Our ranking in order of preference | 1 | 2 | 3 | 4 | 5 |
Summary at a glance | | | | | |
Total year 1 engagement set up costs? | US$28,660 | US$30,914 | US$34,595 | US$32,600 | US$17,860 |
Total year 2 costs (incl. audit and tax)? | US$9,850 | US$6,600 | US$14,620 | US$11,700 | US$11,100 |
Our Client must travel during the engagement? | No | No | No | No | No |
Total engagement period? | 3 months | 3 months | 3 months | 4 months | 3 months |
Corporation tax rate on net profits (click link)? | 0% | 10% | 20% | 23% | 17% |
Average monthly skilled labor salary (click link)? | US$3,500 | US$2,590 | US$1,000 | US$2,300 | US$600 |
Average monthly office rental per sq m? | US$40 | US$40 | US$27 | US$25 | US$34 |
Average monthly warehouse rental per sq m? | US$25 | US$28 | US$20 | US$9 | US$25 |
Must be a 51% shareholder for trading business | Yes | Yes | No | No | No |
Must be a 51% shareholder for services business | No | No | No | No | No |
English language proficiency % of population? | 70% | 50% | 45% | 85% | 40% |
Incorporation requirements | | | | | |
How long to secure company registration number? | 2 months | 4 weeks | 5 weeks | 8 weeks | 3 weeks |
Minimum number of shareholders? | 1 | 2 | 1 | 1 | 3 |
Individual and corporate shareholders allowed? | Yes | Yes | Yes | Yes | Yes |
Minimum number of directors? | 1 | 1 | 1 | 1 | 1 |
Resident director required? | No | No | No | No | No |
Minimum paid up share capital? | US$1 | US$55,000 | US$70,650 | US$1 | US$3,400 |
Fast turnkey solution available (click link)? | Yes | No | No | No | No |
Fastest time Healy Consultants set up company? | 2 months | . | 1 month | 1 month | 1 month |
Special permit or license required? | No | No | No | No | No |
Corporate director(s) allowed? | Yes | No | No | Yes | Yes |
Public register of shareholders & directors? | Yes | Yes | Yes | Yes | Yes |
Tax and accounting considerations | | | | | |
Corporate tax payable? | 0% | 10% | 20% | 23% | 17% |
Withholding tax on dividends paid overseas | 0% | 0% | 0% | 20% | 10% |
Annual financial statements required? | Yes | Yes | Yes | Yes | Yes |
Statutory independent annual audit required? | Yes | Yes | Yes | Yes | No |
Export taxes on goods and local GST or VAT? | 5% | 0% | 16% | 17% | 11% |
Best holding company to extract dividends? | Marshall Islands | Singapore | Labuan | Singapore | UAE-RAK |
Tax incentives for manufacturing start-ups? | Yes | Yes | Yes | Yes | Yes |
Access to how many double tax treaties? | 66 | 50 | 32 | 54 | 34 |
Number of tax exempt free zones available? | 37 | 8 | 18 | 1 | 5 |
GCC member (click link)? | Yes | Yes | No | No | No |
Corporate bank account considerations | | | | | |
Healy Consultants’ preferred bank? | Emirates NDB | SCB | SCB | Union Bank | HSBC |
How long to open corporate bank account? | 5 weeks | 3 weeks | 4 weeks | 4 weeks | 4 weeks |
Do I travel to open the bank account? | No | No | No | No | No |
Can open a US$ or £ or € bank account? | Yes | Yes | Yes | Yes | Yes |
Good internet banking available? | Yes | Yes | Yes | Yes | Yes |
Funds transfer currency controls | No | No | No | No | No |
Bank rating by World Economic Forum? | 23 | 9 | 57 | 18 | 27 |
Ease of getting credit by WEF? score (1-7) | 3 | 1 | 25 | 51 | 76 |
Employment considerations | | | | | |
Average skilled labour monthly salary? | US$3,100 | US$2,590 | US$1,500 | US$2,300 | US$800 |
Average unskilled labour monthly salary? | US$800 | US$750 | US$500 | US$700 | US$300 |
Average pension/insurance benefits % of salary? | 12.50% | 10% | 13.25% | - | 6-9% |
Minimum national salary? | US$400 | US$550 | US$450 | US$500 | US$250 |
Mandatory labor unions? | No | No | No | No | No |
Minimum notice to dismiss employees? | 1 month | 2 months | 1 month | 1 month | 3 months |
Minimum redundancy indemnity? | 1 month | 2 months | 1 month | 1 month | 3 months |
Quota ratio of foreign workers to local staff? | Yes | Yes | Yes | Yes | Yes |
How long to get work permit approved? | 4 weeks | 3-6 weeks | 5-7 weeks | 4-8 weeks | 6-9 weeks |
Manufacturing considerations | | | | | |
Cost per unit of electricity? US$ | 0.04 | 1.9 | 0.23 | 0.17 | 0.02 |
Rank for getting electricity (click link) | 4 | 40 | 44 | 109 | 54 |
Warehousing space rental (per sq. m.)? | US$25 | US$28 | US$20 | US$9 | US$25 |
Ranking for transport infrastructure (click link) (1-7 best) | 6.6 | 5.3 | 3.6 | 3.9 | 3 |
Ranking for customs procedures out of 10 (click link)? | 6 | 5.4 | 4.5 | 4.4 | 3.1 |
Average import duty % on raw materials? | 0% | 0% | 0% | 0% | 0% |
Government incentives for startups? | Yes | Yes | Yes | Yes | Yes |
Computer literacy % of population? | 90% | 90% | 90% | 95% | 90% |
Internet connectivity rating? | Strong | Strong | Strong | Strong | Strong |
Global business efficiency index (click link)? | 23 | 21 | 54 | 30 | - |
Preferred manufacturing city? | Dubai | Doha | Amman | Tel Aviv | Beirut |
Proximity of sea port in kilometers? | 11 | 1 | 341.4 | 2.4 | 1.5 |
Proximity of airport in kilometers? | 31 | 5 | 19 | 20 | 7.7 |
Proximity of rail in kilometers? | 0 | 5 | 19 | 20 | 7.7 |
Literacy % of population | 90% | 96.30% | 93.40% | 97.80% | 93.50% |
Local purchasing power (GDP per capita) | US$43,876 | US$97,518 | US$5,422 | US$37,032 | US$10,058 |
Local market size (in millions of people) | 9.57 | 2.1 | 6.5 | 8.1 | 4.5 |
Average annual inflation rate in 2014? | 3% | 3.10% | 5.50% | 1.50% | 3.20% |
Average unemployment rate in 2014? | 2.60% | 0.6 | 12.60% | 6.70% | 6.60% |
Ease of doing business index (click link) | 22 | 50 | 117 | 40 | 104 |
Country rating (click link) | AA | AA | BB- | A+ | B- |