| Free zone name |
Phnom Penh Free Zone |
Subic Bay Free Zone |
Kaohsiung Free Zone |
Incheon Free Zone |
| Corporate tax payable |
0% |
0% |
0% |
0% |
| Average monthly salary skilled labour (US$) |
US$1,000 |
US$1,000 |
US$1,500 |
US$3,000 |
| Office rental square meter per month (US$) |
US$2.5 |
US$5 |
US$2.9 |
US$3 |
| Total company set up costs |
US$16,135 |
US$21,850 |
US$18,390 |
US$12,953 |
| Subsequent annual costs (incl. audit and tax) |
US$2,300 |
US$13,450 |
US$4,950 |
US$7,460 |
| How long to set the company up? |
8 weeks |
8 weeks |
3 weeks |
2 weeks |
| How long to open company bank account? |
4 weeks |
4 weeks |
3 weeks |
2 weeks |
| Issued share capital required |
US$1,000 |
US$200,000 |
US$1 |
US$10,000 |
| Corporate bank account |
SCB or HSBC |
SCB |
SCB |
Citibank Seoul |
| Legal considerations |
|
|
|
|
| Resident director required? |
No |
Yes |
No |
No |
| Resident shareholder required? |
No |
No |
No |
No |
| Minimum number of directors |
1 |
5 |
1 |
1 |
| Minimum number of shareholders |
2 |
5 |
1 |
1 |
| Resident company secretary |
Yes |
No |
No |
No |
| Individual shareholders allowed |
Yes |
Yes |
Yes |
Yes |
| Individual shareholders allowed |
Yes |
Yes |
Yes |
Yes |
| Corporate director(s) allowed |
No |
No |
No |
No |
| Public register of shareholders and directors |
Yes |
Yes |
Yes |
Yes |
| Tax and accounting considerations |
|
|
|
|
| Corporate tax payable |
0% (for 9 years) |
5% |
0% (no business within Taiwan) |
0% (no business within Taiwan) |
| Statutory audit required |
Yes |
Yes |
Yes |
Yes |
| Annual tax return to be submitted |
Yes |
Yes |
Yes |
Yes |
| Access to how many double tax treaties |
None |
42 |
38 |
50 |
| Withholding tax payable |
14% |
30% |
20% |
20% |
| How long to get work permit approved |
3 months |
3 months |
3 months |
3 months |
| Can the entity hire expatriate staff in the country? |
Yes |
Yes |
Yes |
Yes |
| Logistic considerations |
|
|
|
|
| Tenancy agreement before incorporation? |
No |
Yes |
Yes |
Yes |
| Do you visit the country for incorporation? |
No |
No |
Yes |
No |
| Allowed to invoice/sign sales contracts with local clients |
Yes |
Yes |
Yes |
Yes |
| Can rent office premises in the country |
Yes |
Yes |
Yes |
Yes |
| Allowed to import raw materials? |
Yes |
Yes |
Yes |
Yes |
| Allowed to export goods? |
Yes |
Yes |
Yes |
Yes |
| Employment visa fees (US$) |
US$4,950 |
US$4,250 |
US$3,850 |
US$5,950 |
| What % of population speak English |
10% |
78% |
15% |
10% |
| Literacy rate (%) |
88% |
88% |
98% |
98% |
| Average monthly salary unskilled labour (US$) |
US$300 |
US$500 |
US$950 |
US$1,200 |
| Computer literacy rate (%) |
50% |
55% |
85% |
90% |
| Internet connectivity rating |
Average |
Average |
Very Good |
Excellent |
| Global business efficiency index score (out of 100) |
48 |
51 |
78 |
64 |
| Ease of doing business global ranking (lower better) |
137 |
108 |
16 |
74 |
| GDP per capita (US$) |
US$946 |
US$2,587 |
US$20,328 |
US$22,590 |
| Population (in million) |
14.8m |
96m |
23m |
50m |
| Unemployment rate |
2.7% |
7.3% |
4% |
2.9% |
| Inflation rate (2013) |
2.9% |
3.2% |
-0.79% |
1.3% |
| GDP 2012 (US$ billion) |
US$14bn |
US$14bn |
US$14bn |
US$14bn |
| Real GDP Growth rate (2012) |
Real GDP Growth rate (2012) |
1.9% |
2.5% |
2.3% |
| Estimate of engagement costs |
US$ |
US$ |
US$ |
US$ |
| Healy Consultants engagement fees |
7,960 |
4,850 |
8,545 |
4,500 |
| Company secretary and legal registered office |
950 |
2,800 |
950 |
3,500 |
| Estimate of Government registration fees |
1,325 |
350 |
45 |
53 |
| Tax registration fees |
950 |
750 |
950 |
940 |
| Corporate bank account opening |
4,950 |
4,950 |
3,950 |
4,950 |
| Estimate of total outgoings in Year 1 |
US$16,135 |
US$21,850 |
US$18,390 |
US$13,943 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
