Southeast Asia companies in 2022

Summary at a Glance Vietnam Indonesia Malaysia Philippines Singapore
Total company engagement set up costs US$20,740 US$30,840 US$15,830 US$17,920 US$13,253
Subsequent annual costs (incl audit and tax) US$3,555 US$14,490 US$12,845 US$6,920 US$9,444
How long to set the company up? 2 months 3 months 4 weeks 2 months 1 week
How long to open company bank account? 4 weeks 4 weeks 4 weeks 4 weeks 6 weeks
Issued share capital required US$10,000 US$300,000 US$1 US$200,000 US$1
Corporate bank account location SCB Vietnam SCB Indonesia SCB Kuala Lumpur SCB Philippines SCB Singapore
Tenancy agreement required before incorporation? Yes Yes No Yes No
Do you travel for company incorporation? No No No No No
Resident director required? Yes Yes Yes Yes Yes
Legal considerations
Resident shareholder required? No No No No No
Minimum number of directors 1 1 1 5 1
Minimum number of shareholders 1 2 2 5 1
Resident company secretary required? No No Yes No Yes
Individual shareholders allowed Yes Yes Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes Yes Yes
Corporate director(s) allowed No No No No No
Public register of shareholders and directors Yes Yes Yes Yes Yes
Tax and accounting considerations
Corporate tax payable % 25% 25% 25% 30% 17%
Statutory audit required Yes Yes Yes Yes No
Annual tax return to be submitted Yes Yes Yes Yes Yes
Access to how many double tax treaties Yes Yes Yes Yes Yes
Tax exempt free zones available VSIP FTZ Dong Nam Batam Pasir Gudang Port Klang Bayan Lepas Subic Bay Clark Freeport Sembawang Wharves Brani Terminal
Resident company for local tax purposes Yes Yes Yes Yes Yes
Withholding tax payable 5-10% 20% 10-15% 20-30% 10-15%
How long to get work permit approved 2 months 2 months 2 months 2 months 1 month
Can the entity hire expatriate staff in the country? Yes Yes Yes Yes Yes
Logistics considerations
Allowed to sign sales contracts with local clients Yes Yes Yes Yes Yes
Allowed to invoice local clients Yes Yes Yes Yes Yes
Average monthly salary of skilled labour US$600 US$800 US$2,500 US$1000 US$4000
Average monthly salary of unskilled labour US$200 US$250 US$350 US$250 US$800
English spoken by what % of the population 50% 40% 70% 78% 80%
Literacy rate % 94% 90% 92% 93% 93%
Computer literacy rate % 60% 60% 80% 55% 98%
Office rental per square meter per month US$20 US$20 US$20 US$15 US$30
Warehouse rental per square meter per month US$5 US5 US$3 US$3 US$25
Country rating (out of 100) 136 60 78 100 23
Internet connectivity rating Poor Poor Fair Poor Excellent
GDP per capita (US$) 1,596 3,557 10,381 2,588 51,709
Government liberal or controlling of daily business Strict Moderate Liberal Strict Liberal
Population % tertiary enrollment 24% 25% 42% 28% 34%
Global business efficiency index score (out of 100) 60 50 26 40 3
Ease of doing business global ranking (lower the better) 99 128 12 138 1
Population 89 million 248 million 30 million 98 million 5 million
Unemployment rate 3% 7% 3% 7% 2%
Inflation rate (2013) 7.5% 8.8% 2% 2% 1.9%
GDP 2012 US$ billion US$142bn US$878bn US$304bn US$250bn US$275bn
Average annual growth (2012) 5% 6.2% 5.6% 6.6% 1.3%
Draft sales invoice attached View invoice PDF View invoice PDF View invoice PDF View invoice PDF View invoice PDF

Contact us

For additional information on our Asia Pacific incorporation services, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi