Global tax advantaged free zone companies in 2023

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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 glanceChileBulgariaNigeriaSouth Korea
Free zone nameIquique Free Zone Bourgas Free ZoneOK Free Trade ZoneIncheon Free Zone
Corporate tax payable0%10%0%0%
Average monthly salary skilled labour (US$)US$2,700US$4,100US$450US$3,000
Office rental square meter per month (US$)US$30US$8US$20US$18
Total company set up costsUS$16,235€8,360US$25,600US$12,953
Subsequent annual costs (excl accg and tax)US$1,210€2,330US$1,990US$3,510
How long to set the company up?9 weeks3 weeks5 weeks2 weeks
How long to open company bank account?4 weeks4 weeks5 weeks2 weeks
Issued share capital requiredUS$1€1US$62,000US$10,000
Corporate bank accountBanco Edwards CitiCitibank BulgariaStandard Chartered BankCitibank Seoul
Legal considerations
Resident director required?NoNoNoNo
Resident shareholder required?NoNoNoNo
Minimum number of directors1121
Minimum number of shareholders2121
Resident company secretaryNoNoYesNo
Individual shareholders allowedYesYesYesYes
Corporate shareholders allowedYesYesYesYes
Corporate director(s) allowedYesYesNoNo
Public register of shareholders and directorsYesYesYesYes
All business permitted for foreignersYes, except miningYesYesYes
Tax and accounting considerations
Corporate tax payable0%10%No0%
Statutory audit requiredNoYesYesYes
Annual tax return to be submittedYesYesYesYes
Access to how many double tax treaties28681150
Withholding tax payable0%5%15%20%
How long to get work permit approved4 weeks4 weeks3 months3 months
Can the entity hire expatriate staff in the country?YesYesYesYes
Logistic considerations
Tenancy agreement before incorporation?NoNoNoYes
Do you visit the country for incorporation?NoNoNoNo
Allowed to invoice/sign sales contracts with local clientsYesYesYesYes
Can rent office premises in the countryYesYesYesYes
Allowed to import raw materials?YesYesYesYes
Allowed to export goods?YesYesYesYes
Employment visa fees (US$)US$3,950US$5,950US$3,950US$5,950
What % of population speak English5%24%53%10%
Literacy rate (%)90%98%61%98%
Average monthly salary unskilled labour (US$)US$1,000US$3,600US$250US$1,200
Computer literacy rate (%)46%70%43%90%
Internet connectivity ratingGoodGoodFairExcellent
Global business efficiency index score (higher better)50404836
Ease of doing business global ranking (lower better)37661318
GDP per capita (US$)US$15,363US$6,986US$1,555US$22,590
Population (in million)17m7m169m50m
Unemployment rate6%12%24%2.9%
Inflation rate (2013)2.2%2.4%8%1.3%
GDP 2012 (US$ billion)US$268 bnUS$51bnUS$263 bnUS$1,130 bn
Real GDP Growth rate (2012)5%0.8%6.6%2.3%
Estimate of engagement costs US$DUS$DUS$D
Healy Consultants engagement fees7,2003,40012,9904,500
Company secretary and legal registered office1,1001,1002,1503,500
Estimate of Government registration fees230601,61053
Corporate bank account opening2,9502,9504,9504,950
Estimate of total outgoings in Year 1US$16,235€8,360US$25,600US$13,943
Draft sales invoice attachedView invoice PDFView invoice PDFView invoice PDFView invoice PDF

Contact us

For additional information on our tax exempt free zone company registration services, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi