Financial services companies in 2022

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Since 2003, Healy Consultants Group PLC opens corporate bank accounts in every country on the planet, without travel.

Summary at a glance New Zealand Labuan Mauritius Cayman Islands Seychelles Dubai IFC
Engagement costs (excluding licensing fees) in US$? 30,410 31,025 20,450 14,812 9,950 32,290
Annual costs (excluding accounting and tax) in US$? 1,890 4,570 2,550 3,404 4,600 7,300
Type of business entity? Private Limited Limited company GBC Exempted company CSL LLC
How long to set the company up? 1 week 1 week 3 weeks 2 weeks 4 weeks 3 weeks
How long to open company bank account? 2 weeks 3 weeks 4 weeks 3 weeks 3 weeks 3 weeks
Licensing authority? FMA LFSA FSC CIMA SIBA DFSA
Corporate bank account location? ANZ New Zealand OCBC Singapore Barclays Mauritius EuroPacific St Vincent Barclays Seychelles HSBC UAE
Tenancy agreement required before incorporation? No No No No No Yes
Do you travel for company incorporation? No No No No No No
Resident director required? Yes No Yes, 2 No Yes No
Legal considerations
Can the company provide financial services locally? Yes No Yes No Yes Yes
Is it complex to license the company? Yes No No Yes No No
Where can I find more info on licenses available? This link This link This link This link This link This link
How many months to get the license approved? 3 months 2 months 2 months 3 months 2 months 4 months
Local shareholder required? No No No No No No
Minimum number of directors 1 1 2 1 1 2
Minimum number of shareholders 1 1 1 1 1 1
AML/CFT officer required? Yes Yes Yes Yes Yes Yes
Individual and corporate shareholders allowed? Yes Yes Yes Yes Yes Yes
Corporate shareholders allowed? Yes Yes Yes Yes Yes Yes
Public register of shareholders and directors? Yes No No No No Yes
Tax and accounting considerations
Corporate tax payable? (%) 28% 3% 3% 0% 1.50% 0%
Annual financial statements to be submitted? Yes Yes Yes Yes Yes Yes
Statutory audit required? Yes Yes Yes Yes Yes Yes
Access to how many double tax treaties? 39 74 40 0 22 70
Tax exempt free zones available No No No No No Yes
Resident company for local tax purposes Yes Yes Yes No Yes Yes
Can the entity hire expatriate staff in the country? Yes Yes Yes No Yes Yes
How long to get work permit approved 3 months 2 months 2 months N/A 2 months 2 months
VAT registration always required? No No No No No No
Logistics considerations
Average monthly salary of skilled labor? US$8,400 US$2,900 US$3,500 US$9,000 US$3,000 US$4,600
Average monthly salary of unskilled labor? US$2,500 US$500 US$950 US$ 2,400 US$ 2,000 US$300
English spoken by what % of the population 98% 98% 16% 77% 38% 75%
Literacy rate % 99% 99% 58% 98% 92% 90.3%
Computer literacy rate % 88% 88% 27% 35% 39% N/A
Office rental per square meter per month US$30 US$13 US$13 US$15 US$16 US$64
Financial Markets Development ranking? (/144, WEF) 3 5 26 - 103 12
Internet connectivity rating Excellent Excellent Fair Good Fair Excellent
GDP per capita? (US$, IMF WEO 2015) 37,000 10,000 9,200 - 14,500 36,851
Government liberal or controlling of daily business Liberal Liberal Liberal Liberal Liberal Liberal
Is the local currency stable or volatile? Stable Volatile Volatile Stable Volatile Stable
World competitiveness ranking? (/144, WEF) 17 20 39 - 92 12
Ease of doing business ranking? (/189, WB) 2 18 32 - 95 26
Population? (million) 4.6 31 1.2 0.1 0.1 2.7
Unemployment rate? (% active population) 5.8 3 7.8 - 2.7 0.3
Inflation rate? (IMF, 2015 average) 0.2 2.4 1.9 - 4.3 2.91
GDP 2015? (US$ billion) 171 313 11 - 1.4 99.5
Average annual growth? (IMF, 2015) 2.2 4.7 3.1 - 3.5 2.5

Healy Consultants Group PLC does not recommend our Clients establish a business in Mauritius, due to the poor business environment provided by the Mauritius Government and Financial Services Commission to multi-national organisations. Healy Consultants Group PLC instead recommends our Clients establish their businesses in these reputable zero tax jurisdictions.

Contact us

For additional information on our financial services company setup services, please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon