Our ranking in order of preference |
1 |
2 |
3 |
4 |
5 |
Summary at a glance |
|
|
|
|
|
Minimum paid up share capital? |
US$1 |
US$20,000 |
US$1 |
US$1 |
US$1,500 |
Total engagement period? |
2 months |
3 months |
2 months |
2 months |
2 months |
How long to set the company up? |
2 weeks |
1 month |
2 weeks |
2 weeks |
1 month |
Our Client must travel? |
No |
No |
No |
No |
No |
How long to open bank account? |
5 weeks |
1 month |
5 weeks |
8 weeks |
2 weeks |
Recommended bank account location? |
Dubai |
Lebanon |
Dubai |
Dubai |
Jordan |
Fast turnkey solution available? |
No |
No |
No |
No |
No |
Incorporation requirements |
|
|
|
|
|
Resident director required? |
No |
No |
No |
No |
No |
National shareholder required? |
No |
No |
No |
No |
No |
Minimum number of directors? |
1 |
3 |
2 |
1 |
1 |
Minimum number of shareholders? |
1 |
3 |
1 |
1 |
1 |
Resident company secretary required? |
Yes |
No |
Yes |
No |
No |
Individual shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
Corporate shareholders allowed? |
Yes |
Yes |
Yes |
Yes |
Yes |
Corporate director(s) allowed? |
Yes |
Yes |
No |
Yes |
No |
Public register of shareholders & directors? |
No |
No |
No |
No |
Yes |
Tax and accounting considerations |
|
|
|
|
|
Corporate tax payable? |
0% |
US$700 |
0% |
0% |
0% |
Annual tax return to be submitted? |
No |
Yes |
No |
No |
Yes |
Annual financial statements required? |
No |
Yes |
Yes |
No |
Yes |
Statutory audit required? |
No |
Yes |
Yes |
No |
No |
Must register for GST or VAT? |
No |
No |
No |
No |
No |
Access to double tax treaties? |
No |
No |
No |
No |
No |
Resident company for local tax? |
No |
No |
No |
No |
No |
Can do business and hire locals? |
No |
No |
No |
No |
No |
Blacklisted “tax neutral” jurisdiction? |
No |
No |
No |
No |
No |
Corporate bank account considerations |
|
|
|
|
|
Healy Consultants’ preferred bank? |
Noor Bank |
Arab Bank |
Emirates NBD |
Mashreq Bank |
Arab Bank |
Do I travel to open the bank account? |
Yes |
No |
Yes |
Yes |
No |
Can open a US$ corporate bank account? |
Yes |
Yes |
Yes |
Yes |
Yes |
Good internet banking available? |
Yes |
Yes |
Yes |
Yes |
Yes |
Funds transfer currency controls |
No |
No |
No |
No |
Yes |
Bank rating by World Economic Forum? |
23 |
27 |
23 |
23 |
57 |
Ease of getting credit by WEF? score (1-7) |
3 |
2.8 |
3 |
3 |
3.6 |
Corporate ATM card available? |
Yes |
Yes |
Yes |
Yes |
Yes |
How many banks in the country? |
46 |
54 |
46 |
46 |
25 |
Logistics considerations |
|
|
|
|
|
Registered address needed to incorporate? |
Yes |
Yes |
Yes |
Yes |
Yes |
Physical office space needed to incorporate? |
No |
No |
No |
No |
No |
Virtual office services available? |
Yes |
Yes |
Yes |
Yes |
Yes |
Allowed to make sales to foreign Clients? |
Yes |
Yes |
Yes |
Yes |
Yes |
Allowed to make sales to local Clients? |
No |
No |
No |
No |
No |
Local sales subject to tax? |
No |
No |
No |
No |
No |
Can the entity hire local staff? |
No |
No |
No |
No |
No |
Can the entity hire expatriate staff? |
No |
No |
No |
No |
No |