Forex offshore entities in 2023
| Jurisdiction | Mauritus | BVI | Bahamas | Belize | Seychelles | Jersey | Luxembourg |
|---|---|---|---|---|---|---|---|
| Jurisdiction preference ranking | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Summary at a glance | |||||||
| Total year 1 engagement set up costs? | US$37,675 | 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$21,250 | US$21,600 | US$21,500 | US$26,650 | US$15,500 | US$23,650 | US$26,650 |
| Forex license required? | Yes | Yes | Yes | Yes | None | Yes | Yes |
| Paid-up capital required for licensing? | US$30,000 | 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 | No |
| Time required to complete the engagement? | 3 months | 3 months | 3 months | 3 months | 1 month | 3 months | 5 months |
| number of resident directors required? | 2 | 1 | 0 | 0 | 2 | 0 | 1 |
| Relevant experience required of directors? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Corporate tax rate payable? | 3% | 0% | 0% | 0% | 2% | 10% | 21% |
| Incorporation requirements | |||||||
| Type of business entity most commonly used? | GBC1 | IBC | IBC | IBC | CSL | LLC | SARL (LLC) |
| How long to set the company up? | 2 weeks | 1 week | 2 weeks | 1 week | 1 week | 3 weeks | 3 weeks |
| Minimum number of shareholders? | 1 | 1 | 2 | 1 | 1 | 2 | 1 |
| Individual and corporate shareholders allowed? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Minimum number of directors? | 2 | 2 | 1 | 1 | 2 | 1 | 2 |
| Public register of shareholders & directors? | No | No | Yes | No | No | No | Yes |
| Forex licensing considerations | |||||||
| License application submitted to whom? | Bank of Mauritius | 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$10,000 | US$250 | US$5,000 | N/A | £1,000 | €10,000 |
| Minimum amount paid-up capital for the license? | US$30,000 | US$200,000 | US$80,000 | US$100,000 | N/A | £100,000 | €50,000 |
| Minimum amount of cash assets & equivalent? | 10% of liabilities | None | None | None | None | None | 100% |
| Office premises required? | Yes | No | No | No | No | No | Administrative office |
| Do I need to appoint a resident AML/CFT officer? | Yes | Yes | Yes | Yes | No | Yes | Yes |
| Can the company issue derivatives? | No | No | No | No | No | No | No |
| Other financial instruments allowed? | No | No | No | No | No | No | No |
| Experience requirements for directors? | Yes | Yes | Yes | No | No | Yes | Yes Yes |
| Average time required to obtain the license? | 2.5 months | 3 months | 2.5 months | 3 months | N/A | 2.5 months | 4.5 months |
| Tax and accounting considerations | |||||||
| Corporate tax rate payable? | 3% | 0% | 0% | 0% | 2% | 10% | 21% |
| Capital gains tax payable? | None | None | None | None | None | 0% | None |
| Withholding tax rate on dividends paid overseas? | None | None | None | 15% | None | 0% | 15% |
| Withholding tax rate on interest paid overseas? | 15% | 0% | No | 15% | No | 0% | 0% |
| Annual financial statements required? | Yes | Yes | No | No | Yes | Yes | Yes |
| Statutory independent annual audit required? | Yes | Yes | No | No | No | No | Yes |
| Mandatory GST/VAT registration? | No | No | No | No | No | No | Yes |
| Tax incentives available? | No | No | No | No | No | No | Yes |
| Access to double tax agreements? | Yes | No | No | No | Yes | No | Yes |
| Bank account considerations | |||||||
| Healy Consultants’ preferred bank? | MPCB | FCI Bank | Scotiabank | Belize Bank | Barclays | HSBC | Citibank |
| How long to open corporate bank account? | 3 weeks | 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 | No |
| Multi-currency corporate bank account? | Yes | No | No | No | Yes | No | Yes |
| Multi-currency corporate visa debit cards? | Yes | No | No | No | Yes | No | Yes |
| Corporate ATM card available? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Bank rating by World Economic Forum? | 15th | N/A | N/A | N/A | 87th | N/A | 16th |
| Ease of getting credit by WEF? | 31st | N/A | N/A | N/A | 50th | N/A | 10th |
