Tax exempt international companies in 2023

SingaporeHong KongDubaiMarshall Islands
Our ranking in order of preference1235
Summary at a glance
Total engagement costs? (US$)12,2468,65515,70013,420
How long to set the company up?1 week1 week2 weeks1 week
How long to open bank account?6 weeks4 weeks3 weeks4 weeks
Where to open the bank account?UOB MalaysiaHSBC HKArab Bank DubaiOCBC Singapore
Legally tax exempt structure?YesYesYesYes
Annual accounting and filing obligations?YesYesYesNo
Resident director required?YesNoNoNo
Reputable looking structure?YesYesYesNo
Legal considerations
Resident shareholder required?NoNoNoNo
Minimum number of directors?1111
Minimum number of shareholders?1111
Resident company secretary required?YesYesYesYes
Individual shareholders allowed?YesYesYesYes
Corporate shareholders allowed?YesYesYesYes
Corporate director(s) allowed?NoYesYesYes
Info available on a public register?YesYesYesNo
Minimum paid-up capital? (US$)1111
Tax and accounting considerations
Corporate tax payable? (%)0%0%0%3%
Annual financial statements required?YesYesYesYes
Statutory audit required?NoYesNoYes
Annual tax return to be submitted?YesYesYesYes
Access to double tax treaties?NoNoNoNo
Can the entity hire expatriate staff?YesYesYesNo
Foreign income locally taxable?YesYesNoN/A
Agreeing to cooperate with FATF?YesYesYesYes
FATF blacklisted country?NoNoNoNo
Logistics considerations
Allowed to invoice local Clients?YesYesYesNo
Average monthly salary? (US$)2,7001,9002,100400
English spoken by locals? (% pop.)80%46%Na20%
Literacy rate (%)?93%93%90%92%
Computer literacy rate (%)?98%80%87%75%
Country sovereign rating (S&P)?AAAAAAAA-
Ease of doing business? (World Bank)1531140
Population? (million)
Unemployment rate? (% active pop.)23.2--
Inflation rate? (average, 2015)02.93.7-0.6

Contact us

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