Financial services companies

Financial services companies

 New ZealandLabuanMauritiusCayman IslandsSeychelles
Summary at a glance
Engagement costs (excluding licensing fees) in US$?23,8008,35016,60022,1988,950
Annual costs (including accounting and tax) in US$?11,6255,37011,9509,3084,600
Type of business entity?Private LimitedLimited companyGBC1Exempted companyCSL
How long to set the company up?1 week1 week3 weeks2 weeks4 weeks
How long to open company bank account?2 weeks3 weeks4 weeks3 weeks3 weeks
Licensing authority?FMALFSAFSCCIMASIBA
Corporate bank account location?ANZ New ZealandOCBC SingaporeBarclays MauritiusEuroPacific St VincentBarclays Seychelles
Tenancy agreement required before incorporation?NoNoNoNoNo
Do you travel for company incorporation?NoNoNoNoNo
Resident director required?YesNoYes, 2NoYes
Legal considerations
Can the company provide financial services locally?YesNoYesNoYes
Is it complex to license the company?YesNoNoYesNo
Where can I find more info on licenses available?This linkThis linkThis linkThis linkThis link
How many months to get the license approved?3 months2 months2 months3 months2 months
Local shareholder required?NoNoNoNoNo
Minimum number of directors11211
Minimum number of shareholders11111
AML/CFT officer required?YesYesYesYesYes
Individual and corporate shareholders allowed?YesYesYesYesYes
Corporate shareholders allowed?YesYesYesYesYes
Public register of shareholders and directors?YesNoNoNoNo
Tax and accounting considerations
Corporate tax payable? (%)28%3%3%0%1.50%
Annual financial statements to be submitted?YesYesYesYesYes
Statutory audit required?YesYesYesYesYes
Access to how many double tax treaties?397440022
Tax exempt free zones availableNoNoNoNoNo
Resident company for local tax purposesYesYesYesNoYes
Can the entity hire expatriate staff in the country?YesYesYesNoYes
How long to get work permit approved3 months2 months2 monthsN/A2 months
VAT registration always required?NoNoNoNoNo
Logistics considerations
Average monthly salary of skilled labor?US$8,400US$2,900US$3,500US$9,000US$3,000
Average monthly salary of unskilled labor?US$2,500US$500US$950US$ 2,400US$ 2,000
English spoken by what % of the population98%98%16%77%38%
Literacy rate %99%99%58%98%92%
Computer literacy rate %88%88%27%35%39%
Office rental per square meter per monthUS$30US$13US$13US$15US$16
Financial Markets Development ranking? (/144, WEF)3526-103
Internet connectivity ratingExcellentExcellentFairGoodFair
GDP per capita? (US$, IMF WEO 2015)37,00010,0009,200-14,500
Government liberal or controlling of daily businessLiberalLiberalLiberalLiberalLiberal
Is the local currency stable or volatile?StableVolatileVolatileStableVolatile
World competitiveness ranking? (/144, WEF)172039-92
Ease of doing business ranking? (/189, WB)21832-95
Population? (million)4.6311.20.10.1
Unemployment rate? (% active population)5.837.8-2.7
Inflation rate? (IMF, 2015 average)0.22.41.9-4.3
GDP 2015? (US$ billion)17131311-1.4
Average annual growth? (IMF, 2015)2.24.73.1-3.5

Contact us

For additional information on our financial services company setup services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon