Global tax advantaged free zone companies in 2023
Healy Consultants helps clients set up free zone companies around the world. Below is a sample of the tax-advantaged free zone companies that we can register for you.
| Summary at a glance | Chile | Bulgaria | Nigeria | South Korea |
|---|---|---|---|---|
| Free zone name | Iquique Free Zone | Bourgas Free Zone | OK Free Trade Zone | Incheon Free Zone |
| Corporate tax payable | 0% | 10% | 0% | 0% |
| Average monthly salary skilled labour (US$) | US$2,700 | US$4,100 | US$450 | US$3,000 |
| Office rental square meter per month (US$) | US$30 | US$8 | US$20 | US$18 |
| Total company set up costs | US$16,235 | €8,360 | US$25,600 | US$12,953 |
| Subsequent annual costs (excl accg and tax) | US$1,210 | €2,330 | US$4,540 | US$3,510 |
| How long to set the company up? | 9 weeks | 3 weeks | 5 weeks | 2 weeks |
| How long to open company bank account? | 4 weeks | 4 weeks | 5 weeks | 2 weeks |
| Issued share capital required | US$1 | €1 | US$62,000 | US$10,000 |
| Corporate bank account | Banco Edwards Citi | Citibank Bulgaria | Standard Chartered Bank | Citibank Seoul |
| Legal considerations | ||||
| Resident director required? | No | No | No | No |
| Resident shareholder required? | No | No | No | No |
| Minimum number of directors | 1 | 1 | 2 | 1 |
| Minimum number of shareholders | 2 | 1 | 2 | 1 |
| Resident company secretary | No | No | Yes | No |
| Individual shareholders allowed | Yes | Yes | Yes | Yes |
| Corporate shareholders allowed | Yes | Yes | Yes | Yes |
| Corporate director(s) allowed | Yes | Yes | No | No |
| Public register of shareholders and directors | Yes | Yes | Yes | Yes |
| All business permitted for foreigners | Yes, except mining | Yes | Yes | Yes |
| Tax and accounting considerations | ||||
| Corporate tax payable | 0% | 10% | No | 0% |
| Statutory audit required | No | Yes | Yes | Yes |
| Annual tax return to be submitted | Yes | Yes | Yes | Yes |
| Access to how many double tax treaties | 28 | 68 | 11 | 50 |
| Withholding tax payable | 0% | 5% | 15% | 20% |
| How long to get work permit approved | 4 weeks | 4 weeks | 3 months | 3 months |
| Can the entity hire expatriate staff in the country? | Yes | Yes | Yes | Yes |
| Logistic considerations | ||||
| Tenancy agreement before incorporation? | No | No | No | Yes |
| Do you visit the country for incorporation? | No | No | No | No |
| Allowed to invoice/sign sales contracts with local clients | Yes | Yes | Yes | Yes |
| Can rent office premises in the country | Yes | Yes | Yes | Yes |
| Allowed to import raw materials? | Yes | Yes | Yes | Yes |
| Allowed to export goods? | Yes | Yes | Yes | Yes |
| Employment visa fees (US$) | US$3,950 | US$5,950 | US$3,950 | US$5,950 |
| What % of population speak English | 5% | 24% | 53% | 10% |
| Literacy rate (%) | 90% | 98% | 61% | 98% |
| Average monthly salary unskilled labour (US$) | US$1,000 | US$3,600 | US$250 | US$1,200 |
| Computer literacy rate (%) | 46% | 70% | 43% | 90% |
| Internet connectivity rating | Good | Good | Fair | Excellent |
| Global business efficiency index score (higher better) | 50 | 40 | 48 | 36 |
| Ease of doing business global ranking (lower better) | 37 | 66 | 131 | 8 |
| GDP per capita (US$) | US$15,363 | US$6,986 | US$1,555 | US$22,590 |
| Population (in million) | 17m | 7m | 169m | 50m |
| Unemployment rate | 6% | 12% | 24% | 2.9% |
| Inflation rate (2013) | 2.2% | 2.4% | 8% | 1.3% |
| GDP 2012 (US$ billion) | US$268 bn | US$51bn | US$263 bn | US$1,130 bn |
| Real GDP Growth rate (2012) | 5% | 0.8% | 6.6% | 2.3% |
| Estimate of engagement costs | US$D | € | US$D | US$D |
| Healy Consultants engagement fees | 7,200 | 3,400 | 12,990 | 4,500 |
| Company secretary and legal registered office | 1,100 | 1,100 | 3,500 | 3,500 |
| Estimate of Government registration fees | 230 | 60 | 1,610 | 53 |
| Corporate bank account opening | 2,950 | 2,950 | 4,950 | 4,950 |
| Estimate of total outgoings in Year 1 | US$16,235 | €8,360 | US$25,600 | US$13,943 |
| Draft sales invoice attached | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |
