Global Tax Exempt Holding Companies in 2023

Global Tax Exempt Holding CompaniesNetherlandsLuxembourgSingapore UAEHong KongNew Zealand
Summary at a Glance
Type of LLCResidentResidentResidentResidentResidentLook-through
Total company engagement set up costs€15,440€24,170US$12,030US$21,800US$10,105US$9,590
Subsequent annual costs (incl audit and tax)€2,355€4,970US$8,200US$11,200US$9,000US$3,540
How long to set the company up?3 weeks3 weeks1 week2 months1 week1 week
How long to open company bank account?4 weeks4 weeks4 weeks5 weeks3 weeks3 weeks
Issued share capital required€1€12,395US$1US$1US$1US$1
Corporate bank account locationABN AMROING LuxembourgDBS SingaporeSCB DubaiHSBC HKHSBC NZ
Tenancy agreement required before incorporation?NoNoNoYesNoNo
Do you travel for company incorporation?NoNoNoNoNoNo
Legal considerations
Resident director required?NoNoYesNoNoYes
Resident shareholder required?NoNoNoNoNoNo
Minimum number of directors111111
Minimum number of shareholders111111
Resident company secretary required?NoNoYesNoNoYes
Individual shareholders allowedYesYesYesYesYesYes
Corporate shareholders allowedYesYesYesYesYesYes
Corporate director(s) allowedYesYesNoNoNoNo
Public register of shareholders and directorsYesYesYesNoYesYes
Tax and accounting considerations
Corporate tax payable on qualifying dividends %0%0%0%0%0%0%
Must prepare annual financial statementsYesYesYesYesYesYes
Statutory audit exemption possible?YesYesYesYesNoYes
Annual tax return to be submittedYesYesYesNoYesYes
Access to how many double tax treaties967775713740
How long to get work permit approved2 months2 months1 month4 weeks3 months2 months
Can the entity hire expatriate staff in the country?YesYesYesYesYesYes
Access to EU directives?YesYesNoNoNoNo
VAT number possible?YesYesYesYesYesYes
Thin Capitalization rulesNoNoNoNoNoYes
IP box regimeYesYesNoNoNoNo
Logistics considerations
Allowed to sign sales contracts with local clientsYesYesYesYesYesYes
Allowed to invoice local clientsYesYesYesYesYesYes
Average monthly salary of unskilled labour€2,205€1,923US$4,427US$4,300US$1,644US$4,202
English spoken by what % of the population90%60%80%78%46%96%
Literacy rate %99%100%97%94%93%99%
Computer literacy rate %93%65%94%80%94%89%
Office rental per square meter per monthUS$19US$20US$30US$40US$28US$31
Warehouse rental per square meter per monthUS$30US$30US$25US$30US$20US$5
Moody’s country credit ratingAaaAaaAaaAa2Aa1Aaa
Internet connectivity ratingExcellentGoodExcellentGoodExcellentGood
GDP per capita (US$) 44,433.4101,45052,88940,43842,42337,808
Government liberal or controlling of daily businessLiberalLiberalLiberalLiberalLiberalLiberal
Population % tertiary enrollment79%75%88%19%67%79%
Ease of doing business ranking (lower the better)285922641
Population (in thousand)16,9365707,3069,1575,5354,595,700
Unemployment rate6.9%6.1%3%3.2%3.6%4.6%
Inflation rate (2016)0.1%0.4%-0.2%0.6%2.7%0.2%
GDP 2015 US$ billion75358293370310174
GDP annual growth (2015)2%4.8%2.0%3.2%2.4%3.4%
Estimate of engagement costs
Healy Consultants engagement fees€8,990€13,600US$1,980US$3,950US$3,350US$1,910
Company secretary and legal registered office fees€1,100€3,600US$1,200US$1,500US$1,550US$1,200
Government fees€1,800€1,070US$2,500US$6,550US$255US$130
VAT registration/exemption, tax registration€750€950000US$550
Corporate bank account opening€2,950€4,950US$4,950US$4,950US$4,950US$4,950
Total €15,440€24,170US$12,030US$21,800US$10,105US$9,590
Draft sales invoice attachedView invoice PDFView invoice PDFView invoice PDFView invoice PDFView invoice PDFView invoice PDF

Contact us

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