Non-resident Asian legally tax exempt companies in 2023
| Singapore LLC | Hong Kong LLC | Marshall Islands | Labuan IBC | Seychelles IBC | Mauritius GBC | |
|---|---|---|---|---|---|---|
| Our ranking in order of preference | 1 | 2 | 3 | 5 | 6 | 7 |
| Summary at a glance | ||||||
| Total year 1 engagement set up costs (US$) | 12,253 | 10,105 | 13,420 | 18,800 | 10,160 | 18,600 |
| Total year 2 costs (incl. audit and tax) (US$) | 8,444 | 11,020 | 3,300 | 9,770 | 5,795 | 11,950 |
| Annual corporation tax payable? | 0% | 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 | Singapore or EU Countries |
| Must you travel during engagement? | No | No | No | No | No | No |
| How long to set the company up? | 1 week | 1 week | 1 week | 2 weeks | 2 weeks | 2 weeks |
| How long to open bank account? | 6 weeks | 4 weeks | 4 weeks | 3 weeks | 3 weeks | 4 weeks |
| Fast turnkey solution available? | Yes | Yes | No | No | No | No |
| Public register shareholders & directors | Yes | Yes | No | No | No | No |
| Legal considerations | ||||||
| Paid up share capital? | US$ 1 | US$ 1 | US$ 1 | US$ 1 | US$ 1 | US$ 1 |
| Resident director required? | Yes | No | No | No | No | No |
| Minimum number of directors | 1 | 1 | 1 | 1 | 1 | 1 |
| Minimum number of shareholders | 1 | 1 | 1 | 1 | 1 | 1 |
| Individual shareholders allowed | Yes | Yes | Yes | Yes | Yes | Yes |
| Corporate shareholders allowed | Yes | Yes | Yes | Yes | Yes | Yes |
| Corporate director(s) allowed | No | No | Yes | Yes | Yes | Yes |
| Public register shareholder and director | Yes | Yes | No | No | No | No |
| OECD sharing of information? | Yes, by 2018 | Yes, by 2018 | Yes, by 2018 | Yes, by 2018 | Yes, by 2017 | Yes, by 2017 |
| Tax and accounting considerations | ||||||
| Annual corporation tax payable? | 0% | 0% | 0% | 0% | 0% | 0% |
| Annual financial statements required | Yes | Yes | No | No | No | No |
| Statutory audit required | No | Yes | No | No | No | No |
| Annual tax return to be submitted | Yes | Yes | No | Yes | No | No |
| Access to double tax treaties | Yes | Yes | No | Yes | No | No |
| GST or VAT payable on sales? | No | No | No | No | No | No |
| Consolidated financial statements? | Yes | Yes | No | No | No | No |
| Logistics considerations | ||||||
| Can get local residence visa? | Yes | Yes | No | Yes | No | No |
| Can sign contracts with local clients? | No | No | No | No | No | No |
| Allowed to invoice local clients? | No | No | No | No | No | No |
| Confidential company? | No | No | Yes | Yes | Yes | Yes |
| Good company for global trading? | Yes | Yes | No | No | No | No |
| Good investment holding company? | Yes | Yes | No | No | No | No |
| Positively perceived by global banks? | Yes | Yes | No | No | No | No |
