Asian holding companies in 2023

Asian low tax holding companiesSingaporeHong KongLabuanNew Zealand
Our ranking in order of preference1234
Summary at a Glance
Minimum paid up share capital?US$1US$1US$1US$1
Total engagement period?2 months10 weeks12 weeks7 weeks
How long to set the company up?1 week1 week2 weeks1 week
Our Client must travel?NoNoNoNo
How long to open bank account?6 weeks4 weeks4 weeks2 weeks
Fast turnkey solution available?YesYesNoNo
Total year 1 engagement set up costs?View invoice PDFView invoice PDFView invoice PDFView invoice PDF
Total year 2 costs (incl. audit and tax)?View invoice PDFView invoice PDFView invoice PDFView invoice PDF
Incorporation requirements
Resident director required?YesNoNoYes
National shareholder required?NoNoNoNo
Minimum number of directors?1111
Minimum number of shareholders?1111
Resident company secretary required?YesYesYesYes
Individual shareholders allowed?YesYesYesYes
Corporate shareholders allowed?YesYesYesYes
Corporate director(s) allowed?NoYesYesNo
Public register of shareholders & directors?YesYesOnly directorsYes
Tax and accounting considerations
Special tax regime for holding companies?YesNoYesNo
Controlled Foreign Corporation (CFC) rules applicable?NoNoNoYes
For Holding Company to enjoy exemptions, does the foreign subsidiary have to meet any substance requirements?NoNoNoNo
For Holding Company to enjoy exemptions, does the foreign subsidiary have to pay corporate tax in its own country?NoNoNoNo
Required % ownershipNANANANA
No. of DTAs signed763172, some not applicable for Labuan39
Corporate tax rate payable0%0%0%28%
Withholding tax rate on dividends paid to nonresidents0%0%0%0%-30%
Withholding tax rate on dividends distributed to residentsNoneNoneNoneNone
Withholding tax rate on interests paid to nonresidents0-15%0%0%0-15%
Tax rate for gains on sale of subsidiary0%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 YesNo
Must register for GST or VAT?NoNoNoNo
Access to double tax treaties?YesYesYes, but not allNo
Resident company for local tax?YesYesYes (3%)Yes
Can do business and hire locals?Yes, but must pay corporate taxYes, but must pay corporate taxYes, but must pay corporate taxYes, but must pay corporate tax
Blacklisted “tax haven” jurisdiction?NoNoIn some countriesNo
Bank account characteristics
Healy Consultants’ preferred bank?DBSHSBCKFHANZ
Do I travel to open the bank account?NoYesNoNo
Minimum deposit (USD)?US$10,000US$1,000US$5,000US$1,000
Multi-currency corporate bank account?NoYesNoNo
Corporate credit card?YesYesNoYes
Corporate ATM card available?YesYesNoYes
Bank rating by World Economic Forum?47352
Ease of getting credit? (by WEF)?45211
Logistics considerations
Virtual office services available?YesYesYesYes
Allowed to make sales to foreign Clients?YesYesYesYes
Allowed to make sales to local Clients?YesYesYesYes
Local sales subject to tax?YesYesYesYes
Can the entity hire local staff?YesYesYesYes
Can the entity hire expatriate staff?YesYesYesYes
How long to get work permit approved?1 month3 months3 months3 months
Estimate of engagement costsUS$US$US$US$
Healy Consultants engagement fees1,9803,3504,8001,910
Company secretary and registered office1,2001,5501,6001,200
Government fees0255650100
Resident director fees (0 if not required)3,900008,125
Corporate bank account opening4,9504,9505,9504,950
Estimate of total outgoings in Year 112,03010,10518,80017,235
Draft sales invoice attachedView invoice PDFView invoice PDFView invoice PDFView invoice PDF

Contact us

For additional information on our incorporation services, please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon