| Our ranking in order of preference |
1 |
2 |
3 |
4 |
5 |
| Summary at a glance |
|
|
|
|
|
| Minimum paid up share capital? |
US$1 |
US$20,000 |
US$1 |
US$1 |
US$1,500 |
| Total engagement period? |
2 months |
3 months |
2 months |
2 months |
2 months |
| How long to set the company up? |
2 weeks |
1 month |
2 weeks |
2 weeks |
1 month |
| Our Client must travel? |
No |
No |
No |
No |
No |
| How long to open bank account? |
5 weeks |
1 month |
5 weeks |
8 weeks |
2 weeks |
| Recommended bank account location? |
Dubai |
Lebanon |
Dubai |
Dubai |
Jordan |
| Fast turnkey solution available? |
No |
No |
No |
No |
No |
| Incorporation requirements |
|
|
|
|
|
| Resident director required? |
No |
No |
No |
No |
No |
| National shareholder required? |
No |
No |
No |
No |
No |
| Minimum number of directors? |
1 |
3 |
2 |
1 |
1 |
| Minimum number of shareholders? |
1 |
3 |
1 |
1 |
1 |
| Resident company secretary required? |
Yes |
No |
Yes |
No |
No |
| Individual shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Corporate director(s) allowed? |
Yes |
Yes |
No |
Yes |
No |
| Public register of shareholders & directors? |
No |
No |
No |
No |
Yes |
| Tax and accounting considerations |
|
|
|
|
|
| Corporate tax payable? |
0% |
US$700 |
0% |
0% |
0% |
| Annual tax return to be submitted? |
No |
Yes |
No |
No |
Yes |
| Annual financial statements required? |
No |
Yes |
Yes |
No |
Yes |
| Statutory audit required? |
No |
Yes |
Yes |
No |
No |
| Must register for GST or VAT? |
No |
No |
No |
No |
No |
| Access to double tax treaties? |
No |
No |
No |
No |
No |
| Resident company for local tax? |
No |
No |
No |
No |
No |
| Can do business and hire locals? |
No |
No |
No |
No |
No |
| Blacklisted “tax neutral” jurisdiction? |
No |
No |
No |
No |
No |
| Corporate bank account considerations |
|
|
|
|
|
| Healy Consultants’ preferred bank? |
Noor Bank |
Arab Bank |
Emirates NBD |
Mashreq Bank |
Arab Bank |
| Do I travel to open the bank account? |
Yes |
No |
Yes |
Yes |
No |
| Can open a US$ corporate bank account? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Good internet banking available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Funds transfer currency controls |
No |
No |
No |
No |
Yes |
| Bank rating by World Economic Forum? |
23 |
27 |
23 |
23 |
57 |
| Ease of getting credit by WEF? score (1-7) |
3 |
2.8 |
3 |
3 |
3.6 |
| Corporate ATM card available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| How many banks in the country? |
46 |
54 |
46 |
46 |
25 |
| Logistics considerations |
|
|
|
|
|
| Registered address needed to incorporate? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Physical office space needed to incorporate? |
No |
No |
No |
No |
No |
| Virtual office services available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Allowed to make sales to foreign Clients? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Allowed to make sales to local Clients? |
No |
No |
No |
No |
No |
| Local sales subject to tax? |
No |
No |
No |
No |
No |
| Can the entity hire local staff? |
No |
No |
No |
No |
No |
| Can the entity hire expatriate staff? |
No |
No |
No |
No |
No |