Comparisons of global payment solution and remittance activity

Payment solution and remittance activity	Caribbean country	EU country	Asian country	Caribbean country	EU country
OUR RANKING IN ORDER OF PREFERENCE	3	2	4	1	5
Summary
When can you legally conduct business if we start on 15th July?	April 2023	May 2023	June 2023	April 2023	April 2023
Special regulatory license required for our Client’s business activities?	MS License	Small EMI	PSP	PSP	Small EMI
Global reputation and perception as a crypto-friendly country?	Yes	Yes	Recently no	Yes	Yes
Expected corporation tax on payments and crypto business profits? %	0%	15	17	0	35%
Minimum paid-up share capital required?	US$36,056	€350,000	US$100,000	US$100,00	€125,000
Economic substance required including local staff and physical office?	Yes	Yes	Yes	Yes	Yes
Probability our Client will need to travel to complete the engagement?	50%	100%	75%	25%	100%
Location of multi-currency corporate bank account?	USA	EU SEPA	SEA	Caribbean	EU SEPA
Viewed as a tax haven entity by customers, banks and Governments?	Yes	No	No	Yes	No
Availability of turnkey shell licensed solutions?	No	Yes	Yes	Yes	No
Healy Consultants’ fees for the business setup engagement?	US$31,472	€76,680	US$34,115	US$29,500	€85,000
Total timeframe to complete the engagement (in months)?	9-12 months	9-12 months	12 months	7-9 months	7-9months
Corporate structure requirements
Recommended type of business entity?	Exempt LLC	LLC	LLC	LLC	LLC
Minimum number of directors?	1	1	1	1	1
Requirement for appointment of a resident director or manager?	No	Recommended	Yes	No	Yes
Can the entity be wholly foreign owned?	Yes	Yes	Yes	Yes	Yes
Minimum number of shareholders?	1	1	1	1	1
Public register of directors and shareholders?	No	Yes	Yes	No	Yes
Public register of beneficial owners?	Yes	Yes	No	No	Yes
Must the share capital be paid up before or after incorporation?	Before	During	After	Before	During
Lease agreement for physical premises required before incorporation?	Yes	Recommended	No	No	Yes
Due diligence documents must be notarized and/or legalized?	Yes	Yes	Yes	Yes	Yes
How long to secure a certificate of incorporation, after attestations	1 week	4 weeks	1 week	3 weeks	2 weeks
How long to secure tax ID, after company set up	N/A	1 week	1 day	3 weeks	2 weeks
Mandatory to appoint a local accountant?	Yes	Yes	No	No	Yes
Licensing considerations
Can trade with local customers in this country?	No	Yes	Yes	Yes	Yes
Average time to secure a license from the Regulator?	4-6 months	4-8 months	12 months	3 weeks	7 months
Local director/AML/Compliance officer required for licensing?	Yes	Yes	Yes	No	Yes
Professional background of business owners required?	Yes	Yes	Yes	No	Yes
Staffed office required before securing crypto/payments license?	Yes	Recommended	Yes	No	Yes
Single license available only or license tiers based on complexity?	Single	Single	Single	None	Single
KYC checks required? Deposit threshold for Client identification?	Yes	Yes	Yes	None	Yes
What threshold requires Client’s proof of income/source of funds?	Yes	€1000	TBC	None	€10,000
Professional background of directors and shareholders required?	Yes	Yes	Yes	None	Yes
Security measures required to store Client funds (Cold storage)?	Yes	None	Yes	None	None
Professional indemnity insurance required?	No	None	No	None	Yes
Purchase or lease of local office premises, average cost per m2?	US$25	€9	US$27	US$20	€13
Can Healy supply local active/passive directors and AML officers?	Yes	Yes	Yes	Yes	Yes
Accounting and tax considerations
Access to double taxation treaties?	Yes	Yes	Yes	Yes	Yes
Local VAT or GST % on company sales to local customers?	N. A	Yes	7%	No	Yes
Local VAT or GST % on company sales to overseas customers?	N. A	No	No	No	No
If properly structured, can the entity be legally exempt from local taxes?	Yes	No	No	Yes	No
Specific tax regime available in an industrial park or free zone?	No	No	No	No	No
Annual filing of a corporate tax return required?	Yes	Yes	Yes	Yes	Yes
of the financial statements always required?	Yes	No	No	No	Yes
Withholding tax on dividends remitted overseas?	0%	Yes	No	No	Yes
Withholding tax on director fees remitted overseas?	0%	Yes	Yes	No	Yes
Availability of double taxation avoidance treaty with [Client to confirm]?	TBC	TBC	TBC	TBC	TBC
Capital and currency controls on overseas outgoing funds transfers?	No	No	No	No	No
Monthly or quarterly VAT or GST reporting to the Government?	No	Yes	Yes	Yes	Yes
Healy Consultants Group PLC can complete monthly reporting?	Yes	Yes	Yes	No	Yes
Corporate banking considerations
Recommended location of corporate	Florida Bank	Switzerland	Asia	Caribbean bank	EU SEPA
Minimum initial deposit most commonly required by the Bank (US$)?	US$100,000	Case by case	US$100,000	10000	€10,000
How long to secure corporate bank account numbers?	3 months	8 weeks	3 months	10 weeks	8 weeks
Probability the bank signatory needs to travel for account opening?	Low	50%	75%	25%	80%
Quality of bank customer and online banking services?	Average	High	High	Low	Average
Will the bank assign a dedicated bank officer for the account?	Yes	Yes	Yes	Yes	Yes
Client sub-accounts allowed with this bank?	No	Yes	No	Yes	Yes
Quality of the e-banking platform?	High	High	Great	Average	Great
Foreign currency transactions controls?	No	No	No	No	No
Resident bank signatory required?	No	No	No	No	No
Multicurrency corporate bank accounts available?	Yes	Yes	Yes	Yes	Yes
Feasible to manage banking transaction remotely?	Yes	Yes	Yes	Yes	Yes
CRS reporting bank?	No	Yes	Yes	No	Yes

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