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Non-resident Asian legally tax exempt companies in 2024

Singapore LLC Hong Kong LLC Marshall Islands Labuan IBC Seychelles IBC
Our ranking in order of preference 1 2 3 5 6
Summary at a glance
Total year 1 engagement set up costs (US$) 12,253 10,105 13,520 19,300 10,160
Total year 2 costs (incl. audit and tax) (US$) 8,444 11,295 3,400 14,520 5,795
Annual corporation tax payable? 0% 0% 0% 0% 0%
Corporate bank account location? Hong Kong or EU countries Hong Kong, Singapore, EU countries Singapore or EU Countries Singapore or EU Countries Singapore, Hong Kong, or EU
Must you travel during engagement? No No No No No
How long to set the company up? 1 week 1 week 1 week 2 weeks 2 weeks
How long to open bank account? 6 weeks 4 weeks 4 weeks 3 weeks 3 weeks
Fast turnkey solution available? Yes Yes No No No
Public register shareholders & directors Yes Yes No No No
Legal considerations
Paid up share capital? US$ 1 US$ 1 US$ 1 US$ 1 US$ 1
Resident director required? Yes No No No No
Minimum number of directors 1 1 1 1 1
Minimum number of shareholders 1 1 1 1 1
Individual shareholders allowed Yes Yes Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes Yes Yes
Corporate director(s) allowed No No Yes Yes Yes
Public register shareholder and director Yes Yes No No No
OECD sharing of information? Yes, by 2018 Yes, by 2018 Yes, by 2018 Yes, by 2018 Yes, by 2017
Tax and accounting considerations
Annual corporation tax payable? 0% 0% 0% 0% 0%
Annual financial statements required Yes Yes No No No
Statutory audit required No Yes No No No
Annual tax return to be submitted Yes Yes No Yes No
Access to double tax treaties Yes Yes No Yes No
GST or VAT payable on sales? No No No No No
Consolidated financial statements? Yes Yes No No No
Logistics considerations
Can get local residence visa? Yes Yes No Yes No
Can sign contracts with local clients? No No No No No
Allowed to invoice local clients? No No No No No
Confidential company? No No Yes Yes Yes
Good company for global trading? Yes Yes No No No
Good investment holding company? Yes Yes No No No
Positively perceived by global banks? Yes Yes No No No

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