| Our recommendation in order of preference |
1 |
2 |
3 |
| Summary at a Glance |
|
|
|
| Total year 1 engagement set up costs? |
US$28,660 |
US$22,633 |
US$25,131 |
| Total year 2 costs (incl. audit and tax)? |
US$16,570 |
US$12,180 |
US$7,662 |
| Our Client must travel during company setup? |
No |
No |
No |
| Total engagement period? |
3 months |
3 months |
3 months |
| Corporation tax rate on net profits? (click link) |
0% |
0% |
0% |
| Average monthly skilled labour salary? (click link) |
US$2,150 |
US$2,150 |
US$564 |
| Average monthly office rental per sq m? |
US$42 |
US$25 |
US$25 |
| Must be a 51% shareholder for trading business |
Yes |
Yes |
No |
| Must be a 51% shareholder for services business |
No |
No |
No |
| Average monthly warehouse rental per sq m? |
US$30 |
US$20 |
US$10 |
| English language proficiency % of population? |
78% |
50% |
45% |
| Incorporation requirements |
|
|
|
| How long to set the company up? |
2 months |
2 months |
2 months |
| Minimum number of shareholders? |
2 |
2 |
2 |
| Individual and corporate shareholders allowed? |
Yes |
Yes |
Yes |
| Minimum number of directors? |
1 |
1 |
1 |
| Resident director required? |
No |
No |
No |
| Minimum paid up share capital? |
US$1 |
US$1 |
US$2,660
|
| Fast turnkey solution available? (click link) |
Yes |
No |
No |
| Fastest time Healy Consultants completed the engagement? |
2 months |
1 month |
2 months |
| Corporate director(s) allowed? |
Yes |
Yes |
Yes |
| Public register of shareholders & directors? |
Yes |
Yes |
Yes |
| Tax and accounting considerations |
|
|
|
| Corporate tax payable? |
0% |
0% |
0% |
| Withholding tax on dividends paid overseas |
0% |
0% |
0% |
| Annual financial statements required? |
Yes |
Yes |
Yes |
| Statutory independent annual audit required? |
Yes |
Yes |
Yes |
| Export taxes on goods and local GST or VAT? |
5% |
5% |
5% |
| Best holding company to extract dividends? |
Marshall Islands |
Brunei |
Singapore
|
| Tax incentives for manufacturing start-ups? |
Yes |
Yes |
Yes |
| Access to double tax treaties? |
66 |
66 |
61 |
| Number of tax exempt free zones available? |
31 |
31 |
3 |
| GCC member? (click link) |
Yes |
Yes |
Yes |
| Corporate bank account considerations |
|
|
|
| Healy Consultants’ preferred bank? |
Noor Bank |
Emirates NBD |
Arab Bank |
| How long to open bank account? |
5 weeks |
4 weeks |
2 weeks |
| Do I travel to open the bank account? |
No |
No |
No |
| Travel required to activate the bank account? |
Yes |
Yes |
Yes |
| Can open a US$ corporate bank account? |
Yes |
Yes |
Yes |
| Good internet banking available? |
Yes |
Yes |
Yes |
| Funds transfer currency controls |
No |
No |
No |
| Bank rating by World Economic Forum? |
5.9 |
5.9 |
5.8 |
| Ease of getting credit by WEF? score (1-7) |
4.7 |
4.7 |
4.2 |
| Employment considerations |
|
|
|
| Average skilled labour monthly salary? |
US$3,500 |
US$2,150 |
US$3,500 |
| Average unskilled labour monthly salary? |
US$800 |
US$800 |
US$2,000 |
| Average pension and insurance benefits % of salary? |
12.5% |
12.5% |
9 % |
| Minimum national salary? |
None |
None |
US$800 |
| Mandatory labor unions? |
No |
No |
No |
| Minimum notice to dismiss employees? |
1 month |
1 month |
1 month |
| Minimum redundancy indemnity? |
1 month |
3 weeks |
N/A |
| Quota ratio of foreign workers to local staff? |
3 to 1 |
3 to 1 |
2 to 1 |
| How long to get work permit approved? |
4 weeks |
5 weeks |
3 weeks |
| Manufacturing considerations
|
|
|
|
| Cost per unit of electricity? US$ |
0.04 |
0.04 |
0.08 |
| Rank for getting electricity (click link) |
4 |
4 |
73 |
| Warehousing space rental (per sq. m.)? |
US$30 |
US$20 |
US$10 |
| Ranking for transport infrastructure (click link) (1-7 best) |
6.6 |
6.6 |
4.7
|
| Ranking for customs procedures out of 10? (click link) |
6.0 |
6.0 |
4.7
|
| Average import duty % on raw materials? |
0% |
0% |
0% |
| Government incentives for startups? |
Yes |
Yes |
Yes |
| Computer literacy % of population? |
90% |
86% |
79% |
| Internet connectivity rating? |
Strong |
Strong |
Strong |
| Global business efficiency index? (click link) |
23 |
23 |
26 |
| Preferred manufacturing city? |
Dubai |
Abu Dhabi |
Manama |
| Proximity of sea port in kilometers? |
11 |
66 |
13 |
| Proximity of airport in kilometers? |
31 |
36 |
7 |
| Proximity of rail in kilometers? |
0 |
0 |
0 |
| Literacy % of population |
90% |
90% |
95% |
| Local purchasing power (GDP per capita) |
US$43,876 |
US$43,876 |
US$24,692 |
| Local market size (in millions) |
2 |
2 |
1 |
| Average annual inflation rate in 2014? |
3% |
3% |
2.5% |
| Average unemployment rate in 2014? |
2.6% |
2.6% |
4.1% |
| Ease of doing business index (click link) |
22 |
22 |
53 |
| Country rating (click link) |
AA |
AA |
BBB |
| Estimate of engagement costs |
US$ |
US$ |
US$ |
| Healy Consultants engagement fees |
7,950 |
7,950 |
10,900
|
| Government fees |
5,350 |
6,700 |
1,031 |
| Corporate bank account opening |
4,950 |
4,950 |
2,950 |
| Project management fees |
3,950 |
3,950 |
7,300 |
| Other fees (refer to the invoice for a breakdown) |
0 |
1,950 |
950 |
| Estimate of total outgoings in Year 1 |
28,660 |
22,633 |
23,131 |
| Draft sales invoice attached |
View invoice PDF |
View invoice PDF |
View invoice PDF |
