from central Europe)
- legal environment rather regulated

Kiew:
+ Cost of labor is super attractive
+ Labor has ok education
+++ Talents
+++ Overall living costs great
- General infrastructure like Internet access and transport might be worse
- Not so easy to get there, longer flights
- English is not the official language, local language is hard, strong dependancy to local legals
- Legal framework (?)
- corruption (?)

You see that London is perfect from a business perspective and Kiew is perfect from a talent perspective.

Please share your thoughts and better alternatives which offer a better balance.
12-05-2016 05:08 AM
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Il Sorpasso
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Post: #2
RE: Best country/city for talents AND running a business
(12-05-2016 05:08 AM)1799 Wrote:  Hong Kong:
+ excellent and low regulated legal environment for running a business
- too far away from Europe

I'd only consider Hong Kong you are cool with mainly Asian talent and want to live in Asia.

Otherwise, best to cross it off your list altogether.
12-05-2016 08:06 AM
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rafal Offline
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Post: #3
RE: Best country/city for talents AND running a business
(12-05-2016 05:08 AM)1799 Wrote:  Warsaw (or any other city in Poland)
(...)
- slight corruption (?)

I'm running 'Sp. z o.o.' in Warsaw for the past few years and never had any issues with corruption nor know anybody who had. Things have changed since 90s.
(This post was last modified: 12-05-2016 08:43 AM by rafal.)
12-05-2016 08:41 AM
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1799
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Post: #4
RE: Best country/city for talents AND running a business
(12-05-2016 08:41 AM)rafal Wrote:  
(12-05-2016 05:08 AM)1799 Wrote:  Warsaw (or any other city in Poland)
(...)
- slight corruption (?)

I'm running 'Sp. z o.o.' in Warsaw for the past few years and never had any issues with corruption nor know anybody who had. Things have changed since 90s.

Sounds good. Can tell me a bit more: do you speak/can you read Polish, if no can you have all contracts (shareholder contracts and other contracts) in English? Which city can you recommend? Is it easy to deal with other related parties such as Polish tax people, lawyers, etc.? Are you happy with your decision choosing a Polish entity?
12-05-2016 09:01 AM
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rafal Offline
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Post: #5
RE: Best country/city for talents AND running a business
(12-05-2016 09:01 AM)1799 Wrote:  
(12-05-2016 08:41 AM)rafal Wrote:  
(12-05-2016 05:08 AM)1799 Wrote:  Warsaw (or any other city in Poland)
(...)
- slight corruption (?)

I'm running 'Sp. z o.o.' in Warsaw for the past few years and never had any issues with corruption nor know anybody who had. Things have changed since 90s.

Sounds good. Can tell me a bit more: do you speak/can you read Polish, if no can you have all contracts (shareholder contracts and other contracts) in English? Which city can you recommend? Is it easy to deal with other related parties such as Polish tax people, lawyers, etc.? Are you happy with your decision choosing a Polish entity?

I speak Polish so I think it's much easier for me, nonetheless you shouldn't have any major problems due to being English-speaker. You will just have to pay for good translator.

In terms of lawyers, translators, etc. you can find very high quality English-speaking people. Dealing with them is the same as in the West I think. The better you pay the better the service is.

Tax authorities, regulations - sometimes you have to deal with little annoyances such as explaining why you did something this way rather than the other. Sometimes they get greedy and for instance disqualify some of your costs, but if you keep clear books, employ good accountants and have nothing to hide you shouldn't have any problems.
But it's true that in terms of regulations it's worse than in London.

I would recommend Warsaw. It's a large city, lots of well-educated people and labour and living costs are much lower than in the west. Airport is close to the city center, it's 2hr flight to anywhere in Europe.
I heard that Cracow is also good but they have some problems with air polution.
I would not recommend smaller cities for running a business if you want to employ people. Most of smart young individuals move to larger cities either to study or after university.

Am I happy with choosing Polish entity?
I am, but it depends on your business. It's good if you produce something or trade in Poland. It might not be the best choice if you want to form investment partnership for example. I own also Hong Kong entity as a holding company, because of 0% capital gains tax there and better regulations.

In terms of quality of living it's a good mix of two worlds. Better rule of law than in Ukraine. More conservatism than in the west.
https://www.reddit.com/r/europe/comments...poland_is/
(This post was last modified: 12-05-2016 09:51 AM by rafal.)
12-05-2016 09:48 AM
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Constitution45 Offline
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Post: #6
RE: Best country/city for talents AND running a business
What type of business are you referring to. I honestly can't see how London would be a good place, unless you are already connected and have the capital. For sure, actually starting a business is relatively simply and easy in the U.K. It only costs £15 to register your business on the 'company house'. I would recommend relocating to somewhere else in Europe, while keeping something tangible in London that you can go back to or use as a reference point. By doing that you can get the best of both worlds. As I mentioned before, life and your general existence in London is heavily determined on what type of work you do.
12-05-2016 11:09 AM
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