Tax exempt companies in 2024

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

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
Singapore. Most of our Clients request Healy Consultants to be the resident director/representative. If required, Healy Consultants resident director/representative service fee
amounts to US$1,950 per resident director/representative per annum;

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
have a registered agent in Dubai.

Contact us

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