Financial services companies in 2023

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

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

Summary at a glanceNew ZealandLabuanCayman IslandsSeychellesDubai IFC
Engagement costs (excluding licensing fees) in US$?30,41031,02517,5229,95032,290
Annual costs (excluding accounting and tax) in US$?1,8904,5705,5004,6007,300
Type of business entity?Private LimitedLimited companyExempted companyCSLLLC
How long to set the company up?1 week1 week2 weeks4 weeks3 weeks
How long to open company bank account?2 weeks3 weeks3 weeks3 weeks3 weeks
Corporate bank account location?ANZ New ZealandOCBC SingaporeEuroPacific St VincentBarclays SeychellesHSBC UAE
Tenancy agreement required before incorporation?NoNoNoNoYes
Do you travel for company incorporation?NoNoNoNoNo
Resident director required?YesNoNoYesNo
Legal considerations
Can the company provide financial services locally?YesNoNoYesYes
Is it complex to license the company?YesNoYesNoNo
Where can I find more info on licenses available?This linkThis linkThis linkThis linkThis link
How many months to get the license approved?3 months2 months3 months2 months4 months
Local shareholder required?NoNoNoNoNo
Minimum number of directors11112
Minimum number of shareholders11111
AML/CFT officer required?YesYesYesYesYes
Individual and corporate shareholders allowed?YesYesYesYesYes
Corporate shareholders allowed?YesYesYesYesYes
Public register of shareholders and directors?YesNoNoNoYes
Tax and accounting considerations
Corporate tax payable? (%)28%3%0%1.50%0%
Annual financial statements to be submitted?YesYesYesYesYes
Statutory audit required?YesYesYesYesYes
Access to how many double tax treaties?397402270
Tax exempt free zones availableNoNoNoNoYes
Resident company for local tax purposesYesYesNoYesYes
Can the entity hire expatriate staff in the country?YesYesNoYesYes
How long to get work permit approved3 months2 monthsN/A2 months2 months
VAT registration always required?NoNoNoNoNo
Logistics considerations
Average monthly salary of skilled labor?US$8,400US$2,900US$9,000US$3,000US$4,600
Average monthly salary of unskilled labor?US$2,500US$500US$ 2,400US$ 2,000US$300
English spoken by what % of the population98%98%77%38%75%
Literacy rate %99%99%98%92%90.3%
Computer literacy rate %88%88%35%39%N/A
Office rental per square meter per monthUS$30US$13US$15US$16US$64
Financial Markets Development ranking? (/144, WEF)35-10312
Internet connectivity ratingExcellentExcellentGoodFairExcellent
GDP per capita? (US$, IMF WEO 2015)37,00010,000-14,50036,851
Government liberal or controlling of daily businessLiberalLiberalLiberalLiberalLiberal
Is the local currency stable or volatile?StableVolatileStableVolatileStable
World competitiveness ranking? (/144, WEF)1720-9212
Ease of doing business ranking? (/189, WB)218-9526
Population? (million)4.6310.10.12.7
Unemployment rate? (% active population)5.83-2.70.3
Inflation rate? (IMF, 2015 average)0.22.4-4.32.91
GDP 2015? (US$ billion)171313-1.499.5
Average annual growth? (IMF, 2015)2.24.7-3.52.5

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