| 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 neutral” 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 |
4,200 |
8,125 |
| Corporate bank account opening |
4,950 |
4,950 |
4,950 |
4,950 |
| Other |
0 |
0 |
0 |
950 |
| Estimate of total outgoings in Year 1 |
12,030 |
10,105 |
19,300 |
17,235 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
View invoice PDF |
