Although setting up a company may be easy for some people to do on their own, for others, it is not, and requires a lot of work in the process because jurisdiction differs from country to country. Being well aware of the differences when establishing a business in countries such as; Hong Kong, Singapore, British Virgin Islands, Malaysia, Seychelles, Cayman, Mauritius, Samoa and Mainland China, INTERCORP>ASIA is familiar with the laws concerning the registration of companies in these specific regions.
Benefits of each Jurisdiction
Here are some of the benefits to consider when it comes to opening a business in these particular jurisdictions:
Hong Kong has a low and simple tax regime that gives minimum costs and maximum earnings to startups. In addition, Hong Kong charges one the lowest tax rates then other part of the world and this is one of the reasons why foreigners set up startups in Hong Kong.
There are no capital gain tax in Singapore and this is a huge advantage for starting a business in that country. Another advantage is that access to affordable and skilled human resources alone in the biggest reason for so many companies and entrepreneurs to set up businesses in Singapore. Affordable and skilled workforce can increase their business prospects multiple times and this is always good for any type of business.
British Virgin Islands:
The incorporation time for a British Virgin Island (BVI) company is short, simple and cost-efficient. There are no requirement to pay capital gains, inheritance tax or death duties and corporate bank accounts can be opened without being present at the bank.
Setting up a business in Seychelles is extremely cost effective, where approving a company name takes between 3-5 working days at most, which is faster then most countries. In addition, Seychelles doesn’t have a public registrar of shareholders and the privacy of the companies is guaranteed under the country’s law.
Samoa’s offshore sector is regulated by the Samoa International Financial Authority (SIFA) which, offers total exemption on taxes with no filings of accounts or submitting annual returns. In addition, Samoa is not a party in any double taxation treaty, which provide enhanced protection against fiscal inquiries.
Forming a company in Mauritius is simple with the enjoyment of efficient, low-cost, legally tax efficient entity in which to conduct a business. Opening a company in Mauritius offers a high degree of privacy protection, no capital tax gains and no stamp of duty on transfers of shares.
There is no minimum capital requirement for a Cayman Islands company formation. Moreover, there is a complete lack of direct taxation, no corporation, property, capital gains or withholding taxes. This particular legislation is backed by a 20 year old government guarantee.
With a dynamic fast-growing economy, China is a great place to start a business because it is a major emerging market with a large trained labour pool and an affordable cost of employment.