Select jurisdictions
Notes
  1. Government approval may be required on exit from certain jurisdictions.
  2. A majority of Cyprus tax-resident directors appointed on the board are required and the board meetings must be held in Cyprus in order to buttress the case for tax residence in Cyprus.
  3. A sole director cannot serve as the company secretary. A body corporate cannot serve as the company secretary if the sole director is the only director of that body corporate. The company secretary must have a Hong Kong address, no P.O. Box is permitted.
  4. The launch of the final electronic system of the BO Registry was 14 November 2023.
  5. There are additional filing fees for Annual Returns and other Registry filings.
  6. All companies are required to prepare accounts and to be audited by the auditors annually, but annual filing with the Companies Registry in Hong Kong of such audited accounts only applies to public companies and guarantee companies.
  7. Required for investment funds.
  8. Subject to the changes from The HKSAR.
  9. Must be a natural person residing in Singapore.
  10. Minimum of one director, who must be a natural person residing in Singapore. Corporate directors are not allowed.
  11. Dormant companies may be exempt.
  12. There are audit exemptions for 'small companies' as defined in the Companies Act.
  13. Cyprus has also an Income Tax Return requirement, to be submitted once a year.
  14. UK Companies must have at least one individual director. Additional Corporate Directors are allowable – changes expected to only allow corporate directors where Companies House has verified all of the individual directors of that corporate director.
  15. UK - Shareholder details are confirmed annually on the Confirmation Statement.
  16. Available exemptions include the IP Box Regime and the Notional Interest Deduction (NID), which can reduce the effective tax rate to 3% through an 80% exemption on taxable income/qualifying profits.
  17. ADGM and DIFC companies are subject to UAE Corporate Tax. A Qualifying Free Zone Person may benefit from a 0% rate on qualifying income, while non-qualifying taxable income is generally taxed at 9%. Other considerations apply, including small business relief and the taxable income threshold. Further guidance is available from the UAE Federal Tax Authority.
  18. Small private companies may qualify for an audit exemption under the relevant jurisdiction's company law. However, a company seeking the 0% Qualifying Free Zone Person rate must prepare and maintain audited financial statements, even where a company law exemption would otherwise apply. See the ADGM guidance on accounts and audit for QFZPs.
  19. The UAE cancelled the separate economic substance notification and reporting requirements for financial years ending after 31 December 2022. Adequate substance remains one of the conditions for the 0% Qualifying Free Zone Person rate. See the UAE Ministry of Finance announcement.
  20. ADGM and DIFC - Board meetings may generally be held anywhere, subject to any UAE Corporate Tax considerations.
  21. Exempt entities are not required to appoint a registered agent. ADGM exempts Authorised Firms, government entities, listed companies and SPVs that can show a substantial group presence in the UAE, allowing the registered agent's services to be performed in-house. DIFC exempts Prescribed Companies controlled by DIFC Registered Persons (other than another Prescribed Company or a Foundation), Authorised Firms, government entities and companies listed on a recognised exchange. A non-exempt Prescribed Company must use its corporate service provider's registered office address. An exempt Prescribed Company may use its corporate service provider's registered office address, or take its own lease and manage its own filings.
  22. ADGM SPVs must appoint an Authorised Signatory who is a GCC national or UAE resident. This is not a DIFC requirement.
  23. ADGM SPV government fees: incorporation US$1,900 and annual renewal US$1,500. The renewal fee covers all filings, commercial licence renewal, the annual return and data protection renewal. There is no separate fee for filing financial accounts.
  24. DIFC Prescribed Company government fees (government fees only): incorporation US$1,856 and annual renewal US$1,556. The renewal fee covers commercial licence renewal and the annual return filing. Additional data protection filing fees apply where the company processes personal data.
  25. ADGM and DIFC information relates to the ADGM SPV and the DIFC Prescribed Company, which are typically used as passive holding companies. Requirements and government fees differ for other vehicles, such as operating companies and foundations. For example, an ADGM SPV may use the registered office address of its corporate service provider, while an ADGM operating company must take its own office space.
  26. Where no exchange controls apply, international transfers remain subject to applicable anti-money laundering and counter-terrorist financing, sanctions and banking requirements.