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Summary at a GlanceDelawareTexasNew YorkFloridaBVI
Total company engagement set up costsUS$11,500US$7,300US$8,700US$6,100US$19,842
Subsequent annual costs (incl audit and tax)US$5,075US$4,500US$3,600US$4,500US$7,700
How long to set the company up?1 week1 week8 weeks1 week1 week
How long to open company bank account?4 weeks3 weeks3 weeks3 weeks3 weeks
Issued share capital requiredUS$1US$1US$1US$1US$1
Corporate bank account locationBank of AmericaWells FargoGE CapitalBank of AmericaEuropac Bank
Tenancy agreement required before incorporation?NoNoNoNoNo
Do you travel for company incorporation?NoNoNoNoNo
Resident director required?NoNoNoNoNo
Legal considerations
Resident shareholder required?NoNoNoNoNo
Minimum number of directors11111
Minimum number of shareholders11111
Resident company secretary required?YesYesYesYesNo
Individual shareholders allowedYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYes
Corporate director(s) allowedYesYesYesYesYes
Public register of shareholders and directorsNoYesYesNoNo
Tax and accounting considerations
Corporate tax payable %0-33%0-33%0-33%0-33%0%
Statutory audit requiredNoNoNoNoNo
Annual tax return to be submittedYesYesYesYesNo
Access to how many double tax treaties67676767No
Tax exempt free zones availableNoNoNoNoNo
Resident company for local tax purposesYesYesYesYesNo
Withholding tax payable30% reduced by DTAs30% reduced by DTAs30% reduced by DTAs30% reduced by DTAsNo
How long to get work permit approved3 months3 months3 months3 monthsN/A
Can the entity hire expatriate staff in the country?YesYesYesYesYes
Logistics considerations
Allowed to sign sales contracts with local clientsYes but taxedYes but taxedYes but taxedYes but taxedNo
Allowed to invoice local clientsYes but taxedYes but taxedYes but taxedYes but taxedNo
Average monthly salary of skilled labourUS$4,500US$4,200US$4,800US$4,500US$3,000
Average monthly salary of unskilled labourUS$1,500US$1,300US$1,700US$1,500US$1,000
English spoken by what % of the population (estimate)96%96%96%96%90%
Literacy rate %99%99%99%99%98%
Office rental per square meter per monthUS$15US$10US$18US$15US$10
Warehouse rental per square meter per monthUS$6US$4US$8US$6US$5
Country credit ratingAA+AA+AA+AA+N/A
Internet connectivity ratingStrongStrongStrongStrongFair
GDP per capita (US$)49,96549,96549,96549,96538,500
Government liberal or controlling of daily businessLiberalLiberalLiberalLiberalLiberal
Population % tertiary enrollment95%95%95%95%N/A
Global competitiveness ranking (1-6)5.485.485.485.48N/A
Ease of doing business global ranking (lower the better)4444N/A
Population1 million26 million19.6 million19.3 million23,000
Unemployment rate7.3%6.4%7.6%7%3.6%
Inflation rate (2013)1.5%1.5%1.5%1.5%N/A
GDP 2012 US$ billionUS$60.12 bnUS$1.14 trUS$1.15 trUS$734 bnUS$839 bn
Average annual growth (2012)2.2%2.2%2.2%2.2%N/A
Estimate of engagement costs US$US$US$US$US$
Healy Consultants engagement fees2,8901,5901,7001,5905,850
Company secretary fees1,4001,1001,1001,1001,200
Government fees3106602006,60982
Corporate bank account opening5,9503,9504,9502,7505,950
Estimate of total outgoings in Year 111,5007,3008,7006,10019,842
Draft sales invoice attachedView invoice PDFView invoice PDFView invoice PDFView invoice PDFView invoice PDF

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For additional information on our America company incorporation services, please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal