Payment solution and remittance activityCaribbean countryEU countryAsian countryCaribbean countryEU country
When can you legally conduct business if we start on 15th July?April 2023May 2023June 2023April 2023April 2023
Special regulatory license required for our Client’s business activities?MS LicenseSmall EMIPSPPSPSmall EMI
Global reputation and perception as a crypto-friendly country?YesYesRecently noYesYes
Expected corporation tax on payments and crypto business profits? %0%1517035%
Minimum paid-up share capital required?US$36,056€350,000US$100,000US$100,00€125,000
Economic substance required including local staff and physical office?YesYesYesYesYes
Probability our Client will need to travel to complete the engagement?50%100%75%25%100%
Location of multi-currency corporate bank account?USAEU SEPASEACaribbeanEU SEPA
Viewed as a tax haven entity by customers, banks and Governments?YesNoNoYesNo
Availability of turnkey shell licensed solutions?NoYesYesYesNo
Healy Consultants’ fees for the business setup engagement?US$31,472€76,680US$34,115US$29,500€85,000
Total timeframe to complete the engagement (in months)?9-12 months9-12 months12 months7-9 months7-9months
Corporate structure requirements
Recommended type of business entity?Exempt LLCLLCLLCLLCLLC
Minimum number of directors?11111
Requirement for appointment of a resident director or manager?NoRecommendedYesNoYes
Can the entity be wholly foreign owned?YesYesYesYesYes
Minimum number of shareholders?11111
Public register of directors and shareholders?NoYesYesNoYes
Public register of beneficial owners?YesYesNoNoYes
Must the share capital be paid up before or after incorporation?BeforeDuringAfterBeforeDuring
Lease agreement for physical premises required before incorporation?YesRecommendedNoNoYes
Due diligence documents must be notarized and/or legalized?YesYesYesYesYes
How long to secure a certificate of incorporation, after attestations1 week4 weeks1 week3 weeks2 weeks
How long to secure tax ID, after company set upN/A1 week1 day3 weeks2 weeks
Mandatory to appoint a local accountant?YesYesNoNoYes
Licensing considerations
Can trade with local customers in this country?NoYesYesYesYes
Average time to secure a license from the Regulator?4-6 months4-8 months12 months3 weeks7 months
Local director/AML/Compliance officer required for licensing?YesYesYesNoYes
Professional background of business owners required?YesYesYesNoYes
Staffed office required before securing crypto/payments license?YesRecommendedYesNoYes
Single license available only or license tiers based on complexity?SingleSingleSingleNoneSingle
KYC checks required? Deposit threshold for Client identification?YesYesYesNoneYes
What threshold requires Client’s proof of income/source of funds?Yes€1000TBCNone€10,000
Professional background of directors and shareholders required?YesYesYesNoneYes
Security measures required to store Client funds (Cold storage)?YesNoneYesNoneNone
Professional indemnity insurance required?NoNoneNoNoneYes
Purchase or lease of local office premises, average cost per m2?US$25€9US$27US$20€13
Can Healy supply local active/passive directors and AML officers?YesYesYesYesYes
Accounting and tax considerations
Access to double taxation treaties?YesYesYesYesYes
Local VAT or GST % on company sales to local customers?N. AYes7%NoYes
Local VAT or GST % on company sales to overseas customers?N. ANoNoNoNo
If properly structured, can the entity be legally exempt from local taxes?YesNoNoYesNo
Specific tax regime available in an industrial park or free zone?NoNoNoNoNo
Annual filing of a corporate tax return required?YesYesYesYesYes
of the financial statements always required?YesNoNoNoYes
Withholding tax on dividends remitted overseas?0%YesNoNoYes
Withholding tax on director fees remitted overseas?0%YesYesNoYes
Availability of double taxation avoidance treaty with [Client to confirm]?TBCTBCTBCTBCTBC
Capital and currency controls on overseas outgoing funds transfers?NoNoNoNoNo
Monthly or quarterly VAT or GST reporting to the Government?NoYesYesYesYes
Healy Consultants Group PLC can complete monthly reporting?YesYesYesNoYes
Corporate banking considerations
Recommended location of corporate Florida BankSwitzerlandAsiaCaribbean bankEU SEPA
Minimum initial deposit most commonly required by the Bank (US$)?US$100,000Case by caseUS$100,00010000€10,000
How long to secure corporate bank account numbers?3 months8 weeks3 months10 weeks8 weeks
Probability the bank signatory needs to travel for account opening?Low50%75%25%80%
Quality of bank customer and online banking services?AverageHighHighLowAverage
Will the bank assign a dedicated bank officer for the account?YesYesYesYesYes
Client sub-accounts allowed with this bank?NoYesNoYesYes
Quality of the e-banking platform?HighHighGreatAverageGreat
Foreign currency transactions controls?NoNoNoNoNo
Resident bank signatory required?NoNoNoNoNo
Multicurrency corporate bank accounts available?YesYesYesYesYes
Feasible to manage banking transaction remotely?YesYesYesYesYes
CRS reporting bank?NoYesYesNoYes

Contact us

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