| Summary at a Glance |
|
|
|
|
|
| Total company engagement set up costs |
US$14,450 |
US$23,150 |
US$12,200 |
US$14,105 |
US$20,370 |
| Subsequent annual costs (incl audit and tax) |
US$3,260 |
US$9,100 |
US$3,400 |
US$4,730 |
US$8,150 |
| How long to set the company up? |
3 months |
1 month |
1 month |
6 weeks |
3 months |
| How long to open company bank account? |
4 weeks |
4 weeks |
3 weeks |
4 weeks |
3 weeks |
| Issued share capital required to hire expatriates |
US$60,000 |
US$50,000 |
US$50,000 |
US$55,000 |
US$80,000 |
| Corporate bank account location |
Arab Bank |
Standard Chartered Bank |
Citibank |
Citibank |
National commercial bank |
| Tenancy agreement required before incorporation? |
Yes |
No |
Yes |
Yes |
Yes |
| Do you travel for company incorporation? |
No |
Yes |
No |
No |
No |
| Legal considerations |
|
|
|
|
|
| Resident shareholder required? |
Yes |
No |
Yes |
No |
Yes |
| Resident director required? |
No |
No |
No |
No |
No |
| Minimum number of directors |
2 |
1 |
1 |
2 |
2 |
| Minimum number of shareholders |
2 |
2 |
2 |
2 |
2 |
| Resident company secretary required? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Individual shareholders allowed |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate shareholders allowed |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate director(s) allowed |
No |
Yes |
No |
No |
Yes |
| Public register of shareholders and directors |
Yes |
Yes |
Yes |
Yes |
Yes |
| Tax and accounting considerations |
|
|
|
|
|
| Corporate tax payable % |
26% |
22.5% |
15% |
31% |
20% |
| Statutory audit required |
Yes |
Yes |
Yes |
Yes |
Yes |
| Annual tax return to be submitted |
Yes |
Yes |
Yes |
Yes |
Yes |
| Access to how many double tax treaties |
20 |
51 |
67 |
37 |
10 |
| Tax exempt free zones available |
Yes |
Yes |
Yes |
Yes |
Yes |
| Resident company for local tax purposes |
Yes |
Yes |
Yes |
Yes |
Yes |
| Withholding tax payable on international payments |
15% |
20% |
1.5% |
15% |
0% |
| VAT rates |
17% |
10%-25% |
18% |
20% |
10% |
| Import and export duties |
5% |
16.7% |
6-18% |
12.5% |
10% |
| Monthly reporting |
No |
No |
No |
No |
No |
| How long to get work permit approved |
2 months |
3 months |
2 months |
2 months |
2 months |
| Can the entity hire expatriate staff in the country? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Logistics considerations |
|
|
|
|
|
| Allowed to sign sales contracts with local clients |
Yes |
Yes |
Yes |
Yes |
Yes |
| Allowed to invoice local clients |
Yes |
Yes |
Yes |
Yes |
Yes |
| Average monthly salary of skilled labour |
US$290 |
US$250 |
US$200 |
US$230 |
US$220 |
| Average monthly salary of unskilled labour |
US$170 |
US$170 |
US$165 |
US$160 |
US$190 |
| English spoken by what % of the population |
7% |
35% |
10% |
14% |
15% |
| Literacy rate % |
72.6% |
72% |
74.3% |
56% |
89.2% |
| Computer literacy rate % |
40% |
56% |
49% |
51% |
53% |
| Office rental per square meter per month |
US$8 |
US$7 |
US$8 |
US$7 |
US$5 |
| Warehouse rental per square meter per month |
US$5 |
US$6 |
US$5 |
US$7 |
US$4 |
| Country rating (out of 100) |
35 |
20 |
40 |
55 |
40 |
| Internet connectivity rating |
Fair |
Fair |
Fair |
Poor |
Fair |
| GDP per capita (US$) |
5,400 |
3,200 |
4,300 |
3,000 |
9,500 |
| Government liberal or controlling of daily business |
Moderate |
Strict |
Moderate |
Strict |
Moderate |
| Population % tertiary enrollment |
32.1% |
28% |
25% |
34% |
29% |
| Global business efficiency index score (out of 100) |
52 |
67 |
61 |
57 |
54 |
| Ease of doing business global ranking (lower the better) |
152 |
109 |
50 |
92 |
101 |
| Population |
38.48 million |
80.72 million |
10.78 million |
32.52 million |
6.155 million |
| Unemployment rate |
10% |
14% |
16.5% |
9.1% |
17% |
| Inflation rate (2013) |
3.5% |
10.15% |
5.8% |
1.9% |
3.4% |
| GDP 2012 US$ billion |
$208.0 billion |
$257.3 billion |
$45.66 billion |
$95.98 billion |
$62.36 billion |
| Average annual growth (2012) |
3.7% |
5.3% |
4.8% |
4.8% |
6.4% |
| Estimate of engagement costs |
US$ |
US$ |
US$ |
US$ |
US$ |
| Company formation fees |
7,250 |
9,750 |
6,700 |
3,130 |
10,370 |
| Company secretary and legal registered office fees |
N/A |
2,400 |
1,100 |
1,200 |
0 |
| Government fees |
1,300 |
600 |
500 |
325 |
6,100 |
| Corporate bank account opening |
2,950 |
4,950 |
2,950 |
4,950 |
2,950 |
| Healy Consultants project management fees |
0 |
3,950 |
0 |
3,150 |
0 |
| Estimate of total outgoings in Year 1 |
14,450 |
23,150 |
12,200 |
14,105 |
20,370 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
