| Jurisdiction preference ranking
|
2 |
3 |
4 |
5 |
6 |
7 |
| Summary at a glance
|
|
|
|
|
|
|
| Total year 1 engagement set up costs?
|
US$28,900
|
US$33,700
|
U$32,900
|
US$32,150
|
U$33,900
|
U$42,900
|
| Total year 2 costs (excluding. audit and tax)?
|
US$21,600
|
US$21,500
|
US$26,650
|
US$15,500
|
US$23,650
|
US$26,650
|
| Forex license required?
|
Yes
|
Yes
|
Yes
|
None
|
Yes
|
Yes
|
| Paid-up capital required for licensing?
|
US$200,000
|
US$80,000
|
US$100,000
|
None
|
£100,000
|
€ 50,000
|
| Our Client must travel during the engagement?
|
No
|
No
|
No
|
No
|
No
|
No
|
| Time required to complete the engagement?
|
3 months
|
3 months
|
3 months
|
1 month
|
3 months
|
5 months
|
| number of resident directors required?
|
1 |
0 |
0 |
2 |
0 |
1 |
| Relevant experience required of directors?
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
| Corporate tax rate payable?
|
0% |
0% |
0% |
2% |
10% |
21% |
| Incorporation requirements
|
|
|
|
|
|
|
| Type of business entity most commonly used?
|
IBC |
IBC |
IBC |
CSL |
LLC |
SARL (LLC) |
| How long to set the company up?
|
1 week |
2 weeks |
1 week |
1 week |
3 weeks |
3 weeks |
| Minimum number of shareholders?
|
1 |
2 |
1 |
1 |
2 |
1 |
| Individual and corporate shareholders allowed?
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
| Minimum number of directors?
|
2 |
1 |
1 |
2 |
1 |
2 |
| Public register of shareholders & directors?
|
No
|
Yes
|
No
|
No
|
No
|
Yes
|
| Forex licensing considerations
|
|
|
|
|
|
|
| License application submitted to whom?
|
BVI FSC |
Securities Commission |
Belize FSC |
No license required
|
Jersey Financial Services Commission |
CSSF |
| Licensing fees payable to the licensing authority?
|
US$10,000
|
US$250
|
US$5,000
|
N/A
|
£1,000
|
€10,000 |
| Minimum amount paid-up capital for the license?
|
US$200,000
|
US$80,000
|
US$100,000
|
N/A
|
£100,000
|
€50,000
|
| Minimum amount of cash assets & equivalent?
|
None |
None |
None |
None |
None |
100% |
| Office premises required?
|
No
|
No |
No |
No |
No
|
Administrative office |
| Do I need to appoint a resident AML/CFT officer?
|
Yes |
Yes |
Yes |
No |
Yes |
Yes |
| Can the company issue derivatives?
|
No |
No |
No |
No |
No |
No |
| Other financial instruments allowed?
|
No
|
No
|
No
|
No
|
No
|
No
|
| Experience requirements for directors?
|
Yes
|
Yes
|
No
|
No
|
Yes
|
Yes |
| Average time required to obtain the license?
|
3 months
|
2.5 months
|
3 months
|
N/A
|
2.5 months
|
4.5 months
|
| Tax and accounting considerations
|
|
|
|
|
|
|
| Corporate tax rate payable?
|
0% |
0% |
0% |
2% |
10% |
21% |
| Capital gains tax payable?
|
None
|
None
|
None
|
None
|
0%
|
None
|
| Withholding tax rate on dividends paid overseas?
|
None
|
None
|
15%
|
None
|
0%
|
15%
|
| Withholding tax rate on interest paid overseas?
|
0%
|
No
|
15%
|
No
|
0%
|
0%
|
| Annual financial statements required?
|
Yes
|
No
|
No
|
Yes
|
Yes
|
Yes
|
| Statutory independent annual audit required?
|
Yes
|
No
|
No
|
No
|
No
|
Yes
|
| Mandatory GST/VAT registration?
|
No
|
No
|
No
|
No
|
No
|
Yes
|
| Tax incentives available?
|
No
|
No
|
No
|
No
|
No
|
Yes
|
| Access to double tax agreements?
|
No
|
No
|
No
|
Yes |
No
|
Yes
|
| Bank account considerations
|
|
|
|
|
|
|
| Healy Consultants’ preferred bank?
|
FCI Bank |
Scotiabank |
Belize Bank |
Barclays |
HSBC |
Citibank |
| How long to open corporate bank account?
|
3 weeks
|
4 weeks
|
3 weeks
|
4 weeks |
3 weeks
|
4 weeks |
| Do I travel to open the bank account?
|
No
|
No
|
No
|
No
|
No
|
No
|
| Multi-currency corporate bank account?
|
No
|
No
|
No
|
Yes
|
No
|
Yes
|
| Multi-currency corporate visa debit cards?
|
No
|
No
|
No
|
Yes
|
No
|
Yes
|
| Corporate ATM card available?
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
| Bank rating by World Economic Forum? |
N/A
|
N/A
|
N/A
|
87th
|
N/A
|
16th
|
| Ease of getting credit by WEF? |
N/A
|
N/A
|
N/A
|
50th
|
N/A
|
10th
|
