| RECCOMENDATION IN ORDER OF PREFERANCE |
1 |
2 |
3 |
4 |
5 |
6 |
| Summary at a glance |
|
|
|
|
|
|
| Total year 1 engagement set up costs? |
US$28,900 |
US$33,700 |
U$32,900 |
US$32,150 |
U$33,900 |
U$42,900 |
| Total year 2 costs (excluding. audit and tax)? |
US$21,600 |
US$21,500 |
US$26,650 |
US$15,500 |
US$23,650 |
US$26,650 |
| Forex license required? |
Yes |
Yes |
Yes |
None |
Yes |
Yes |
| Paid-up capital required for licensing? |
US$200,000 |
US$80,000 |
US$100,000 |
None |
£100,000 |
€50,000 |
| Our Client must travel during the engagement? |
No |
No |
No |
No |
No |
No |
| Time required to complete the engagement? |
3 months |
3 months |
3 months |
1 month |
3 months |
5 months |
| Number of resident directors required? |
1 |
0 |
0 |
2 |
0 |
1 |
| Relevant experience required of directors? |
Yes |
Yes |
Yes |
No |
Yes |
Yes |
| Corporate tax rate payable? |
0% |
0% |
0% |
2% |
10% |
21% |
| Incorporation requirements |
|
|
|
|
|
|
| Type of business entity most commonly used? |
IBC |
IBC |
IBC |
CSL |
LLC |
SARL (LLC) |
| How long to set the company up? |
1 week |
2 weeks |
1 week |
1 week |
3 weeks |
3 weeks |
| Minimum number of shareholders? |
1 |
2 |
1 |
1 |
2 |
1 |
| Individual and corporate shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
| Minimum number of directors? |
2 |
1 |
1 |
2 |
1 |
2 |
| Corporate directors allowed? |
Yes |
Yes |
Yes |
Yes |
No |
Yes |
| Public register of shareholders & directors? |
No |
Yes |
No |
No |
No |
Yes |
| Forex licensing considerations |
|
|
|
|
|
|
| License application submitted to whom? |
BVI FSC |
Securities Commission |
Belize FSC |
No license required |
JFSC |
CSSF |
| Licensing fees payable to the licensing authority? |
US$10,000 |
US$250 |
US$5,000 |
N/A |
£1,000 |
€10,000 |
| Minimum amount paid-up capital for the license? |
US$200,000 |
US$80,000 |
US$100,000 |
N/A |
£100,000 |
€50,000 |
| Minimum amount of cash assets & equivalent? |
None |
None |
None |
None |
None |
100% |
| Office premises required? |
No |
No |
No |
No |
No |
Administrative office |
| Do I need to appoint a resident AML/CFT officer? |
Yes |
Yes |
Yes |
No |
Yes |
Yes |
| Can the company issue derivatives? |
No |
No |
No |
No |
No |
No |
| Other financial instruments allowed? |
No |
No |
No |
No |
No |
No |
| Experience requirements for directors? |
Yes |
Yes |
No |
No |
Yes |
Yes |
| Average time required to obtain the license? |
3 months |
2.5 months |
3 months |
N/A |
2.5 months |
4.5 months |
| Tax and accounting considerations |
|
|
|
|
|
|
| Corporate tax rate payable? |
0% |
0% |
0% |
2% |
10% |
21% |
| Capital gains tax payable? |
None |
None |
None |
None |
0% |
None |
| Withholding tax rate on dividends paid overseas? |
None |
None |
15% |
None |
0% |
15% |
| Withholding tax rate on interest paid overseas? |
0% |
No |
15% |
No |
0% |
0% |
| Annual financial statements required? |
Yes |
No |
No |
Yes |
Yes |
Yes |
| Statutory independent annual audit required? |
Yes |
No |
No |
No |
No |
Yes |
| Mandatory GST/VAT registration? |
No |
No |
No |
No |
No |
Yes |
| Tax incentives available? |
No |
No |
No |
No |
No |
Yes |
| Access to double tax agreements? |
No |
No |
No |
Yes |
No |
Yes |
| Bank account considerations |
|
|
|
|
|
|
| Healy Consultants’ preferred bank? |
FCI Bank |
Scotiabank |
Belize Bank |
Barclays |
HSBC |
Citibank |
| How long to open corporate bank account? |
3 weeks |
4 weeks |
3 weeks |
4 weeks |
3 weeks |
4 weeks |
| Do I travel to open the bank account? |
No |
No |
No |
No |
No |
No |
| Multi-currency corporate bank account? |
No |
No |
No |
Yes |
No |
Yes |
| Multi-currency corporate visa debit cards? |
No |
No |
No |
Yes |
No |
Yes |
| Corporate ATM card available? |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
| Bank rating by World Economic Forum? |
NA |
N/A |
NA |
87th |
N/A |
16th |
| Ease of getting credit by WEF? |
NA |
N/A |
NA |
50th |
N/A |
10th |
