Non-resident Asian legally tax exempt companies in 2023

Singapore LLCHong Kong LLCMarshall IslandsLabuan IBCSeychelles IBCMauritius GBC
Our ranking in order of preference123567
Summary at a glance
Total year 1 engagement set up costs (US$)12,25310,10513,42018,80010,16018,600
Total year 2 costs (incl. audit and tax) (US$)8,44411,0203,3009,7705,79511,950
Annual corporation tax payable?0%0%0%0%0%0%
Corporate bank account location?Hong Kong or EU countriesHong Kong, Singapore, EU countriesSingapore or EU CountriesSingapore or EU CountriesSingapore, Hong Kong, or EUSingapore or EU Countries
Must you travel during engagement?NoNoNoNoNoNo
How long to set the company up?1 week1 week1 week2 weeks2 weeks2 weeks
How long to open bank account?6 weeks4 weeks4 weeks3 weeks3 weeks4 weeks
Fast turnkey solution available?YesYesNoNoNoNo
Public register shareholders & directorsYesYesNoNoNoNo
Legal considerations
Paid up share capital?US$ 1US$ 1US$ 1US$ 1US$ 1US$ 1
Resident director required?YesNoNoNoNoNo
Minimum number of directors111111
Minimum number of shareholders111111
Individual shareholders allowedYesYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYesYes
Corporate director(s) allowedNoNoYesYesYesYes
Public register shareholder and directorYesYesNoNoNoNo
OECD sharing of information?Yes, by 2018Yes, by 2018Yes, by 2018Yes, by 2018Yes, by 2017Yes, by 2017
Tax and accounting considerations
Annual corporation tax payable?0%0%0%0%0%0%
Annual financial statements requiredYesYesNoNoNoNo
Statutory audit requiredNoYesNoNoNoNo
Annual tax return to be submittedYesYesNoYesNoNo
Access to double tax treatiesYesYesNoYesNoNo
GST or VAT payable on sales?NoNoNoNoNoNo
Consolidated financial statements?YesYesNoNoNoNo
Logistics considerations
Can get local residence visa?YesYesNoYesNoNo
Can sign contracts with local clients?NoNoNoNoNoNo
Allowed to invoice local clients?NoNoNoNoNoNo
Confidential company?NoNoYesYesYesYes
Good company for global trading?YesYesNoNoNoNo
Good investment holding company?YesYesNoNoNoNo
Positively perceived by global banks?YesYesNoNoNoNo

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