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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