Tax exempt companies in 2023

Singapore CompanyHong Kong CompanyIreland CompanyDubai CompanyBrunei Company
Our recommendation in order of preference12345
Summary at a Glance
Total company set up costsUS$8,800US$6,350US$16,400US$7,950US$7,800
Subsequent annual costs (excl accounting and tax fee)US$4,550US$2,800US$2,795US$1,600US$2,900
How long to set the company up?1 week2 weeks2 weeks1 weeks2 weeks
How long to open company bank account?3 weeks3 weeks3 weeks3 weeks3 weeks
Recommended location of corporate bank accountSCB IndonesiaSCB IndonesiaHSBC LondonHSBC DubaiSCB Brunei
Issued share capital requiredUS$1US$1US$1US$1US$1
Tenancy agreement required before incorporation?NoNoNoNoNo
Do you visit the country for company incorporation?NoNoNoNoNo
Resident director required?NoYes (Note 1)YesNo (Note 2)No
Reputable looking structureYesYesYesYesTax Haven
Legal considerations
Resident shareholder required?NoNoNoNoNo
Minimum number of directors11221
Minimum number of shareholders11112
Resident company secretaryYesYesYesYesYes
Individual shareholders allowedYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYes
Corporate director(s) allowedNoYesNoNoYes
Business permitted for foreignersAll legal activitiesAll legal activitiesAll legal activitiesAll legal activities in free zonesAll legal activities but no finance related
Public register of shareholders and directorsYesYesYesNoNo
Annual accounting and tax obligationsYesYesYesNoNo
Annual accounts submitted to the GovernmentYesYesYesNoNo
Annual accounts to be auditedNoYesYesNoNo
Tax and accounting considerations
Corporate tax payable00000
Statutory audit requiredNoYesNoNoYes
Annual tax return to be submittedYesYesYesNoNo
Access to how many double tax treaties6934566615
Can the entity hire expatriate staff in the country?NoNoNoNoNo
Foreign income taxable in country of incorporationNoNoNoNoNo
OECD member countryNoYesYesNoNo
Agreeing to cooperate with OECDNoYesYesNoNo
FATF blacklisted countryNoNoNoNoNo
Logistic considerations
Average monthly staff salary (US$)US$3,480US$2,800US$3,705US$4,000US$3,000
What % of population speak English80%46%100%10%75%
Literacy rate (%)92.5%93.5%99%95%93%
Computer literacy rate (%)94.7%94.6%75%71%90%
Office rental square meter per month (US$)US$7US$9US$5US$10US$5
Country credit ratingAAAAAABBB+AA-
Global business efficiency index score (higher better)89%93%77%--
Ease of doing business global ranking (lower better)12152679
GDP per capita (US$)US$51,709US$36,796 US$46,175US$40,363US$41,126
Population 2012 (in million)5.3 million7.1 million4.7 million5.3 million408786
Unemployment rate2.1%3.3%13.4%4.2%1.1%
Inflation rate1.9%6.9%0.2%1.3%0.9%
Estimate of engagement costs
Healy Consultants engagement fees (including estimate of Government registration fees)US$2,100US$2,700€1935US$4,000US$3,750
Company secretary and legal registered office feesUS$1,100US$1,100€1100US$1,100US$1,100
Corporate bank account openingUS$2,550US$2,550€2200US$2,850US$2,950
Estimate of total outgoings in Year 1US$8,800US$6,350€6085US$7,950US$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