Copyright © 2013 - 2018. Tai Pan Management Services Ltd., Company Service Provider Licence No. TC004077
 Registered in Hong Kong. No 1942748

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Hong Kong Licensed Company Service Provider

Tai Pan Management Services

Last update: 27 Nov 2018

COMPANY INCORPORATION SERVICES

TMS Group offers a range of company  formation and registration services in low tax jurisdictions e.g. Cyprus, Hong Kong and Singapore, together with the UK. Freezone companies - Georgia, Tbilisi Freezone and UAE, RAK Freezone. Companies formed in these jurisdictions are suitable for open trading worldwide. For those needing an IBC (International Business Company) we offer a number of options - Belize, Dominica, RAK UAE, Seychelles and St Vincent together with Delaware LLcs.

As part of our structuring, tax planning and residency services, we offer a range of ancillary services.


A BRIEF SUMMARY OF EACH OF  JURISDICTIONS WE OFFER?

The jurisdictions we offer range from trading companies in low tax countries to Freezone companies (generally tax free), through to typical IBCs (International Business Companies).




Hong Kong

Sometimes referred to as the last bastion of laissez-faire capitalism, Hong Kong has long believed in low corporate (and personal) taxation. Hong Kong companies are easy and fast to form and are not subject to petty restrictions. Hong Kong profits tax is only charged territorially on Hong Kong source income at a rate of 8.25% on assessable profits up to HK $2million (c. US $255K); and 16.5% on any part of assessable profits over HK $2 million.










Singapore

Singapore consistently ranks at or near the top of the World Bank’s ‘Ease of Doing Business’ index. Company incorporation is done online and therefore very fast. The maximum corporate tax rate is 17%, but there are various exemptions and allowances e.g. resident companies are entitled to a Zero rate of tax on the first S$ 100,000 of profit and the effective rate of tax of the first S$ 300,000 is 3.4%.











Cyprus

Cyprus, an island in the Eastern Mediterranean is a member of the EU and of the Eurozone. As such, it is a good choice for trading within the EU, particularly as VAT number can easily be obtained. Cyprus resident companies are subject to corporation tax at a flat rate of 12.5%. It should however be noted that salaries and consultancy fees paid to non-residents of Cyprus are not subject to any kind of withholding tax and therefore represent a convenient way to reduce taxable profit.

Another option is the Cyprus non-resident company, which, as the name suggests is managed and controlled from outside Cyprus. This variant cannot register for VAT in Cyprus, but has the advantage of being completely tax free.











Read more about Hong Kong company formation Hong Kong company formation Read more about Singapore company formation Read more about Cyprus company formation

TRADING COMPANIES IN LOW TAX JURISDICTIONS

FREEZONE COMPANIES

Georgia, Tbilisi Freezone

Georgia is an independent country in the Caucasus south of Russia on the Eastern Black Sea coast. It is a signatory to the EU DCFTA (Free trade agreement) and is an  EU associate member. Georgia does not exchange information via the AEOI (CRS) with other countries and has not committed to do so.


Georgia, Tbilisi Freezone companies are not subject to corporate tax and are not required to register for VAT. Company formation generally takes 2 or 3 days from receipt in Georgia of all required information. Georgia Freezone companies must hold a relevant business licence, this is renewable annually.  All company formation procedures can be carried out remotely, including local Georgia bank account opening.











Read more about Tbilisi Freezone

UAE, RAK Freezone

RAK (Ras Al Khaimah), an emirate within the UAE,   is located on the eastern side of the Arabian Gulf. It is about an hour’s drive from Dubai and from Dubai airport with Abu Dhabi airport being a little further away.

UAE, RAK Freezone companies must hold a relevant business licence, which also allows the owners to work in the UAE. RAK Freezone companies are completely tax free and, being resident companies, enjoy full access to the various international double tax treaties signed with the UAE.  A personal visit is required to form a RAK Freezone company.











Read more about RAK company formation company-formation

CLASSIC IBCS (INTERNATIONAL BUSINESS COMPANIES)

Commonwealth of Dominica

The Commonwealth of Dominica is located between Puerto Rico and Trinidad. Independent since 1978, it remains a member of the British Commonwealth. Dominica is relatively discreet, inexpensive and fast to form and maintain. Unfortunately, the relatively low number of TIEAs includes Germany, Scandinavia, the UK, Australia and New Zealand. Caution should therefore be exercised.


So far, 14 TIEAs have been signed. Please press this TIEA link to check the current position

Renewal is on the anniversary of incorporation, corporate directors are permitted as are nominees. A 20 year tax exemption is grated on incorporation. We recommend Dominica for asset holding and discreet trading.











Contact us about Dominica

Common features of IBCs




 


U.K., England & Wales

Whilst not commonly considered to be low tax (the current rate is 19% but is expected to drop to 17% in 2020), UK companies have a number of advantages in international trading. An example is the use of agency companies. Other benefits of a UK company are: dividends received from subsidiaries are often tax exempt, and there are no withholding taxes on dividends out, has the largest number of Double Tax Treaties in any country. For those not needing VAT registration, the UK has a high threshold (£85,000) which relates to sales in the UK. Therefore a company selling goods or services outside the UK will generally not register for VAT.












Contact us about UK company formation Photo by thegarethwiscombe, Flickr

Belize

Formerly British Honduras, Belize is in Central America, between Guatemala and Mexico. It gained independence from the UK in 1981.


Renewals of Belize companies must be made by the 31st of July on the year following incorporation and annually thereafter. Please note that CoGS etc. requested after April will require renewal fees to be paid.

Accounts. No filing requirement but the RA must be notified where maintained.

Features.

All the common features outlined here apply to Belize IBCs.











Contact us about belize IBC

Seychelles

The Seychelles, NE of Madagascar in the Indian Ocean, became independent from the UK in 1976 but remains a member of the British Commonwealth.


Inexpensive to form and maintain and fast incorporation. Very popular when combined with a bank account with ABC Bank in Mauritius. Renewal date annually, on the anniversary of incorporation. It is a requirement confirmed annually to notify the regisred agent where the company’s accounts are maintained.

So far, 7 TIEAs have been signed. Please press this TIEA link to check the current position.


All the common features outlined here apply to Seychelles IBCs.











St Vincent

St. Vincent & the Grenadines in the Eastern Caribbean gained independence from the UK in 1979 but remains a member of the British Commonwealth.


Renewal date. Annually, by 1st January each year. 1st year pro-rated.

Features. All the common features outlined here apply to St Vincent IBCs. Relatively unregulated e.g. Forex trading does not require a licence.











Contact us about St Vincent

USA, Delaware

Delaware is a small state situated on the east coast of the USA. Delaware LLC's may be formed quickly and without bureaucracy.  Apart from the ease of formation, a Delaware LLC is extremely tax efficient when used by non US resident principals and where the LLC does not trade in the USA.


Formation of Delaware LLCs generally takes 1 to 2 days from instruction.  Documentation is normally received in our offices in 5 – 7 days of formation. If required, EAN (employer tax number) tax be obtained, but this can take about a month.











Contact us about Delaware

UAE, RAK IC

RAK (Ras Al Khaimah) is located on the eastern side of the Arabian Gulf and is part of the United Arab Emirates (UAE) which also includes Dubai.


All the common features outlined above apply to RAK IC except that the suffix must be “Ltd.”

An alternative is the Free Zone Company (FZE or FZ LLC) which is a resident company and can take advantage of double tax treaties.

Renewal date. Annually, on the anniversary of incorporation.

Annual requirements. These are minimal and do not require accounts to be filed.











Contact us about RAK IC Contact us about Seychelles

PLEASE NOTE

The United Kingdom government have stated (May 2018) that they propose to accept an amendment to legislation which will require all UK overseas territories e.g. B.V.I., Anguilla, Turks & Caicos, Bermuda , Gibraltar etc to maintain and allow access to a register of beneficial owners. This, in our opinion, kills any semblance of privacy for owners of companies in these jurisdictions. We therefore cannot recommend them.