Tax exempt companies in 2023
| Singapore Company | Hong Kong Company | Ireland Company | Dubai Company | Brunei Company | |
|---|---|---|---|---|---|
| Our recommendation in order of preference | 1 | 2 | 3 | 4 | 5 |
| Summary at a Glance | |||||
| Total company set up costs | US$8,800 | US$6,350 | US$16,400 | US$7,950 | US$7,800 |
| Subsequent annual costs (excl accounting and tax fee) | US$4,550 | US$2,800 | US$2,795 | US$1,600 | US$2,900 |
| How long to set the company up? | 1 week | 2 weeks | 2 weeks | 1 weeks | 2 weeks |
| How long to open company bank account? | 3 weeks | 3 weeks | 3 weeks | 3 weeks | 3 weeks |
| Recommended location of corporate bank account | SCB Indonesia | SCB Indonesia | HSBC London | HSBC Dubai | SCB Brunei |
| Issued share capital required | US$1 | US$1 | US$1 | US$1 | US$1 |
| Tenancy agreement required before incorporation? | No | No | No | No | No |
| Do you visit the country for company incorporation? | No | No | No | No | No |
| Resident director required? | No | Yes (Note 1) | Yes | No (Note 2) | No |
| Reputable looking structure | Yes | Yes | Yes | Yes | Tax Neutral |
| Legal considerations | |||||
| Resident shareholder required? | No | No | No | No | No |
| Minimum number of directors | 1 | 1 | 2 | 2 | 1 |
| Minimum number of shareholders | 1 | 1 | 1 | 1 | 2 |
| Resident company secretary | Yes | Yes | Yes | Yes | Yes |
| Individual shareholders allowed | Yes | Yes | Yes | Yes | Yes |
| Corporate shareholders allowed | Yes | Yes | Yes | Yes | Yes |
| Corporate director(s) allowed | No | Yes | No | No | Yes |
| Business permitted for foreigners | All legal activities | All legal activities | All legal activities | All legal activities in free zones | All legal activities but no finance related |
| Public register of shareholders and directors | Yes | Yes | Yes | No | No |
| Annual accounting and tax obligations | Yes | Yes | Yes | No | No |
| Annual accounts submitted to the Government | Yes | Yes | Yes | No | No |
| Annual accounts to be audited | No | Yes | Yes | No | No |
| Tax and accounting considerations | |||||
| Corporate tax payable | 0 | 0 | 0 | 0 | 0 |
| Statutory audit required | No | Yes | No | No | Yes |
| Annual tax return to be submitted | Yes | Yes | Yes | No | No |
| Access to how many double tax treaties | 69 | 34 | 56 | 66 | 15 |
| Can the entity hire expatriate staff in the country? | No | No | No | No | No |
| Foreign income taxable in country of incorporation | No | No | No | No | No |
| OECD member country | No | Yes | Yes | No | No |
| Agreeing to cooperate with OECD | No | Yes | Yes | No | No |
| FATF blacklisted country | No | No | No | No | No |
| Logistic considerations | |||||
| Average monthly staff salary (US$) | US$3,480 | US$2,800 | US$3,705 | US$4,000 | US$3,000 |
| What % of population speak English | 80% | 46% | 100% | 10% | 75% |
| Literacy rate (%) | 92.5% | 93.5% | 99% | 95% | 93% |
| Computer literacy rate (%) | 94.7% | 94.6% | 75% | 71% | 90% |
| Office rental square meter per month (US$) | US$7 | US$9 | US$5 | US$10 | US$5 |
| Country credit rating | AAA | AAA | BBB+ | AA | - |
| Global business efficiency index score (higher better) | 89% | 93% | 77% | - | - |
| Ease of doing business global ranking (lower better) | 1 | 2 | 15 | 26 | 79 |
| GDP per capita (US$) | US$51,709 | US$36,796 | US$46,175 | US$40,363 | US$41,126 |
| Population 2012 (in million) | 5.3 million | 7.1 million | 4.7 million | 5.3 million | 408786 |
| Unemployment rate | 2.1% | 3.3% | 13.4% | 4.2% | 1.1% |
| Inflation rate | 1.9% | 6.9% | 0.2% | 1.3% | 0.9% |
| Estimate of engagement costs | |||||
| Healy Consultants engagement fees (including estimate of Government registration fees) | US$2,100 | US$2,700 | €1935 | US$4,000 | US$3,750 |
| Company secretary and legal registered office fees | US$1,100 | US$1,100 | €1100 | US$1,100 | US$1,100 |
| Corporate bank account opening | US$2,550 | US$2,550 | €2200 | US$2,850 | US$2,950 |
| Others | US$3,050 | US$0 | €850 | 0 | 0 |
| Estimate of total outgoings in Year 1 | US$8,800 | US$6,350 | €6085 | US$7,950 | US$7,800 |
| Estimate of engagement costs | |||||
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Note 1. In accordance with section 145 (1) of the Singapore Companies Act, every Singapore Company shall have at least one directors who are ordinarily residents in Note 2. In accordance with Section 31 of the Jebel Ali Free Zone Offshore Companies Regulations 2003, a Dubai Offshore Company shall as from the date of its incorporation |
