Our ranking in order of preference | 1 | 2 | 3 | 4 | 5 |
Quick summary | | | | | |
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? | Click this link | Click this link | Click this link | Click this link | Click this link |
Total year 2 costs (including est. of accounting and tax fees)? | Click this link | Click this link | Click this link | Click this link | Click this link |
Incorporation requirements | | | | | |
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? | Click link | Click link | Click link | Click link | 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? | Click this link | Click this link | Click this link | Click this link | Click this link |