Southeast Asia Non-profit companies Comparison in 2022

Country corporate structure Singapore charity Singapore grant maker Thailand foundation Thailand association
Our ranking in order of preference 2 1 3 4
Summary
What government regulatory licence required? Charity Grantmaker Foundation Association
Maximum % of foreign ownership to secure non-profit status 1 1 0.49 0.49
Charitable activities to benefit locals of the country (partially/fully/not required) Yes, fully Yes, partially Yes, fully Yes, fully
Preferred holding structure for subsidiaries in South East Asia No No No No
Minimum paid up capital required to secure non-profit status S$1 S$1 250 – 500,000 THB 1 THB
Can entity distribute funds to international commodities projects ? Yes Yes Yes Yes
Properly structured, is the entity legally exempt from corporation tax? Yes Yes Yes Yes
Probability the directors or bank signatories must travel during engagement 0.75 0.75 1 1
Can the Asian structure hire local and expatriate Staff? Yes Yes Yes Yes
Are local office premises required? Yes Yes Yes Yes
How soon can our Firm supply company incorporation number? 1 week 1 week 4 months 4 months
How soon can we supply corporate bank account numbers? 3 months 3 months 1 month 1 month
How soon can we supply charity (or equivalent) certificate? 6 months 6 months 1 year 1 year
Total business set up fees, including government costs US$38,950 US$28,950 US$32,950 US$32,950
Non-profit registration requirements
Recommended type of business entity to secure non-profit status PLG PLG Foundation Association
Legal company name will end with what term? Limited Limited Limited Limited
What government regulatory licence required? Charity Grantmaker Foundation Association
Maximum % of foreign ownership to secure non-profit status? 100% 100% 49% 49%
Charitable activities to be rendered to locals? (partially/fully/not required) Fully Partially Fully Fully
Minimum amount of paid up capital required to secure non-profit status? S$1 S$1 250 – 500,000 THB 1 THB
Resident country citizen director or trustee required to secure non-profit status? Yes, 2 Yes, 1 Yes, 1 Yes, 1
Grants received from EU authorities subject to tax in Thailand / Singapore? No No No No
Public disclosure of fund-raising information? Yes Yes Yes Yes
Statutory audit of financial statements required? Yes Yes Yes Yes
Our Client’s team can be sole foreign directors? No No No No
Local resident company agent/secretary/accountant required? Yes Yes Yes Yes
By when will our Client be ready to receive donations from EU governments? 2021 2021 2021 2021
Legal & accounting and tax considerations
Properly structured, is entity legally exempt from corporation tax? Yes, for donations Yes, for donations
Frequency of government regulatory reporting Annual Annual Bi-annual Bi-annual
Can entity use donations to finance international agri-projects? Yes Yes Yes Yes
What withholding tax when transferring US$1 million profit back to Netherlands? 0 0 7%-15% 7%-15%
What withholding tax when transferring US$1 million profit back to Hong Kong? 0 0 7%-15% 7%-15%
Must file annual financial statements by what date (for December year-end)? 30 June 30 June 31 May 31 May
Must file annual corporation tax return by what date (for December year-end)? 30 Nov 30 Nov 31 May 31 May
DTA and information sharing agreements signed with Netherlands? Yes Yes Yes Yes
DTA and information sharing agreements signed with Hong Kong? Yes Yes Yes Yes
What charitable activities allowed under this entity? (Click link) (Click link) (Click link) (Click link)
Is charity insurance available in this jurisdiction? Yes Yes No No
Limited liability for shareholders? Yes Yes Yes Yes
Banking considerations?
Our preferred multi-currency corporate bank account location Singapore Singapore Thailand Thailand
How long to secure corporate bank account approval? 3 months 3 months 1 month 1 month
Probability our Client needs to travel for corporate bank account opening 0.75 0.75 1 1
Do we recommend to secure bank account numbers with local HSBC branch? Yes Yes No, TMB No, TMB
Corporate bank account opening fees payable to the bank? TBC TBC 20,000 TBH 20,000 TBH
Overseas remittance currency controls when repatriating funds to EU None None Only for THB Only for THB
Corporate bank account can receive donations/grants/consultancies? Yes Yes Yes Yes
Minimum deposit to maintain in corporate bank account US$1 million US$1 million 20,000 TBH 20,000 TBH
Bank charges on incoming/ outgoing funds transfers?
Legalisation, attestation and notarisation of parent co documents required? Yes Yes Yes Yes

Contact us

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