| International income is legally tax exempt? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Can conduct local business in this country? |
No |
No |
No |
No |
No |
| Can have local Staff and physical office premises? |
No |
No |
No |
No |
No |
| Location of multi-currency corporate bank account? |
London |
London |
London |
USA |
USA |
| How long to secure the COI of the corporate structure? |
2 weeks |
2 weeks |
2 weeks |
1 week |
3 weeks |
| Fast turnkey solutions available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Our Client must travel during the engagement? |
No |
No |
No |
No |
No |
| Can conduct any type of business? |
No, only legal services |
Yes |
Yes |
Yes |
Yes |
| How long to secure corporate bank account number? |
2 months |
2 months |
2 months |
6 weeks |
2 months |
| Total business setup costs (US$ unless specified) |
€10,205 |
£7,890 |
£8,090 |
11,500 |
12,500 |
| Subsequent annual costs (excl. accounting & tax) |
€6,545 |
£3,640 |
£3,600 |
2,375 |
5,800 |
| Accounting and tax considerations |
|
|
|
|
|
| Corporation tax on locally sourced income? |
12.5% |
19% |
19% |
Up to 28.7% |
31% |
| If properly structured, will be a legally tax-exempt entity? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Must register for local GST or VAT? |
No |
No |
No |
No |
No |
| Must submit an annual corporate tax return? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Can access double taxation treaties? |
No |
Yes |
No |
No |
No |
| Annual financial statements submitted to the Government? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Independent statutory annual audit required? |
No |
No |
No |
No |
No |
| Must submit a local annual personal income tax return? |
No |
No |
No |
Yes |
No |
| Withholding tax on overseas repatriation of profits? |
No |
No |
No |
No |
No |
| Legal and compliance considerations |
|
|
|
|
|
| How long to set secure entity numbers? |
2 weeks |
2 weeks |
2 weeks |
1 week |
3 weeks |
| Resident director / partner required? |
Yes |
Yes |
No |
No |
No |
| Minimum number of directors? |
2 |
1 |
1 |
1 |
2 |
| Minimum number of shareholders or partners? |
2 |
1 |
2 |
1 |
2 |
| Recommended minimum paid-up share capital? |
€10,000 |
£10,000 |
£10,000 |
US$51,000 |
US$51,000 |
| Resident company secretary or agent required? |
Yes |
Yes |
Yes |
Yes |
No |
| Individual and corporate shareholders or partners allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Public register of shareholders & partners & directors? |
Yes |
Yes |
Yes |
No |
Yes |
| Public register of Ultimate Beneficial Owners? |
Yes |
Yes |
Yes |
No |
No |
| Multi-currency corporate bank account considerations |
|
|
|
|
|
| The bank signatory must travel? |
No |
No |
No |
No |
No |
| Type of financial institution? |
UK PSP |
UK PSP |
UK PSP |
USA bank |
USA bank |
| Regulated by what Government authority? |
UK FCA |
UK FCA |
UK FCA |
USA FED |
USA FED |
| Minimum deposit required? |
Nil |
Nil |
Nil |
US$51,000 |
US$51,000 |
| Monthly bank charges? |
£20-200 |
£20-200 |
£20-200 |
US$50-500 |
US$50-500 |
| Financial institution credit rating? |
A |
A |
A |
A |
A |
| Dedicated bank officer available? |
Yes |
Yes |
Yes |
Yes |
Yes |
| Quality of e-banking platform? |
Good |
Good |
Good |
Very good |
Very good |
| Corporate visa debit cards available |
Yes |
Yes |
Yes |
Yes |
Yes |
| Doing business through this corporate structure |
|
|
|
|
|
| Can make local sales to local customers? |
No |
No |
No |
No |
No |
| Can have local staff and local physical office premises? |
No |
No |
No |
No |
No |
| Can do business with local Suppliers? |
No |
No |
No |
No |
No |
| Director must visit country once a year? |
No |
Yes |
No |
No |
No |
| Foreign currency repatriation controls? |
No |
No |
No |
No |
No |
| FATF blacklisted country? |
No |
No |
No |
No |
No |
