| Our ranking in order of preference | 1 | 2 | 3 | 4 |
| Summary at a Glance | | | | |
| Minimum paid up share capital? | US$1 | US$1 | US$1 | US$1 |
| Total engagement period? | 2 months | 10 weeks | 12 weeks | 7 weeks |
| How long to set the company up? | 1 week | 1 week | 2 weeks | 1 week |
| Our Client must travel? | No | No | No | No |
| How long to open bank account? | 6 weeks | 4 weeks | 4 weeks | 2 weeks |
| Fast turnkey solution available? | Yes | Yes | No | No |
| Total year 1 engagement set up costs? | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |
| Total year 2 costs (incl. audit and tax)? | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |
| Incorporation requirements | | | | |
| Resident director required? | Yes | No | No | Yes |
| National shareholder required? | No | No | No | No |
| Minimum number of directors? | 1 | 1 | 1 | 1 |
| Minimum number of shareholders? | 1 | 1 | 1 | 1 |
| Resident company secretary required? | Yes | Yes | Yes | Yes |
| Individual shareholders allowed? | Yes | Yes | Yes | Yes |
| Corporate shareholders allowed? | Yes | Yes | Yes | Yes |
| Corporate director(s) allowed? | No | Yes | Yes | No |
| Public register of shareholders & directors? | Yes | Yes | Only directors | Yes |
| Tax and accounting considerations | | | | |
| Special tax regime for holding companies? | Yes | No | Yes | No |
| Controlled Foreign Corporation (CFC) rules applicable? | No | No | No | Yes |
| For Holding Company to enjoy exemptions, does the foreign subsidiary have to meet any substance requirements? | No | No | No | No |
| For Holding Company to enjoy exemptions, does the foreign subsidiary have to pay corporate tax in its own country? | No | No | No | No |
| Required % ownership | NA | NA | NA | NA |
| No. of DTAs signed | 76 | 31 | 72, some not applicable for Labuan | 39 |
| Corporate tax rate payable | 0% | 0% | 0% | 28% |
| Withholding tax rate on dividends paid to nonresidents | 0% | 0% | 0% | 0%-30% |
| Withholding tax rate on dividends distributed to residents | None | None | None | None |
| Withholding tax rate on interests paid to nonresidents | 0-15% | 0% | 0% | 0-15% |
| Tax rate for gains on sale of subsidiary | 0% | 0% | 0% | 0% |
| Annual tax return to be submitted? | Yes | Yes | Yes | Yes |
| Annual financial statements required? | Yes | Yes | Yes | Yes |
| Statutory audit required? | No | Yes | Yes | No |
| Must register for GST or VAT? | No | No | No | No |
| Access to double tax treaties? | Yes | Yes | Yes, but not all | No |
| Resident company for local tax? | Yes | Yes | Yes (3%) | Yes |
| Can do business and hire locals? | Yes, but must pay corporate tax | Yes, but must pay corporate tax | Yes, but must pay corporate tax | Yes, but must pay corporate tax |
| Blacklisted “tax haven” jurisdiction? | No | No | In some countries | No |
| Bank account characteristics | | | | |
| Healy Consultants’ preferred bank? | DBS | HSBC | KFH | ANZ |
| Do I travel to open the bank account? | No | Yes | No | No |
| Minimum deposit (USD)? | US$10,000 | US$1,000 | US$5,000 | US$1,000 |
| Multi-currency corporate bank account? | No | Yes | No | No |
| Corporate credit card? | Yes | Yes | No | Yes |
| Corporate ATM card available? | Yes | Yes | No | Yes |
| Bank rating by World Economic Forum? | 4 | 7 | 35 | 2 |
| Ease of getting credit? (by WEF)? | 4 | 5 | 2 | 11 |
| Logistics considerations | | | | |
| Virtual office services available? | Yes | Yes | Yes | Yes |
| Allowed to make sales to foreign Clients? | Yes | Yes | Yes | Yes |
| Allowed to make sales to local Clients? | Yes | Yes | Yes | Yes |
| Local sales subject to tax? | Yes | Yes | Yes | Yes |
| Can the entity hire local staff? | Yes | Yes | Yes | Yes |
| Can the entity hire expatriate staff? | Yes | Yes | Yes | Yes |
| How long to get work permit approved? | 1 month | 3 months | 3 months | 3 months |
| Estimate of engagement costs | US$ | US$ | US$ | US$ |
| Healy Consultants engagement fees | 1,980 | 3,350 | 4,800 | 1,910 |
| Company secretary and registered office | 1,200 | 1,550 | 1,600 | 1,200 |
| Government fees | 0 | 255 | 650 | 100 |
| Resident director fees (0 if not required) | 3,900 | 0 | 0 | 8,125 |
| Corporate bank account opening | 4,950 | 4,950 | 5,950 | 4,950 |
| Other | 0 | 0 | 0 | 950 |
| Estimate of total outgoings in Year 1 | 12,030 | 10,105 | 18,800 | 17,235 |
| Draft sales invoice attached | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |
