Non-resident Asian legally tax exempt companies in 2023

Singapore LLCHong Kong LLCMarshall IslandsLabuan IBCSeychelles IBC
Our ranking in order of preference12356
Summary at a glance
Total year 1 engagement set up costs (US$)12,25310,10513,42018,80010,160
Total year 2 costs (incl. audit and tax) (US$)8,44411,0203,3009,7705,795
Annual corporation tax payable?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 EU
Must you travel during engagement?NoNoNoNoNo
How long to set the company up?1 week1 week1 week2 weeks2 weeks
How long to open bank account?6 weeks4 weeks4 weeks3 weeks3 weeks
Fast turnkey solution available?YesYesNoNoNo
Public register shareholders & directorsYesYesNoNoNo
Legal considerations
Paid up share capital?US$ 1US$ 1US$ 1US$ 1US$ 1
Resident director required?YesNoNoNoNo
Minimum number of directors11111
Minimum number of shareholders11111
Individual shareholders allowedYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYes
Corporate director(s) allowedNoNoYesYesYes
Public register shareholder and directorYesYesNoNoNo
OECD sharing of information?Yes, by 2018Yes, by 2018Yes, by 2018Yes, by 2018Yes, by 2017
Tax and accounting considerations
Annual corporation tax payable?0%0%0%0%0%
Annual financial statements requiredYesYesNoNoNo
Statutory audit requiredNoYesNoNoNo
Annual tax return to be submittedYesYesNoYesNo
Access to double tax treatiesYesYesNoYesNo
GST or VAT payable on sales?NoNoNoNoNo
Consolidated financial statements?YesYesNoNoNo
Logistics considerations
Can get local residence visa?YesYesNoYesNo
Can sign contracts with local clients?NoNoNoNoNo
Allowed to invoice local clients?NoNoNoNoNo
Confidential company?NoNoYesYesYes
Good company for global trading?YesYesNoNoNo
Good investment holding company?YesYesNoNoNo
Positively perceived by global banks?YesYesNoNoNo

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client relationship officer - Simon