Global tax advantaged free zone companies in 2022

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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 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$1,990 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 2,150 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

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