| Summary at a Glance |
|
|
|
|
|
| Total company engagement set up costs (US$) |
14,180 |
20,700 |
20,700 |
19,650 |
23,455 |
| Subsequent annual costs (incl audit & tax) (US$) |
6,450 |
5,800 |
12,810 |
9,340 |
14,730 |
| How long to set the company up? |
1 month |
1 month |
5 weeks |
1 month |
2.5 months |
| How long to open company bank account? |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
4 weeks |
| Issued share capital required to hire expatriates |
US$250,000 |
US$100,000 |
US$62,000 |
US$100,000 |
US$50,000 |
| Corporate bank account location |
First National Bank |
First National Bank |
Standard Chartered Bank |
Standard Chartered Bank |
Standard Chartered Bank |
| Corporate tax payable % |
27% |
32% |
30% |
30% |
22% |
| Do you travel for company incorporation? |
No |
No |
No |
No |
No |
| Legal considerations |
|
|
|
|
|
| Resident shareholder required? |
No |
No |
No |
No |
No |
| Resident director required? |
No |
No |
No |
No |
Yes |
| Minimum number of directors |
1 |
1 |
2 |
2 |
1 |
| Minimum number of shareholders |
1 |
2 |
2 |
2 |
1 |
| 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 |
No |
No |
No |
No |
| Public register of shareholders and directors |
Yes |
Yes |
Yes |
Yes |
Yes |
| How long to get work permit approved |
2 months |
3 months |
2 months |
3 months |
3 months |
| Tax and accounting considerations |
|
|
|
|
|
| Corporate tax payable % |
28% |
32% |
30% |
30% |
22% |
| 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 |
71 |
9 |
11 |
8 |
12 |
| Tax exempt free zones available |
Yes |
Yes |
Yes |
Yes |
No |
| Resident company for local tax purposes |
Yes |
Yes |
Yes |
Yes |
Yes |
| Withholding tax on international payments |
15% |
10% |
10% |
5% |
10% |
| Can the entity hire expatriate staff? |
Yes |
Yes |
Yes |
Yes |
Yes |
| VAT rates |
15% |
17% |
5% |
16% |
12% |
| Import and export duties |
10-20% |
20% |
5-20% |
10-25% |
8-25% |
| Monthly Government reporting |
No |
No |
No |
No |
No |
| Logistics considerations |
|
|
|
|
|
| Premises lease required before incorporation |
No |
Yes |
Yes |
Yes |
Yes |
| 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$850 |
US$390 |
US$450 |
US$370 |
US$800 |
| Average monthly salary of unskilled labour |
US$250 |
US$220 |
US$250 |
US$170 |
US$200 |
| English spoken by what % of the population |
56 |
46 |
53 |
61 |
45 |
| Literacy rate % |
93% |
56.1% |
61% |
87.4% |
81% |
| Computer literacy rate % |
52% |
48% |
43% |
45% |
43% |
| Office rental per square meter per month |
US$25 |
US$22 |
US$25 |
US$16 |
US$21 |
| Warehouse rental per square meter per month |
US$20 |
US$18 |
US$22 |
US$14 |
US$3 |
| Country rating (out of 100) |
60 |
35 |
40 |
35 |
70 |
| Internet connectivity rating |
Excellent |
Fair |
Fair |
Good |
Good |
| GDP per capita (US$) |
7,508 |
579 |
1,555 |
865 |
7,191 |
| Population % tertiary enrollment |
107 |
110 |
83 |
113 |
0.15 |
| Global business efficiency index score |
52% |
42% |
48% |
39% |
46% |
| Ease of doing business ranking (lower the better) |
39 |
134 |
131 |
121 |
59 |
| Population |
51 million |
25 million |
169 million |
43 million |
2 million |
| Unemployment rate |
30% |
22% |
24% |
40% |
18% |
| Inflation rate (2013) |
6.4 |
4.52 |
8.2 |
8.29 |
5.6 |
| GDP 2012 US$ billion |
$384 billion |
$15 billion |
$263 billion |
$37 billion |
$14 billion |
| Average annual growth (2012) |
2.5 |
7.4 |
6.6 |
4.6 |
3.7 |
| Estimate of engagement costs |
US$ |
US$ |
US$ |
US$ |
US$ |
| Company formation fees |
2,480 |
7,850 |
9,690 |
5,750 |
5,500 |
| Company secretary and legal registered office fees |
1,200 |
3,500 |
3,500 |
1,200 |
4,500 |
| Government fees |
2400 |
1,650 |
1,610 |
100 |
155 |
| Corporate bank account opening |
4,950 |
4,950 |
4,950 |
4,950 |
4,950 |
| Project management fees for a 4 month engagement |
0 |
2,750 |
0 |
2,560 |
0 |
| Estimate of total outgoings in Year 1 |
14,180 |
20,700
|
20,700 |
19,650 |
23,455 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
