Financial services companies in 2023
Since 2003, Healy Consultants Group opens corporate bank accounts in every country on the planet, without travel.
| Summary at a glance | New Zealand | Labuan | Cayman Islands | Seychelles | Dubai IFC |
|---|---|---|---|---|---|
| Engagement costs (excluding licensing fees) in US$? | 30,410 | 31,025 | 17,522 | 9,950 | 32,290 |
| Annual costs (excluding accounting and tax) in US$? | 1,890 | 4,570 | 5,500 | 4,600 | 7,300 |
| Type of business entity? | Private Limited | Limited company | Exempted company | CSL | LLC |
| How long to set the company up? | 1 week | 1 week | 2 weeks | 4 weeks | 3 weeks |
| How long to open company bank account? | 2 weeks | 3 weeks | 3 weeks | 3 weeks | 3 weeks |
| Licensing authority? | FMA | LFSA | CIMA | SIBA | DFSA |
| Corporate bank account location? | ANZ New Zealand | OCBC Singapore | EuroPacific St Vincent | Barclays Seychelles | HSBC UAE |
| Tenancy agreement required before incorporation? | No | No | No | No | Yes |
| Do you travel for company incorporation? | No | No | No | No | No |
| Resident director required? | Yes | No | No | Yes | No |
| Legal considerations | |||||
| Can the company provide financial services locally? | Yes | No | No | Yes | Yes |
| Is it complex to license the company? | Yes | No | Yes | No | No |
| Where can I find more info on licenses available? | This link | This link | This link | This link | This link |
| How many months to get the license approved? | 3 months | 2 months | 3 months | 2 months | 4 months |
| Local shareholder required? | No | No | No | No | No |
| Minimum number of directors | 1 | 1 | 1 | 1 | 2 |
| Minimum number of shareholders | 1 | 1 | 1 | 1 | 1 |
| AML/CFT officer required? | Yes | Yes | Yes | Yes | Yes |
| Individual and corporate shareholders allowed? | Yes | Yes | Yes | Yes | Yes |
| Corporate shareholders allowed? | Yes | Yes | Yes | Yes | Yes |
| Public register of shareholders and directors? | Yes | No | No | No | Yes |
| Tax and accounting considerations | |||||
| Corporate tax payable? (%) | 28% | 3% | 0% | 1.50% | 0% |
| Annual financial statements to be submitted? | Yes | Yes | Yes | Yes | Yes |
| Statutory audit required? | Yes | Yes | Yes | Yes | Yes |
| Access to how many double tax treaties? | 39 | 74 | 0 | 22 | 70 |
| Tax exempt free zones available | No | No | No | No | Yes |
| Resident company for local tax purposes | Yes | Yes | No | Yes | Yes |
| Can the entity hire expatriate staff in the country? | Yes | Yes | No | Yes | Yes |
| How long to get work permit approved | 3 months | 2 months | N/A | 2 months | 2 months |
| VAT registration always required? | No | No | No | No | No |
| Logistics considerations | |||||
| Average monthly salary of skilled labor? | US$8,400 | US$2,900 | US$9,000 | US$3,000 | US$4,600 |
| Average monthly salary of unskilled labor? | US$2,500 | US$500 | US$ 2,400 | US$ 2,000 | US$300 |
| English spoken by what % of the population | 98% | 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 month | US$30 | US$13 | US$15 | US$16 | US$64 |
| Financial Markets Development ranking? (/144, WEF) | 3 | 5 | - | 103 | 12 |
| Internet connectivity rating | Excellent | Excellent | Good | Fair | Excellent |
| GDP per capita? (US$, IMF WEO 2015) | 37,000 | 10,000 | - | 14,500 | 36,851 |
| Government liberal or controlling of daily business | Liberal | Liberal | Liberal | Liberal | Liberal |
| Is the local currency stable or volatile? | Stable | Volatile | Stable | Volatile | Stable |
| World competitiveness ranking? (/144, WEF) | 17 | 20 | - | 92 | 12 |
| Ease of doing business ranking? (/189, WB) | 2 | 18 | - | 95 | 26 |
| Population? (million) | 4.6 | 31 | 0.1 | 0.1 | 2.7 |
| Unemployment rate? (% active population) | 5.8 | 3 | - | 2.7 | 0.3 |
| Inflation rate? (IMF, 2015 average) | 0.2 | 2.4 | - | 4.3 | 2.91 |
| GDP 2015? (US$ billion) | 171 | 313 | - | 1.4 | 99.5 |
| Average annual growth? (IMF, 2015) | 2.2 | 4.7 | - | 3.5 | 2.5 |
