| Our ranking in order of preference |
1 |
2 |
3 |
4 |
5 |
| Quick summary |
|
|
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|
|
| Minimum paid up share capital? |
US$1 |
US$1 |
US$3,100 |
US$1 |
US$1 |
| Total engagement period? |
2 months |
2 months |
2 months |
2 months |
2 months |
| How long set the company up? |
1 week |
1 week |
2 weeks |
1 week |
1 week |
| Our Client must travel? |
No |
No |
No |
No |
No |
| How long to open bank account? |
7 weeks |
7 weeks |
7 weeks |
7 weeks |
7 weeks |
| Fast turnkey solution available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Total year 1 engagement set up costs? |
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| Total year 2 costs (including est. of accounting and tax fees)? |
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| Incorporation requirements |
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|
|
|
|
| A resident director or representative is required? |
No |
Yes |
No |
Yes |
No |
| National shareholder required? |
No |
No |
No |
No |
No |
| Minimum number of directors? |
1 |
1 |
1 |
1 |
1 |
| Resident director company secretary required? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Individual shareholder allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate director(s) allowed? |
No |
No |
Yes |
No |
Yes |
| Public register of shareholder and directors? |
Yes |
Yes |
Yes |
Yes |
No |
| Tax and accounting |
|
|
|
|
|
| Special tax regime for holding companies? |
No |
Yes |
No |
No |
No |
| Controlled Foreign Corporation (CFC) rules applicable? |
No |
No |
No |
Yes |
No |
| Required % ownership? |
N/A |
N/A |
N/A |
N/A |
N/A |
| Corporate tax rate payable on foreign sourced income? |
0% |
0% |
12% |
28% |
0% |
| Withholding tax on dividends paid to non-residents individuals? |
0% |
0% |
0% |
0-30% |
0% |
| Withholding tax on dividends distributed to resident individuals? |
0% |
0% |
None |
33% |
0% |
| Withholding tax on interest paid to non-residents individuals? |
0% |
0% |
None |
33% |
0% |
| Capital gains tax payable on sale of subsidiary? |
None |
None |
None |
None |
None |
| Annual return to be submitted? |
Yes |
Yes |
Yes |
Yes |
No |
| Annual financial statements required? |
Yes |
Yes |
Yes |
Yes |
No |
| Statutory audit always required? |
Yes |
No |
No |
No |
No |
| Must always register for VAT/GST? |
No |
No |
No |
No |
No |
| Link to double tax treaties? |
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None |
| Can do business and hire locals? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Blacklisted “tax neutral” jurisdiction? |
No |
No |
No |
No |
Yes |
| Corporate bank account considerations |
|
|
|
|
|
| Recommended corporate bank account? |
HSBC |
DBS |
Bank of China |
Bank of China |
International bank |
| Travel required to complete account opening? |
Yes |
Yes |
Yes |
No |
No |
| Minimum recommended deposit (US$)? |
US$50,000 |
US$50,000 |
US$50,000 |
US$20,000 |
US$100,000 |
| Multi-currency corporate bank account? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Quality of bank customer services? |
Good |
Good |
Good |
Good |
Good |
| Quality of online banking services? |
Excellent |
Excellent |
Excellent |
Excellent |
Good |
| Corporate credit/debit cards available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Resident bank signatory required? |
No |
No |
No |
No |
No |
| FATCA reporting to the USA? |
In Force |
In Force |
Signed |
In Force |
None |
| Logistics considerations |
|
|
|
|
|
| Virtual office services available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Allowed to make sales to foreign Clients? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Allowed to make sales to local customers? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Local sales subject to tax? |
Yes |
Yes |
Yes |
Yes |
|
| Can the entity hire local staff? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Can the entity hire expatriate staff? |
Yes |
Yes |
Yes |
Yes |
Yes |
| How long to get work permit approved? |
2 months |
2 months |
2 months |
6 months |
2 months |
| Draft sales invoice for business setup? |
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