Financial services companies

Summary at a glanceNew ZealandLabuanMauritiusCayman IslandsSeychellesDubai IFCVanuatu
Engagement costs (excluding licensing fees) in US$?32,8108,35016,60012,6128,95029,19017,300
Annual costs (excluding accounting and tax) in US$?4,2505,37012,2503,2044,60011,1507,100
Type of business entity?Private LimitedLimited companyGBC1Exempted companyCSLLLCIBC
How long to set the company up?1 week1 week3 weeks2 weeks4 weeks3 weeks1 week
How long to open company bank account?2 weeks3 weeks4 weeks3 weeks3 weeks3 weeks3 weeks
Corporate bank account location?ANZ New ZealandOCBC SingaporeBarclays MauritiusEuroPacific St VincentBarclays SeychellesHSBC UAEHSBC Singapore
Tenancy agreement required before incorporation?NoNoNoNoNoYesNo
Do you travel for company incorporation?NoNoNoNoNoNoNo
Resident director required?YesNoYes, 2NoYesNoNo
Legal considerations
Can the company provide financial services locally?YesNoYesNoYesYesYes
Is it complex to license the company?YesNoNoYesNoNoNo
Where can I find more info on licenses available?This linkThis linkThis linkThis linkThis linkThis linkThis link
How many months to get the license approved?3 months2 months2 months3 months2 months4 months1 month
Local shareholder required?NoNoNoNoNoNoNo
Minimum number of directors1121121
Minimum number of shareholders1111111
AML/CFT officer required?YesYesYesYesYesYesYes
Individual and corporate shareholders allowed?YesYesYesYesYesYesYes
Corporate shareholders allowed?YesYesYesYesYesYesYes
Public register of shareholders and directors?YesNoNoNoNoYesYes
Tax and accounting considerations
Corporate tax payable? (%)28%3%3%0%1.50%0%0%
Annual financial statements to be submitted?YesYesYesYesYesYesYes
Statutory audit required?YesYesYesYesYesYesNo
Access to how many double tax treaties?39744002270None
Tax exempt free zones availableNoNoNoNoNoYesNo
Resident company for local tax purposesYesYesYesNoYesYesNo
Can the entity hire expatriate staff in the country?YesYesYesNoYesYesYes
How long to get work permit approved3 months2 months2 monthsN/A2 months2 months2 months
VAT registration always required?NoNoNoNoNoNoNo
Logistics considerations
Average monthly salary of skilled labor?US$8,400US$2,900US$3,500US$9,000US$3,000US$4,600US$500
Average monthly salary of unskilled labor?US$2,500US$500US$950US$ 2,400US$ 2,000US$300US$280
English spoken by what % of the population98%98%16%77%38%75%84%
Literacy rate %99%99%58%98%92%90.3%86%
Computer literacy rate %88%88%27%35%39%N/A71%
Office rental per square meter per monthUS$30US$13US$13US$15US$16US$64US$10
Financial Markets Development ranking? (/144, WEF)3526-10312No
Internet connectivity ratingExcellentExcellentFairGoodFairExcellentGood
GDP per capita? (US$, IMF WEO 2015)37,00010,0009,200-14,50036,8512,806
Government liberal or controlling of daily businessLiberalLiberalLiberalLiberalLiberalLiberalLiberal
Is the local currency stable or volatile?StableVolatileVolatileStableVolatileStableStable
World competitiveness ranking? (/144, WEF)172039-9212No
Ease of doing business ranking? (/189, WB)21832-952683
Population? (million)4.6311.
Unemployment rate? (% active population)5.837.8-
Inflation rate? (IMF, 2015 average)
GDP 2015? (US$ billion)17131311-1.499.50.7
Average annual growth? (IMF, 2015)

Contact us

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