Compare legally tax exempt Commonwealth entities in 2022

Legally tax-exempt Commonwealth entitiesIrish LLPUK LLCScottish LLPDelaware LLCCanadian LLP
International income is legally tax exempt?YesYesYesYesYes
Can conduct local business in this country?NoNoNoNoNo
Can have local Staff and physical office premises?NoNoNoNoNo
Location of multi-currency corporate bank account?LondonLondonLondonUSAUSA
How long to secure the COI of the corporate structure?2 weeks2 weeks2 weeks1 week3 weeks
Fast turnkey solutions available?YesYesYesYesYes
Our Client must travel during the engagement?NoNoNoNoNo
Can conduct any type of business?No, only legal servicesYesYesYesYes
How long to secure corporate bank account number?2 months2 months2 months6 weeks2 months
Total business setup costs (US$ unless specified)€10,205£7,890£8,09010,00012,500
Subsequent annual costs (excl. accounting & tax)€6,545£3,640£3,6004,0005,800
Accounting and tax considerations
Corporation tax on locally sourced income?12.5%19%19%Up to 28.7%31%
If properly structured, will be a legally tax-exempt entity?YesYesYesYesYes
Must register for local GST or VAT?NoNoNoNoNo
Must submit an annual corporate tax return?YesYesYesYesYes
Can access double taxation treaties?NoYesNoNoNo
Annual financial statements submitted to the Government?YesYesYesYesYes
Independent statutory annual audit required?NoNoNoNoNo
Must submit a local annual personal income tax return?NoNoNoYesNo
Withholding tax on overseas repatriation of profits?NoNoNoNoNo
Legal and compliance considerations
How long to set secure entity numbers?2 weeks2 weeks2 weeks1 week3 weeks
Resident director / partner required?YesYesNoNoNo
Minimum number of directors?21112
Minimum number of shareholders or partners?21212
Recommended minimum paid-up share capital?€10,000£10,000£10,000US$51,000US$51,000
Resident company secretary or agent required?YesYesYesYesNo
Individual and corporate shareholders or partners allowed?YesYesYesYesYes
Public register of shareholders & partners & directors?YesYesYesNoYes
Public register of Ultimate Beneficial Owners?YesYesYesNoNo
Multi-currency corporate bank account considerations
The bank signatory must travel?NoNoNoNoNo
Type of financial institution?UK PSPUK PSPUK PSPUSA bankUSA bank
Regulated by what Government authority?UK FCAUK FCAUK FCAUSA FEDUSA FED
Minimum deposit required?NilNilNilUS$51,000US$51,000
Monthly bank charges?£20-200£20-200£20-200US$50-500US$50-500
Financial institution credit rating?AAAAA
Dedicated bank officer available?YesYesYesYesYes
Quality of e-banking platform?GoodGoodGoodVery goodVery good
Corporate visa debit cards availableYesYesYesYesYes
Doing business through this corporate structure
Can make local sales to local customers?NoNoNoNoNo
Can have local staff and local physical office premises?NoNoNoNoNo
Can do business with local Suppliers?NoNoNoNoNo
Director must visit country once a year?NoYesNoNoNo
Foreign currency repatriation controls?NoNoNoNoNo
FATF blacklisted country?NoNoNoNoNo