Total company engagement set up costs | US$11,500 | US$7,300 | US$8,700 | US$6,100 | US$19,842 |
Subsequent annual costs (incl audit and tax) | US$5,075 | US$4,500 | US$3,600 | US$4,500 | US$7,700 |
How long to set the company up? | 1 week | 1 week | 8 weeks | 1 week | 1 week |
How long to open company bank account? | 4 weeks | 3 weeks | 3 weeks | 3 weeks | 3 weeks |
Issued share capital required | US$1 | US$1 | US$1 | US$1 | US$1 |
Corporate bank account location | Bank of America | Wells Fargo | GE Capital | Bank of America | Europac Bank |
Tenancy agreement required before incorporation? | No | No | No | No | No |
Do you travel for company incorporation? | No | No | No | No | No |
Resident director required? | No | No | No | No | No |
Legal considerations | | | | | |
Resident shareholder required? | No | No | No | No | No |
Minimum number of directors | 1 | 1 | 1 | 1 | 1 |
Minimum number of shareholders | 1 | 1 | 1 | 1 | 1 |
Resident company secretary required? | Yes | Yes | Yes | Yes | No |
Individual shareholders allowed | Yes | Yes | Yes | Yes | Yes |
Corporate shareholders allowed | Yes | Yes | Yes | Yes | Yes |
Corporate director(s) allowed | Yes | Yes | Yes | Yes | Yes |
Public register of shareholders and directors | No | Yes | Yes | No | No |
Tax and accounting considerations | | | | | |
Corporate tax payable % | 0-33% | 0-33% | 0-33% | 0-33% | 0% |
Statutory audit required | No | No | No | No | No |
Annual tax return to be submitted | Yes | Yes | Yes | Yes | No |
Access to how many double tax treaties | 67 | 67 | 67 | 67 | No |
Tax exempt free zones available | No | No | No | No | No |
Resident company for local tax purposes | Yes | Yes | Yes | Yes | No |
Withholding tax payable | 30% reduced by DTAs | 30% reduced by DTAs | 30% reduced by DTAs | 30% reduced by DTAs | No |
How long to get work permit approved | 3 months | 3 months | 3 months | 3 months | N/A |
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 but taxed | Yes but taxed | Yes but taxed | Yes but taxed | No |
Allowed to invoice local clients | Yes but taxed | Yes but taxed | Yes but taxed | Yes but taxed | No |
Average monthly salary of skilled labour | US$4,500 | US$4,200 | US$4,800 | US$4,500 | US$3,000 |
Average monthly salary of unskilled labour | US$1,500 | US$1,300 | US$1,700 | US$1,500 | US$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 month | US$15 | US$10 | US$18 | US$15 | US$10 |
Warehouse rental per square meter per month | US$6 | US$4 | US$8 | US$6 | US$5 |
Country credit rating | AA+ | AA+ | AA+ | AA+ | N/A |
Internet connectivity rating | Strong | Strong | Strong | Strong | Fair |
GDP per capita (US$) | 49,965 | 49,965 | 49,965 | 49,965 | 38,500 |
Government liberal or controlling of daily business | Liberal | Liberal | Liberal | Liberal | Liberal |
Population % tertiary enrollment | 95% | 95% | 95% | 95% | N/A |
Global competitiveness ranking (1-6) | 5.48 | 5.48 | 5.48 | 5.48 | N/A |
Ease of doing business global ranking (lower the better) | 4 | 4 | 4 | 4 | N/A |
Population | 1 million | 26 million | 19.6 million | 19.3 million | 23,000 |
Unemployment rate | 7.3% | 6.4% | 7.6% | 7% | 3.6% |
Inflation rate (2013) | 1.5% | 1.5% | 1.5% | 1.5% | N/A |
GDP 2012 US$ billion | US$60.12 bn | US$1.14 tr | US$1.15 tr | US$734 bn | US$839 bn |
Average annual growth (2012) | 2.2% | 2.2% | 2.2% | 2.2% | N/A |
Estimate of engagement costs | US$ | US$ | US$ | US$ | US$ |
Healy Consultants engagement fees | 2,890 | 1,590 | 1,700 | 1,590 | 5,850 |
Company secretary fees | 1,400 | 1,100 | 1,100 | 1,100 | 1,200 |
Government fees | 310 | 660 | 200 | 6,60 | 982 |
Corporate bank account opening | 5,950 | 3,950 | 4,950 | 2,750 | 5,950 |
Estimate of total outgoings in Year 1 | 11,500 | 7,300 | 8,700 | 6,100 | 19,842 |
Draft sales invoice attached | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |