In the US it costs maybe a couple hundred bucks and a week or so to set up an LLC and an S-corp(http://en.wikipedia.org/wiki/S_corporation). How much would this cost and how long would it take in the EU?
25,000 EUR is a fair bit of money, especially considering the avg. YC investment is < $20k, IIRC. Also, correct me if I'm wrong, but it looks like a GmbH operates almost nothing like an S-corp.