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 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

Contact us

For additional information on our incorporation services, please contact our in-house country expert, Mr. Aidan Healy, directly:
client relationship officer - Aidan