Financial services companies

Financial services companies

Summary at a glanceNew ZealandLabuanMauritiusCayman IslandsSeychellesDubai IFC
Engagement costs (excluding licensing fees) in US$?23,8008,35016,60012,6128,95029,190
Annual costs (including accounting and tax) in US$?11,6255,37011,9503,2044,60011,150
Type of business entity?Private LimitedLimited companyGBC1Exempted companyCSLLLC
How long to set the company up?1 week1 week3 weeks2 weeks4 weeks3 weeks
How long to open company bank account?2 weeks3 weeks4 weeks3 weeks3 weeks3 weeks
Licensing authority?FMALFSAFSCCIMASIBADFSA
Corporate bank account location?ANZ New ZealandOCBC SingaporeBarclays MauritiusEuroPacific St VincentBarclays SeychellesHSBC UAE
Tenancy agreement required before incorporation?NoNoNoNoNoYes
Do you travel for company incorporation?NoNoNoNoNoNo
Resident director required?YesNoYes, 2NoYesNo
Legal considerations
Can the company provide financial services locally?YesNoYesNoYesYes
Is it complex to license the company?YesNoNoYesNoNo
Where can I find more info on licenses available?This linkThis linkThis linkThis linkThis linkThis link
How many months to get the license approved?3 months2 months2 months3 months2 months4 months
Local shareholder required?NoNoNoNoNoNo
Minimum number of directors112112
Minimum number of shareholders111111
AML/CFT officer required?YesYesYesYesYesYes
Individual and corporate shareholders allowed?YesYesYesYesYesYes
Corporate shareholders allowed?YesYesYesYesYesYes
Public register of shareholders and directors?YesNoNoNoNoYes
Tax and accounting considerations
Corporate tax payable? (%)28%3%3%0%1.50%0%
Annual financial statements to be submitted?YesYesYesYesYesYes
Statutory audit required?YesYesYesYesYesYes
Access to how many double tax treaties?39744002270
Tax exempt free zones availableNoNoNoNoNoYes
Resident company for local tax purposesYesYesYesNoYesYes
Can the entity hire expatriate staff in the country?YesYesYesNoYesYes
How long to get work permit approved3 months2 months2 monthsN/A2 months2 months
VAT registration always required?NoNoNoNoNoNo
Logistics considerations
Average monthly salary of skilled labor?US$8,400US$2,900US$3,500US$9,000US$3,000US$4,600
Average monthly salary of unskilled labor?US$2,500US$500US$950US$ 2,400US$ 2,000US$300
English spoken by what % of the population98%98%16%77%38%75%
Literacy rate %99%99%58%98%92%90.3%
Computer literacy rate %88%88%27%35%39%N/A
Office rental per square meter per monthUS$30US$13US$13US$15US$16US$64
Financial Markets Development ranking? (/144, WEF)3526-10312
Internet connectivity ratingExcellentExcellentFairGoodFairExcellent
GDP per capita? (US$, IMF WEO 2015)37,00010,0009,200-14,50036,851
Government liberal or controlling of daily businessLiberalLiberalLiberalLiberalLiberalLiberal
Is the local currency stable or volatile?StableVolatileVolatileStableVolatileStable
World competitiveness ranking? (/144, WEF)172039-9212
Ease of doing business ranking? (/189, WB)21832-9526
Population? (million)4.6311.20.10.12.7
Unemployment rate? (% active population)5.837.8-2.70.3
Inflation rate? (IMF, 2015 average)0.22.41.9-4.32.91
GDP 2015? (US$ billion)17131311-1.499.5
Average annual growth? (IMF, 2015)2.24.73.1-3.52.5

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