Compare legally tax exempt Commonwealth entities in 2023

Legally tax-exempt Commonwealth entities Irish LLP UK LLC Scottish LLP Delaware LLC Canadian LLP
International income is legally tax exempt? Yes Yes Yes Yes Yes
Can conduct local business in this country? No No No No No
Can have local Staff and physical office premises? No No No No No
Location of multi-currency corporate bank account? London London London USA USA
How long to secure the COI of the corporate structure? 2 weeks 2 weeks 2 weeks 1 week 3 weeks
Fast turnkey solutions available? Yes Yes Yes Yes Yes
Our Client must travel during the engagement? No No No No No
Can conduct any type of business? No, only legal services Yes Yes Yes Yes
How long to secure corporate bank account number? 2 months 2 months 2 months 6 weeks 2 months
Total business setup costs (US$ unless specified) €10,205 £7,890 £8,090 11,500 12,500
Subsequent annual costs (excl. accounting & tax) €6,545 £3,640 £3,600 2,375 5,800
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? Yes Yes Yes Yes Yes
Must register for local GST or VAT? No No No No No
Must submit an annual corporate tax return? Yes Yes Yes Yes Yes
Can access double taxation treaties? No Yes No No No
Annual financial statements submitted to the Government? Yes Yes Yes Yes Yes
Independent statutory annual audit required? No No No No No
Must submit a local annual personal income tax return? No No No Yes No
Withholding tax on overseas repatriation of profits? No No No No No
Legal and compliance considerations
How long to set secure entity numbers? 2 weeks 2 weeks 2 weeks 1 week 3 weeks
Resident director / partner required? Yes Yes No No No
Minimum number of directors? 2 1 1 1 2
Minimum number of shareholders or partners? 2 1 2 1 2
Recommended minimum paid-up share capital? €10,000 £10,000 £10,000 US$51,000 US$51,000
Resident company secretary or agent required? Yes Yes Yes Yes No
Individual and corporate shareholders or partners allowed? Yes Yes Yes Yes Yes
Public register of shareholders & partners & directors? Yes Yes Yes No Yes
Public register of Ultimate Beneficial Owners? Yes Yes Yes No No
Multi-currency corporate bank account considerations
The bank signatory must travel? No No No No No
Type of financial institution? UK PSP UK PSP UK PSP USA bank USA bank
Regulated by what Government authority? UK FCA UK FCA UK FCA USA FED USA FED
Minimum deposit required? Nil Nil Nil US$51,000 US$51,000
Monthly bank charges? £20-200 £20-200 £20-200 US$50-500 US$50-500
Financial institution credit rating? A A A A A
Dedicated bank officer available? Yes Yes Yes Yes Yes
Quality of e-banking platform? Good Good Good Very good Very good
Corporate visa debit cards available Yes Yes Yes Yes Yes
Doing business through this corporate structure
Can make local sales to local customers? No No No No No
Can have local staff and local physical office premises? No No No No No
Can do business with local Suppliers? No No No No No
Director must visit country once a year? No Yes No No No
Foreign currency repatriation controls? No No No No No
FATF blacklisted country? No No No No No