Going Offshore - Crowe Horwath International

Horwath MAK 

Member Crowe Horwath International 

GOING 

OFFSHORE 

Audit | Tax | Advisory | Risk 

www.crowehorwath.ae



CONTACTS 

Dubai Headquarters 

Horwath Mak 

Level 21, The Prism 

Business Bay, Sheikh Zayed Road 

Mailing Address 

P.O. Box: 6747, Dubai, UAE 

T: +971 4 447 3951 

F: +971 4 447 3961 

Contact Person 

Zayd Maniar 

E: zayd.maniar@crowehorwath.ae 


www.crowehorwath.ae

GOING 

OFFSHORE

DISCLAIMER 

All information presented in GOING OFFSHORE, is from government and other public sources available as of 

September 2012. While efforts have been made to avoid errors or omissions in this publication, any mistake, error 

or discrepancy noted may be brought to the notice of our office. Detailed advice should be obtained before taking 

action, or refraining from taking action, as a result of information contained in this publication, as CROWE HORWATH 

INTERNATIONAL, its UAE Office, Overseas Offices or Ancillary Offices will not be responsible for any damage or loss 

of action to anyone, of any kind, in any manner therefrom. It is therefore strongly recommended that potential investor 

contact CROWE HORWATH or any of its Offices to obtain the most recent information and professional advice related 

to establishing entities in desired jurisdiction. 

Dr. Khalid Maniar 

Founder & Group Managing Partner 

khalid.maniar@crowehorwath.ae



FOREWORD 

Going offshore has become both a strategic advantage and a competitive necessity. Small, 

medium and large business houses use offshore companies for various reasons like special 

purpose vehicles, tax planning, trusts, etc. This is the third edition of our publication of Going 

Offshore in view of the popular demand. Offshore companies have grown in popularity over 

the years despite the fact that almost all offshore jurisdictions are very well regulated. One 

of the first thoughts that come to mind when the phrase offshore investing is mentioned to 

an individual is tax planning. Tax exemption or a significant tax reduction and preferential 

exchange regime are the main features of the countries with special legislation that allows 

you to perform offshore business by registering a company. An offshore company is a 

unique tool in performing complicated tasks. 

Nowadays, a wide spectrum of offshore services satisfying various business needs has 

been developed. The offshore industry has turned into a global business, and reached all 

corners of the world, covering about a half of the world’s financial transactions. 

If you wish to avoid unfairly high taxes on legal grounds - you are in the right place. In a 

global economy, you need global expertise. By means of this book, we have tried to provide 

the fundamental details of more than 30 offshore jurisdictions and describe benefits of 

offshore jurisdictions and potential advantages of offshore companies. Though is highly 

recommended that you seek professional advice before you make a decision on formation 

or running of any offshore company. The author can be contacted on atik.munshi@ 

crowehorwath.ae for further clarification. 

Experience has taught that you can skirt the law of the land and lose, or you can make it 

work for you and win. That is why we heartily recommend that you seek the counsel of 

the appropriate professional to make absolutely certain you are on the right track. Use the 

available systems to the best of your advantage and you are sure to be a winner. 

Atik Munshi 

Partner 



© 2013 Horwath Mak v



INDEX 

1. ANGUILLA 2 

2. ANTIGUA 4 

3. BARBADOS 6 

4. BELIZE 8 

5. BERMUDA 10 

6. BRITISH VIRGIN ISLANDS 12 

7. CAYMAN ISLANDS 14 

8. COOK ISLANDS 16 

9. COSTA RICA 18 

10. CYPRUS 20 

11. GIBRALTAR 22 

12. GUERNSEY 24 

13. HONG KONG 26 

14. HUNGARY 28 

15. IRELAND 30 

16. ISLE OF MAN 32 

17. JEBEL ALI FREE ZONE 34 

18. LABUAN 36 

19. LIBERIA 38 

20. LIECHTENSTEIN 40 

21. LUXEMBOURG 42 

22. MADEIRA 44 

23. MARSHALL ISLANDS 46 

24. NEVIS 48 

25. PANAMA 50 

26. RAS AL KHAIMAH 52 

27. RAS AL KHAIMAH INVESTMENT AUTHORITY 54 

28. SAMOA 56 

29. SEYCHELLES 58 

30. ST. VINCENT & THE GRENADINES 60 

31. SWITZERLAND 62 

32. TURKS & CAICOS 64 

33. URUGUAY 66 

34. VANUATU 68 

CONTACTS 70 


© 2013 Horwath Mak 1



1. ANGUILLA 

Geography, Location & General Information 

Located in the Caribbean Sea, East of Puerto Rico, Anguilla was colonized by English settlers 

from St. Kitts in 1650. It was administered by Great Britain until the early 19th Century. After 

several attempts at separation, the country was allowed to secede in 1971 and this was 

formally recognized in 1980, with Anguilla becoming a separate British dependency. 

Language 

English is the official language of the Island. 

Legal System 

The law of Anguilla is based on the English Common Law. 

Registered Office 

It is required to have the Registered Office in Anguilla and it is necessary to have a 

Registered Agent. Only the Memorandum of Association, details of the Registered office 

and the Registered Agent are available to the public. There are no accounts required to be 

filed. There are no restrictions as to the place of meetings. No annual returns are required 

to be filed. 

Special Features 

• No disclosure of beneficial owners 

• Zero Taxation 

• Fast Incorporation - 24 hour online service 

• No Foreign Exchange Controls 

• English Language & British Territory 

• Common Law System 

• International Business Company Status 


2 

© 2013 Horwath Mak



SN DETAILS ANGUILLA 

1 Types of company: (a) Type of company preferred for international transactions: 

International Business Companies; Anguillan private and public 

companies incorporated under the Companies Act allowing 

companies to operate both onshore and offshore; Limited Liability 

Companies (LLCs); Limited Partnership (LPs); and Foundations. 

(b) Shareless companies: Under the Companies Act, companies 

limited by guarantee and companies limited by both shares and 

guarantee (hybrid companies) can be formed. 

2 Capital requirements: There are no minimum or maximum capital requirements. 

3 Fees paid to authorities 

to incorporate: 

4 Annual fees paid to 

authorities: 

5 Taxation rates applied to 

companies generally: 

Local Company (COC) (onshore or offshore) USD 300 Limited 

Partnership (LP) USD 250 

International Business 

Company (IBC) USD 250 Foundation Continuance USD 

250 Limited Liability Company (LLC) USD 250 

Foundation Registration or Deposit USD 500 (Fees quoted are 

for electronic incorporations) 

From USD 250 to USD 500 

Anguilla is a zero tax jurisdiction and levis no corporate tax on 

either local or offshore companies. 

(a) The taxation of companies in 2 (a) See above. 

6 Minimum number of 

members: 

A minimum of one director is required for all companies - need not 

be local. There are no disclosure requirements for an International 

Business Company. 

7 Directors and secretary: A minimum of one directos. Company secretary not mandatory. 

(a) Must there be a resident director/secretary? Directors and 

secretary need not be resident. 

(b) Are corporate directors allowed? Yes 

(c) Is a local registered agent required? For the company, yes. 

(d) Are "shadow" directors required to be registered? Not for IBCs. 





2. ANTIGUA 


Antigua is an island in the West Indies, in the Leeward Islands in the Caribbean region, the 

main island of the country of Antigua and Barbuda. Antigua means “ancient” in Spanish and 

was named by Christopher Columbus after an icon in Seville Cathedral, Santa Maria de la 

Antigua—St. Mary the Ancient. It is also known as Wadadli, from the original Amerindian 

inhabitants, and means approximately “our own”. The island’s circumference is roughly 87 

km (54 mi) and its area 281 km2 (108 sq mi). English Harbour on the south-eastern coast 

is famed for its protected shelter during violent storms. It is the site of a restored British 

colonial naval station called “Nelson’s Dockyard” after Captain Horatio Nelson. Today 

English Harbour and the neighbouring village of Falmouth are internationally famous as 

yachting and sailing destination and provisioning centre. During Antigua Sailing Week, at 

the end of April and beginning of May, the annual world-class regatta brings many sailing 

vessels and sailors to the island to play sports. 

Political Structure 

In 1967, with Barbuda and the tiny island of Redonda as dependencies, Antigua became 

an associated state of the Commonwealth, and in 1981 it was disassociated from Britain. 

The country was then led by what many describe as an elected family dynasty, with Vere 

C. Bird, the first prime minister, having been succeeded in 1993 by Lester B. Bird, his son, 

who retained the post until 2004. 


4 




SN DETAILS ANTIGUA 

1 Types of company: Local and IBCs. 

(a) Type of company preferred for international transactions: IBCs 

as trading and holding companies. 

(b) Shareless companies: Only available for domestic companies 

doing business in Antigua and Barbuda. 

2 Capital requirements: There are no minimum requirements for IBCs except for licensed 

institutions such as banks, trusts, insurance and gaming 

companies. 

3 Fees paid to authorities Domestic companies pay USD 85 and IBCs pay USD 300. 



authorities: 

Domestic companies pay USD 75 and IBCs pay USD 300. 




members: 

Domestic companies: 35%, IBCs: Zero. 

(a) The taxation of companies in 2(a): Zero. 

One director required for IBCs. 

7 Directors and secretary: One director who may also be the secretary. 

(a) Must there be a resident director/secretary? No 

(b) Are corporate directors allowed? Yes, and in the case of 

licensed IBCs all directors must be natural persons. 

(c) Is a local registered agent required? Yes, in the case of IBCs, 

Attorneys, Professionals and companies are required to be 

licensed under the Corporate Management and Trust Service 

Providers Act. 

(d) Are "shadow" directors required to be registered? All directors 

are required to be registered. 

8 Amount of fees payable USD 300 / USD 1,000 per annum for non-licensed IBCs. 

to appointee directors/ 

secretary: 

9 Annual meetings: Annual directors/shareholders meeting are required. 

10 Is an annual return filed 

with details of directors 

and members? 

Yes for all licensed IBCs and for local companies. Details of the 

directors are submitted to the Commission for approval before 

appointment. No change of director can be made without approval 

from the Commission. 





3. BARBADOS 


An island in the Caribbean, between the Caribbean Sea and the North Atlantic Ocean, 

northeast of Venezuela, it has a land area of 430 square kilometers. The island was 

uninhabited when first settled by Britain in 1627. The climate is mainly tropical with the 

rainy season between June to October. 

Political Systems 

The Political System is based on the Head of State British West minister model with 

HM Queen Elizabeth II being represented by a Governor General. Executive Authority is 

exercised by a cabinet headed by the Prime Minister, subject to approval of 21 Member 

Senate. The House of Assembly has 28 seats elected by direct popular vote to serve a Five 

year term. 

Barbados as an Offshore Centre 

Barbados first started operating as an Offshore Centre in 1965. In 1982, the legislation was 

updated with the introduction of Companies Act (based on Canadian Business Corporation) 

and again in 1991 with International Business Companies Act. With Wide range of business 

incentives, its low taxation and good professional infrastructure Barbados has gained a 

strong reputation as a flexible, reliable and technologically advanced centre. 

Features 

• Highly Flexible modern legislation 

• Minimum filing fees 

• Low start up & operating costs 

• Network of Double Taxation Treaties 

• Consent to acquire Real Estate 

• Low Tax rates 


6 




SN DETAILS BARBADOS 

1 Types of company: Domestic Company, International Business Company, Company 

providing international financial services, Exempt Insurance 

Company, Qualified Insurance Company, External Company. 

(a) Type of company preferred for international transactions: 

International Business Company (IBC). 

(b) Shareless companies: Non-Profit Companies and Segregated 

Cell Companies (SCC). 

2 Capital requirements: Minimum capital requirements: IBC - USD 1; An Exempt Insurance 

Company - USD 125,000; A Company licensed pursuant to the 

International Financial Services - for a company accepeting third 

party deposits - USD 2 million; for a company not accepting third 

party deposits - USD 500,000. 




authorities: 


companies 


members: 

For an IBC or an International Society with Restricted Liability 

(exempt society) the initial license fee of USD 425. 

The annual renewal fee for an IBC or an International Society with 

Restricted Liability Act (exempt society) is USD 425 payable to the 

Ministry of International Business and International Trade. 

(a) The taxation of companies in 2(a): International Business 

Company 1% - 2.5%, Domestic Company - 25%. 

One 

7 Directors and secretary: (a) Must there be a resident director/secretary? No, a resident 

director or resident secretary is not mandatory. However, it is 

advisable that the secretary be resident. 


(c) Is a local registered agent required? Yes, a local registered 

agent is required for a Society with Restricted Liability and an 

External Company. 

(d) Are "shadow" directors required to be registered? No, shadow 

directors are not registered but a shadow director will be listed as 

an alternate director in the company's records. 

8 Fees payable to 

USD 1,500 - USD 2,500 per year. 

appointee directors/ 

secretary: 

9 Annual meetings: One annual general meeting per year is required and its location 

is subject to the bylaws. The first shareholder meeting must be 

held within 18 months of incorporation and subsequent to that, 15 

months thereafter. Director meetings may be held by telephone or 

in person if the bylaws provide for this. 



and members? 

Annual returns are filed with the name or names, addresses and 

occupations/titles of the directors. 





4. BELIZE 

Geography, location & General Information 

Belize (formerly British Honduras) is scenically beautiful, independent country located on 

the Caribbean seaboard of Central America. It has an area of approximately 22,960 sq. 

kms and is bounded by Mexico to the north and Guatemala to the west and south. The 

administrative capital is Belmopan, but the major commercial centre is Belize City, which is 

located on the eastern coast close to the major international airport. 

Language 

The official and spoken language is English although Spanish is widely spoken. 


Belize has a long history of peace, stability and democracy. It became a British Crown 

Colony in 1862 and achieved complete self-rule in 1981. Belize is a member of the British 

Commonwealth, the United Nations and the Non-Aligned Movement. 

The political system is based on the head of State British Westminster model with HM 

Queen Elizabeth II being represented by a Belizean Governor General. Executive authority 

is exercised by the Cabinet under the leadership of the Prime Minister, subject to approval 

by a 29 member Senate with majority appointed on the recommendation of the Prime 

Minister. There are two main political parties. In the last election in September 1989 the 

government changed to the People’s United Democratic party after five years of rule by the 

United Democratic party. Both parties are committed to the economic development of the 

country and the encouragement of overseas investment. 

Summary 

The attractions of Belize as financial centre can be summarized as:- 

• Exemption from all forms of local taxation and exchange control 

• Competitive fees and charges 

• Branch Registry provisions 

• Public Investment Company provisions 

• New Open Shipping Register (the ‘Friendly Flag’) 

• New innovative Trust legislation 

• Zero taxation 


8 




SN DETAILS BELIZE 

1 Types of company: International Business Company (IBC); IBC registered as Limited 

Duration Company (LDC); Limited Liability by Guarantee (not for 

Profit Domestic Company or Association). 


IBCs. (b) Shareless companies: Domestic Company limited by 

Guarantee. 

2 Capital requirements: IBCs - no capital requirements except if the IBC is applying for a 

license with the International Financial Services Commission; IBCs 

registered as LDCs - no paid-up capital requirement. 




authorities: 




members: 

IBCs and LDCs - USD 100 with authorised capital of USD 50,000 

or less. USD 1,000 for authorised capital exceeding USD 50,000. 

IBC and LDC - USD 100 with authorised capital of USD 50,000 or 

less. USD 1,000 for authorised capital exceeding USD 50,000. 

(a) The taxation of companies in 2(a) None. 

IBCs and LDCs: a minimum of one member. 

7 Directors and secretary: IBCs and LDCs: a minimum of one director who may be an 

individual or a corporation. A company secretary is not mandatory. 

(a) Must there be a resident director/secretary? No 


(c) Is a local registered agent required? IBCs and LDCs must have 

a registered office in Belize. 

(d) Are "shadow" directors required to be registered? There is no 

requirement to file directors and shareholders information. 

8 Amount of fees payable Approximately USD 300 depending on the Registered Agent. 


secretary: 

9 Annual meetings: IBCs and LDCs may convene meetings of the members of the 

company at such times and in such manner and places within or 

outside Belize as they consider necessary or desirable. 



and members? 

IBCs and LDCs: No 

Domestic companies: Yes, on the anniversary date of 

incorporation each year. 





5. BERMUDA 


A group of Islands in North America in the North Atlantic Ocean, east of North Carolina (US), 

Bermuda was settled in 1609 by the shipwrecked British Colonists headed for Virginia. It 

covers an area of 58.8 square kilometers. The climate is subtropical and has a very mild and 

humid weather, pleasant for fostering tourism. 

Language 

English is the official language though Portuguese is widely spoken. 

Political System 

The Political System is based on the British Westminster model with HM Queen Elizabeth II 

as the Chief of State represented by a Governor General. Executive authority is exercised 

by a cabinet headed by the Prime Minister, subject to the approval of a 11 member senate 

appointed by the Governor General. The House of Assembly has 40 seats elected by 

popular vote to serve five year terms. 

Features 

• Highly respected jurisdiction 

• Tax neutrality 

• Established Stock Exchange 

• Modern Business Laws 

• No tax on capital gains 

• No withholding tax 

• No Exchange Controls 

• Convenient location & Time Zone 


10 




SN DETAILS BERMUDA 


Limited liability company, company limited by guarantee, permit 

(overseas) company, mutual company, mutual fund company, 

limited duration company, unlimited liability company, exempted 

company and local companies. 

(b) Shareless companies: Exempted Company with limited liability 

and Company limited by guarantee. 

2 Capital requirements: Companies limited by shares will no longer be required to maintain 

a minimum share capital. 



Approximately BMD 2,000 (this includes annual government fees). 


authorities: 




members: 

Minimum BMD 1,995: fees vary and are based on the Company's 

assessable capital. 

(a) The taxation of companies in 2(a): Nil, Tax Assurance Certificate 

granted until March 2016 or such further period as extended from 

time to time. 

One 

7 Directors and secretary: (a) Must there be a resident director/secretary? The Companies 

Act requirement for officers or representatives in Bermuda may be 

satisfied by any one of the following options: (i) a minimum of one 

director, other than an alternate director, who is ordinarily resident 

in Bermuda; (ii) a secretary that is an individual or a company who 

is ordinarily resident in Bermuda; (iii) a resident representative that 

is an individual or company who is ordinarily resident in Bermuda. 

(b) Are corporate directors allowed? No 

(c) Is a local registered agent required? No, see requirements 

above. 

(d) Are "shadow" directors required to be registered? Yes. 

8 Annual meetings: AGM is required. 





6. BRITISH VIRGIN ISLANDS 

Geography, Location 

The British Virgin Islands consists of 60 islands and cays having a total land area of 150 

sq. kms. The British Virgin Islands are North West of United States Virgin Islands and are 

separated by a channel only three miles wide. The neighbour with the largest land area is 

Puerto Rico 60 miles to the west. 

Legal System 

At the top of the court hierarchy is the West Indies Associated States Supreme Court, 

consisting of a High Court of Justice and a Court of Appeal. Lower Courts are the Court of 

Summary Jurisdiction and the Magistrate’s Court. The legal system is based upon English 

common law. 

Taxation 

There are double taxation with many countries. The long-existing and popular treaty 

with the United States was terminated as of January 1, 1993 because officials of the two 

Governments could not agree on a satisfactory settlement in the drawn-out negotiations of 

a new treaty. However, it was the United States that took the initiative to revoke the treaty 

as the State Department cited that the ‘Potential for Tax Abuse’ had not been eliminated. 

Under the extension still in effect of the remaining treaties to the British Virgin Islands, 

dividends arising in the Territory may be subject to a 15% withholding tax and in most cases 

there is no withholding on royalties, technical assistance fees and interest paid from the 

British Virgin Islands. The withholding tax on income paid to British Virgin Islands residents 

by persons in the other participating treaty countries generally is a maximum 15% for 

dividends, normal rates for interest and none for royalties. 

Summary 

The attractions of the British Virgin Islands as an offshore financial centre and the International 

Business Company can be summarized as:- 

• Exemption from all domestic taxation 

• A modern Companies Act providing maximum flexibility 

• An established domestic banking system with proven International connections 

• Low annual fee 

• Highly popular 


12 




SN DETAILS BRITISH VIRGIN ISLANDS 

1 Types of company: Company limited by shares; Company limited by guarantee 

not authorised to issue shares; Company limited by guarantee 

authorised to issue shares; Unlimited company not authorised 

to issue shares; Unlimited company authorised to issue shares; 

Segregated portfolio company; Restricted purpose company; 

Private trust company. 


Company limited by shares. 

(b) Shareless companies: Shareless companies are permitted. 

2 Capital requirements: There is no minimum paid-up capital requirement. 

3 Fees paid to authorities Between USD 350 to USD 5000. 



authorities: 

From USD 300 




members: 

BVI based companies pay payroll tax in accordance with the 

Payroll Taxes Act, 2004. 

(a) The taxation of companies in 2(a): BVI Business Companies not 

operating in the BVI are exempt from paying tax. 

One 

7 Directors and secretary: (a) Must there be a resident director/secretary? No 


(c) Is a local registered agent required? Yes. 

(d) Are "shadow" directors required to be registered? No. 

8 Annual meetings: Meetings may be held in or outside the BVI, either in person or via 

telephone, and proxy members are permitted. 

9 Accounts: (a) Must financial statements of a company be audited: No 

(b) Are annual accounts filed with annual returns? No 





7. CAYMAN ISLANDS 


The Cayman Islands consists of a group of three islands in the Caribbean. The main island 

Grand Cayman is situated approximately 450 miles south of Florida. The three islands have 

a total area of 259, sq. kms with Grand Cayman having an area of 75 square miles. The 

Cayman Islands has a tropical climate providing mild dry winters with temperature between 

65°F and 85°F. Rainfall is light between the months of November to April which is the winter 

season. The economy of the islands is strong enjoying full employment with most of the 

revenue being derived from the financial services sector and tourism. 


The Cayman Islands are a British colony and therefore the United Kingdom Parliament at 

Westminster retains the right to legislate. The islands have a Governor who is appointed by 

the Queen who heads the Cayman Island Government and is responsible for the civil service, 

defense, law and order and external affairs. There is a Legislative Assembly consisting of 12 

elected members plus the Financial Secretary, the Attorney General and the Administrative 

Secretary which make laws with the consent of the Crown. An Executive Council consisting 

of three official members appointed by the Governor and four members elected by the 

Legislative Assembly formulates policy and advises the Governor. 

Taxation 

The Cayman Islands are a pure tax haven with no direct taxation being levied on residents 

or corporations. There are no capital gains; inheritance or gift taxes although there is stamp 

duty on real property of 7.5 percent on transfer and 1 percent on mortgages. 

Summary 

The attractions of the Cayman Islands as financial centre can be summarized as: 

• 20 year exemption from local taxation 

• A modern Companies Law providing maximum flexibility 

• Confidentiality 

• No filing requirements 

• A well established international banking system 

• Immediate company availability 


14 




SN DETAILS CAYMAN ISLANDS 

1 Types of company: Exempted Companies; Ordinary Non-Resident; Ordinary Resident; 

Limited Duration Companies; Limited Liability Companies; 

Guarantee Companies; Protected Cell Companies (Segregated 

Portfolio Companies); No Par Value Companies. 


Exempted Companies. 

(b) Shareless companies: Permitted. 

2 Capital requirements: There are no minimum paid-up capital requirements. 



From USD 732 to USD 1646 


authorities: 




members: 

Non-Resident: same as incorporation; Exempted: same as 

incorporation except for SPCs which require an additional USD 

2,000. Annual fees are payable in January each year and are the 

same as fees payable to the authorities on incorporation. There are 

late filing fees ranging from 33.33% to 100% of annual fees. 

There is no income, capital gains or other forms of direct taxation. 

(a) The taxation of companies in 2(a): See above. 

One member. 

7 Directors and secretary: (a) Must there be a resident director/secretary? There are no 

requirements for local directors or officers. 


(c) Is a local registered agent required? All companies require 

a registered agent in the Cayman Islands where incorporation 

documents, books and records are kept. 

(d) Are "shadow" directors required to be registered? No, not at 

the present time. 

8 Amount of fees payable 


secretary: 

Fees payable for directors and officers range from USD 2,500 

and upward depending on the type of business the company 

conducts. 

9 Annual meetings: There is no longer a requirement that the directors hold at least 

one meeting annually in the Cayman Islands. 



and members? 

No, not for exempted companies but the Register of Directors & 

Officers must be filed and kept by the Registrar of Companies and 

all appointments and resignations must be filed within 30 days. 





8. COOKS ISLANDS 


Cooks Islands is a group of islands in the South Pacific Ocean, about one half of the way 

from Hawaii to New Zealand. Named after Captain Cooks, who sighted the island in 1770, 

the Islands became a British Protectorate in 1888. By 1900, administrative control was 

transferred by New Zealand and in 1965 chose self Government. It has an area of 240 

square kilometers. 


Self governing in free association with New Zealand, the island is fully responsible for 

Internal Affairs. New Zealand retains responsibility for external affairs in consultation with 

the Cooks Islands. Queen Elizabeth is the chief of the state. A 25 member parliament is 

elected by popular vote to serve a five year term. The Prime Minister is the Head of the 

State. 

Advantages of an Offshore Company in Cook Island are: 

• Very flexible shareholding and debt structuring methods. 

• No taxes of any kind payable. 

• High level of confidentiality. 


16 




SN DETAILS COOK ISLANDS 


International companies which may be limited by share or by 

guarantee, or which may be no liability, unlimited or mutual 

companies. US style Limited Liability Companies. 

(b) Shareless companies: Shareless companies permitted with 

restrictions. 

2 Capital requirements: There are no minimum share capital requirements. 




authorities: 




members: 

USD 300 for international business companies (IBCs); USD 200 

for LLCs. 

USD 300 for IBCs; USD 200 for LLC's. 

20% taxation applied to domestic companies only. 

(a) The taxation of companies in 2(a): No taxation exists for IBCs 

or LLCs. 

One 

7 Directors and secretary: (a) Must there be a resident director/secretary? A resident 

secretary is required, however, a local director is not required. 



(d) Are "shadow" directors required to be registered? Yes. 



secretary: 

These fees are generally included in the licensed trustee company 

fees for administration. 

9 Annual meetings: Directors and shareholders meetings may be held by telephone or 

by circulating a minute for signature. AGMs are not essential where 

signed minutes so records. 

10 Must foreign companies 

administered locally be 

registered? 

Foreign companies administered locally may, but do not have to 

be, locally registered. 





9. COSTA RICA 


Costa Rica, officially the Republic of Costa Rica is a country in Central America, bordered 

by Nicaragua to the north, Panama to the south, the Pacific Ocean to the west and south 

and the Caribbean Sea to the east. 

Costa Rica has consistently been among the top Latin American countries in the Human 

Development Index, ranked 62nd in the world in 2010, and is cited by the UNDP as one of 

the countries that have attained much higher human development than other countries at 

the same income levels. 

Costa Rica is located on the Central American isthmus, lying between latitudes 8° and 12° 

N and longitudes 82° and 86°W. It borders the Caribbean Sea (to the east) and the Pacific 

Ocean (to the west), with a total of 1,290 kilometers (800 mi) of coastline, 212 km (132 mi) 

on the Caribbean coast and 1,016 km (631 mi) on the Pacific. 

Costa Rica also borders Nicaragua to the north (309 km or 192 mi of border) and Panama 

to the south-southeast (639 km or 397 mi of border). In total, Costa Rica comprises 51,100 

square kilometers (19,700 sq mi) plus 589 square kilometers (227 sq mi) of territorial waters. 


18 




SN DETAILS COSTA RICA 

1 Types of company: Costa Rican Law establishes five different legal entities to 

engage in business. The IndividualEnterprise with Limited 

Liability (Empresa Individual de Responsabilidad Limitada); The 

Collective Company (Sociedad en Nombre Colectivo); The Limited 

Partnership (Sociedad en Comandita); The Limited Liability 

Company (Sociedad de Responsabilidad Limitada); and The Stock 

Corporation or Chartered Company (Sociedad Anonima). The first 

of these entities is regarded as an individual; the others all have 

corporate personality. 

(a) Type of company preferred for international transactions: Stock 

Corporation (b) Shareless companies: No 

2 Capital requirements: No minimum authorised capital. At least 25% of whatever 

capital is decided for incorporation must be paid up immediately. 

Shareholders may increase or decrease the 

capital by means of a shareholder meeting. Capital can be 

expressed in any currency. Unless there is a specific reason to 

set-up a corporation with high capital, it is normal to use a capital 

equivalent of USD 100. 

3 Fees paid to authorities EUR 2,000. 



authorities: 

From CRC 3000 to CRC 9000 




members: 

Up to 30%. 

(a) The taxation of companies in 2(a): Up to 30%. 

Costa Rican legislation has established that the members of the 

Board of Directors are also the officers of the company. Thus, the 

Chairman of the Board, known in Costa Rica as the President of 

the Board, is also the Chief Executive Officer of the company. The 

law requires that the Board of Directors have a minimum of three 

members for the offices of President, Secretary and Treasurer. 





must be recorded at the Public Registry. No shadow directors are 

allowed. 

8 Amount of fees payable Varies from firm to firm 


secretary: 

9 Annual meetings: The law requires only one annual shareholders' meeting. In the first 

case, it is an Ordinary Shareholders' Meeting that must be held 

between 1 October and 31 December each year. This can be held 

by the legal agents of the corporation in Costa Rica via a proxy 

letter. The other meetings are Extraordinary Meetings. 





10. CYPRUS 


Cyprus is situated at the north-eastern end of the Mediterranean Sea at the crossroads of 

Europe, Asia and Africa. It covers an area of 9,251 square kilometers and lies 65 kilometers 

south of Turkey, 96 kilometers west of Syria, 385 kilometers north of Egypt and some 980 

kilometers south-east of Athens. 


Cyprus became an independent republic in 1960. The political system is modelled on 

western democracies in which individual rights are respected and private enterprise is given 

every opportunity to develop. Under its constitution, Cyprus has a presidential system of 

government. The President is the Head of State and it’s elected for a five-year term of office. 

The Executive arm of the government is the Council of Ministers and the members are 

appointed by the President. The Ministers are responsible for the administration of all 

matters falling within the domain of their ministries and for the implementation of legislation. 

Legislative power is in the hands of the House of Representatives, which consists of 56 

elected members who hold office for a period of five years. A multi-party system operates 

in Cyprus and the electoral system is based on proportional representation. 

Summary 

The attractions of Cyprus as an offshore financial centre can be summarized as:- 

• Extensive double taxation treaty network 

• Low taxation rates for offshore companies 

• A modern companies act, based on UK models 

• Political and economic stability 

• An established international Banking system 

• Excellent Communications 

• Excellent commercial and professional infrastructure 

• Exempt from Exchange Control 


20 




SN DETAILS CYPRUS 

1 Types of company: Public companies limited by shares, private companies limited by 

shares, companies limited by guarantee. 

(a) Type of company preferred for international transactions: Private 

company limited by shares, managed and controlled by Cypriot 

residents. 

(b) Shareless companies: Not allowed under Cyprus Companies 

Law. 

2 Capital requirements: For private companies at least one share of any value and for 

public companies limited by shares EUR 26,000. 




authorities: 


members: 

A flat fee of EUR 102.52 plus 0.6% of the nominal value of 

authorised share capital with no upper limit. 

EUR 17.09 for filing the annual return and EUR 34.18 for late filing. 

One for private companies and seven for public companies. 

6 Directors and secretary: (a) Must there be a resident director/secretary? No. A minimum of 

one for private companies and two for public companies. Where 

a single member private company is concerned, the sole director 

may also be secretary. 


(c) Is a local registered agent required? No. 

(d) Are "shadow" directors required to be registered? No. 



secretary: 

EUR 500 for a director and EUR 300 for the secretary (not based 

on the Companies law). 

8 Annual meetings: The first Annual General Meeting must be held within 18 months 

from incorporation and thereafter every year. Annual and 

Extraordinary General Meetings are necessary, among others, to 

approve the audited financial statements. 



and members? 

Yes 





11. GIBRALTAR 


Gibraltar is a peninsula at the southern tip of Spain with an area of approximately 7 square 

kilometers. It is adjacent to Africa yet within Europe and has an historically strategic position 

at the junction of the Atlantic and the Mediterranean. The Rock itself is made of limestone 

and is almost 425 meters high. 

The Port of Gibraltar enjoys free port status and hosts frequent calls from many of the 

world’s shipping lines, both passenger and freight. 

Political structure 

Gibraltar is a British Dependent Territory and is a Crown Colony with internal self-government. 

It has its own elected House of Assembly which legislates on domestic matters. The United 

Kingdom is responsible for defense, foreign affairs, financial stability and internal security. 

Gibraltar is a member of the European Community by virtue of Article 227, paragraph 4 of 

the Treaty of Rome in its Capacity as a territory for whose external relations a Member State 

(the United Kingdom) is responsible. Gibraltar enjoys special status within the Community 

and is exempted from the common Customs Tariff, the Common Agricultural Policy and 

the Value Added Tax. Gibraltar is politically stable and the current Government, recently 

re-elected with a large majority, actively promotes Gibraltar as a first class international 

financial centre. 

Summary 

The attractions of Gibraltar as a financial centre can be summarized as:- 

• Exemption from Gibraltar taxes. 

• Excellent domestic and international banking 

• Membership of the European Community 

• No foreign exchange controls 

• No double taxation treaties. 


22 




SN DETAILS GIBRALTAR 

1 Types of company: (a) Type of company preferred for international transactions: Private 

company limited by shares/Limited Partnerships. 

(b) Shareless companies: Campany limited by guarantee and not 

having a share capital. 

2 Capital requirements: No minimum capital requirement for private companies. GBP 

20,500 minimum for public companies. 

3 Fees paid to authorities GBP 50 to Companies House and GBP 10 for Stamp Duty. 



authorities: 

GBP 45 for annual returns and GBP 10 for accounts. 



Under the new Income Tax Act 2010 most companies will pay tax 

at the rate of 10% on taxable profits. However, utility companies 

(water, electricity, telecoms, sewage and petroleum) and 

companies which "abuse a dominant market position" will pay tax 

at the higher rate of 20%. 

(a) The taxation of companies in 2(a): As above. 

6 Minimum number of One for a private company and seven for a public company. 

members: 

7 Directors and secretary: (a) Are corporate directors allowed? Yes 

(b) Are "shadow" directors required to be registered? Not allowed. 

8 Annual meetings: Yes, however, companies may dispense with AGMs if they pass a 

special resolution. 



and members? 

Yes 





12. GUERNSEY 


The islands of Guernsey and other channel Islands represent the last remnants of the 

medieval Dukedom of Normandy, which held sway in both France and England. The Islands 

were the only British soil occupied by German Troops in World War II. The Islands are in the 

English Channel Northwest of France and covers a land area of 194 square kilometers. The 

climate is temperate with mild winds and cool summers with about 50 percent of the days 

overcast. The terrain is mostly level with low hills in the Southwest. 


A British Crown dependency with the Queen Elizabeth as the chief of State represented by 

Lt. Governor, appointed by the Queen. 

Secretary and Registered Office 

A Secretary is mandatory and a Corporate Secretary is allowed. The registered office should 

be situated in Guernsey. 


• Highly respected and regulated Offshore Centre 

• No minimum capital requirement. 

• No exchange control 

• No taxation for exempt companies 

• Popular Trust Management Territory 

• A Key European Investment Centre 


24 




SN DETAILS GUERNSEY 

1 Types of company: Limited companies, limited by guarantee, incorporated cell 

companies, unlimited and mixed liability companies. 

(a) Type of company preferred for international transactions: Any 

(b) Shareless companies: Guarantee companies need not have 

shares. 

2 Capital requirements: Any currencies permitted. No minimum authorised capital. 

Minimum share issue: One 



Fee dependent on speed of incorporation but starting at GBP 100 


authorities: 



Annual validation fee dependent on type of company but starting 

at GBP 250 (unless a charity). 

0% income tax for all corporate entities except banks which are 

charged at 10% on their regulated business. Investment funds can 

still apply to be exempt companies. 

(a) The taxation of companies in 2(a): See above 

6 Minimum number of One shareholder required 

members: 

7 Directors and secretary: (a) Must there be a resident director/secretary? There must be a 

resident agent - either a resident director or a corporate service 

provider. 



(d) Are "shadow" directors required to be registered? No, shadow 

directors are illegal. 

8 Annual meetings: Not required provided a resolution has been passed that they can 

be waived. 



and members? 

Yes but it is an online validation 





13. HONG KONG 


Hong Kong is on the south east of China and consists of a large number of islands and a 

part of the Chinese mainland totaling approximately 400 square miles. The principal areas 

are the Island of Hong Kong, Kowloon and the New Territories. These areas were ceded 

to Britain in perpetuity in 1842 under the treaty of Nankinu and in 1898 the New territories 

were leased by Britain from China for a period of 99 years and includes all the land north of 

Boundary Street in Kowloon up to the border with China as well as 235 small islands. There 

is a range of hills which divides the densely populated urban areas from the rural areas of 

the New Territories. 

Hong Kong is the leading south east Asian centre for both finance and commerce and ranks 

as the world’s largest financial centre after New York and London. There are more than 160 

licensed banks with 128 foreign banks having representative offices in Hong Kong and a 

further 225 licensed deposit taking Finance Companies all of which play an active role in the 

financing of international trade and commerce. 

Special Feature 

Hong Kong takes the attitude that the country is a low tax area rather than a tax haven and 

because the taxation system is based on source income, Hong Kong is a taxation paradise 

for companies wishing to base themselves in Hong Kong with foreign earnings. 

Summary 

The attractions of Hong Kong as a financial centre can be summarized as: 

• Exempt from taxes on foreign source income 

• An established international banking system 

• Sophisticated company law 

• No disclosure of beneficial owner 



26 




SN DETAILS HONG KONG 

1 Types of company: Public Limited Company (PLC); Private Limited Company; 

Company Limited by Guarantee without a share capital; Limited 

Partnership; Partnership; Sole Proprietorship; Club/Society. (a) 

Type of company preferred for international transactions: Limited 

companies having share capital (i) Private Limited Companies with 

less than 50 members; (ii) Public Limited Companies. Tax Rate for 

limited companies: 16.5%. (b) Shareless companies: Company 

limited by guarantee; limited partnership; partnership; sole 

proprietorship; club/societies. 

2 Capital requirements: No minimum capital stipulated but must have a nominal share 

capital if a limited company having shares. NB: minimum share 

capital for IPOs. 




authorities: 




members: 

Company Registration fee: HKD 1,720 and Capital Fee 0.1% of 

authorised share capital, capped at HKD 30,000. 

Business registration fee HKD 450 up to 31 July 2011. Business 

registration fee is HKD 2,4S0 for one year and HKD 6550 for three 

years. Companies Registry: Annual Retum HKD 105 within 42 

days of anniversary of incorporation (late filing subject to penalties 

and possible prosecution). 

Under the Budget for 2010-2011: Corporate tax is 16.5% with 

various allowances for costs and depreciation; Personal tax is 

levied on salary only, not on other income, and is graduated from 

2% to I 7% but capped at a maximum of 15% of total salary. This 

cap also applies to unincorporated businesses. There is a one off 

75% salaries tax rebate for 2009-2010 capped at HKD 6,000.(a) 

The taxation of companies in 2(a): 16.5%. 

A private limited company must have a minimum of one director, 

one shareholder and one secretary. All other limited companies 

must have at least two members. Private limited companies are 

limited to 50 shareholders maximum. 

7 Directors and secretary: (a) Secretary must be a Hong Kong resident. All other corporations 

must have a natural person resident in Hong Kong as their 

Secretary. (b) Is a local registered agent required? No. But the 

Registered Office must be a physical address in Hong Kong, not a 

PO Box and the secretary must be a Hong Kong resident. 

8 Annual meetings: One AGM with a minimum of 21 days written notice; members 

may call EGMs with a minimum of 14 days written notice. Notice 

can be shortened by consent of all Members. 



and members? 

Yes - filed annually with the Companies Registry. 





14. HUNGARY 

Geographical Location 

The Republic of Hungary is situated in Central Europe and has borders with Austria, 

Slovenia, Croatia, Serbia, Romania, Ukraine and Slovakia. Its climate is temperate, and the 

country is predominately flat. Lake Balaton, Central Europe’s biggest lake is a main tourist 

attraction, as is the Danube, reaching seven countries as flows from Germany to the Black 

Sea. 

Summary 

The Hungarian authorities are keen to encourage foreign investment and have almost 

deregulated it, so Hungary now serves as a hub for western investment into Eastern Europe. 

More and more western companies 

are setting up joint ventures, manufacturing and service centers with the aim of providing 

Eastern Europe with goods, capital and expertise. 

Hungary was very successful in attracting foreign investment, with a total inflow of US$ 7 

billion in the last four years. There are practically no import or export controls for more than 

90% of goods and services. 

The Hungarian commercial Banking and financial system is the most advanced in the region 

and includes the subsidiaries of major Western Banks. 


28 




SN DETAILS HUNGARY 

1 Types of company: (a) Type of company preferred for international transactions: Kft 

(LLC, GmbH) or Rt (Ltd, Plc,AG) - two types of Rt: private share 

company (ZRt); and public share company (NyRt). 

(b) Shareless companies: Bt (Ltd, Pshp, KG) - not recommended 

for offshore activity. 

2 Capital requirements: Kft: HUF 500,000 (approximately USD 2,600/EUR 1,900); ZRt: 

HUF 5,000,000 (appraximately USD 26,000/EUR 19,000); and 

NyRt: HUF 20,000,000 (approximately USD 105,000/EUR 76,000). 



Kft: HUF 15,000 (approximately USD 80/EUR 60); ZRt: HUF 

105,000 (approximately USD 550/EUR 400); and NyRt: HUF 

605,000 (approximately USD 3,200/EUR 2,300). 


authorities: 




members: 

Annual report to the Registrar of Companies (Court of 

Registration): HUF 3,000 (USD 16/EUR 11) 

Taxation rates: Standard corporate income tax (CIT): 10% (on 

profit) up to HUF 500 million (USD 2.5 million or EUR 1.85 million) 

tax basis; 19% (on profit) over HUF 500 million tax basis: Beneficial 

tax rates: royalty income: 50% tax benefit Tax exemptions: 

dividend received; dividend paid (no WHT); capital gain (unless real 

property holding companies): local business tax (LBT): 2% on net 

income. 

(a) The taxation of companies in 2(a): As above 

One 



(c) Is a local registered agent required? No. 

(d) Are "shadow" directors required to be registered? The concept 

of "shadow director" is unknown. 

8 Annual meetings: A minimum of one each year, not later than 31 May. Minimal 

purpose to approve the annual return and balance sheets. No 

restrictions on the place of the meeting. 



and members? 

Not compulsory. However these details are disclosed by the public 

Company Registry. 





15. IRELAND 


The island of Ireland is situated to the west of Great Britain from which it is separated by the 

Irish Sea. Ireland is 10280 sq. kms in size. 

The lakes and bogs of the interior lowlands are surrounded by mountain masses. These 

range from the bleak granites of the North and East to the jagged fingers of sandstone 

stretching out into the Atlantic in the south-west. Ireland is renowned for its magnificent 

scenery, unique fauna and wildlife and its unpolluted fishing lakes and rivers. 


Until 1922 all of Ireland was part of the United Kingdom. Indeed, Dublin, the capital, 

was officially the second city (after London) of the British Empire. Following a war of 

Independence which lasted 3 years, UK entered into a treaty with Ireland. The effect was to 

partition the island into Northern Ireland (5,452 square miles) and create an Irish Free State 

(27,236 square miles). In 1949 the Irish Free State became a Republic and left the British 

commonwealth. Northern Ireland remains an integral part of the UK. 

Taxation 

Corporation Tax is payable by resident companies at a rate of 40 per cent on all income 

and capital gains, Non-Resident company status is a feature of taxation Law rather than 

Company Law and to obtain and maintain Non-Resident status, the ownership and centre 

of management of Non-resident company should be foreign based and the company should 

not derive any income from the Republic of Ireland. All companies have to file accounts 

and an annual return with Registry. Non-Resident companies do not however have to file 

accounts with the Tax authority. 

Summary 

The attraction of Ireland as a financial centre can be summarized as:- 

• A full member of the European Community 

• Excellent professional and commercial infrastructure 

• Zero corporation tax for non-resident companies 

• Non disclosure of Beneficial Ownership 



30 




SN DETAILS IRELAND 

1 Types of company: Private or public; limited or unlimited; multi-member or single 

member companies. 

(a) Type of company preferred for international transactions: Private 

limited by shares. 

(b) Shareless companies: Companies limited by guarantee and not 

have a share capital can also be incorporated. 

2 Capital requirements: Private companies (other than single member companies): two 

shareholders, with two shares subscribed for at incorporation. 

Public company: a minimum capital of EUR 38,092 allotted share 

capital paid-up to the extent of 25% of nominal value and 100% of 

share premium. Capital can be expressed in any currency. 




authorities: 




members: 

EUR 100 payable to Companies Registration Office unless the 

form is registered through the CRO Disk scheme (subject to a EUR 

50 filing fee). Companies Capital Duty abolished in 2005. 

Annual Return Fee - EUR 40 for paper filing; EUR 20 for online 

filing; EUR 100 late filing fee plus EUR 3 per day thereafter to a 

maximum EUR 1,200. 

The corporation tax rate is currently 25% for non-trading income. 

This is reduced to 12.5% for qualifying trading income. 

(a) The taxation of companies in 2(a): See above 

Private Limited Company: minimum of one (single member). 

Private Unlimited Company: minimum of two. Public Company: 

minimum of seven. Members can be either bodies corporate or 

natural persons. 



8 Annual meetings: At least one directors' meeting to be held every year to accept 

accounts and to call the Annual General Meeting. An Annual 

General Meeting to be held each calendar year to receive and 

adopt the financial statements - see statutory requirements in 

Acts. Extraordinary General Meetings in circumstances where 

prescribed by legislation. 



and members? 

Yes 





16. ISLE OF MAN 


The Isle of Man is located in the middle of the northern Irish Sea, approximately equidistant 

from the islands of Great Britain and Ireland, within the British Isles. The closest land is 

southern Scotland. Besides the island of Mann itself, the political unit of the Isle of Man 

includes some nearby small islands: the seasonally inhabited Calf of Man, Chicken Rock on 

which stands an unmanned lighthouse, St Patrick’s Isle and St Michael’s Isle. Both of the 

latter are connected to the mainland by permanent roads/causeways. 

Hills in the north and south are separated by a central valley. The extreme north is 

exceptionally flat, consisting mainly of deposits from glacial advances from western 

Scotland during colder times. There are more recently deposited shingle beaches at the 

Point of Ayre. According to an old saying, from the summit one can see six kingdoms: those 

of the Mann, Scotland, England, Ireland, Wales, and Heaven. 

Taxation 

The Isle of Man is a low-tax economy with no capital gains tax, wealth tax, stamp duty, or 

inheritance tax[50] and a top rate of income tax of 20%. A tax cap is in force; the maximum 

amount of tax payable by an individual is £115,000 or £230,000 for couples if they choose 

to have their incomes jointly assessed. The £115,000 tax cap equates to an assessable 

income of £589,550. Personal income is assessed and taxed on a total worldwide income 

basis rather than a remittance basis. This means that all income earned throughout the 

world is assessable for Manx tax rather than only income earned in or brought into the 

Island. 

The rate of corporation tax is 0% for almost all types of income, the only exceptions are that 

the profits of banks are taxed at 10%, as is rental (or other) income from land and buildings 

situated on the Isle of Man. 


32 




SN DETAILS ISLE OF MAN 

1 Types of company: • Companies formed under the Companies Acts 1931 to 2004 

• Companies formed under the Companies Act 2006 

• Limited Liability Companies 

• Protected Cell Companies 

Companies Limited by Shares, Companies Limited by Guarantee, 

“Hybrid” Companies Limited by Guarantee and having a Share 

Capital or Unlimited Companies. 

2 Capital requirements: • Share capital can be expressed in any currency. 

• No maximum authorised share capital. 

• Low incorporation costs based on a standard authorised share 

capital of £2,000. 



4 Taxation rates 

applied to companies 

generally: 


members: 

6 Directors and 

secretary: 

• Companies formed under the Companies Acts 1931 to 2004 : 

GBP 212 

• Companies formed under the Companies Act 2006 : GBP 195 

Isle of Man legislation in 2006 has abolished the previous tax 

exempt and non-resident company status and has introduced 

a zero percent corporate tax rate. With effect from 5 April 2007 

all Isle of Man registered companies are assessed to tax at zero 

percent. 

• Companies formed under the Companies Acts 1931 to 2004: 

Minimum of one Shareholder 

• Companies formed under the Companies Act 2006: The 

company may have a sole Shareholder. 

• Limited Liability Companies: There must be a minimum of two 

members. 

• Companies formed under the Companies Acts 1931 to 

2004: Minimum of two Directors. Corporate Directors are not 

permitted. 

• Companies formed under the Companies Act 2006: Corporate 

Directors are permitted, within certain limits. 

• Limited Liability Companies: The LLC is a corporate entity 

without Directors or Shareholders. 

7 Annual meetings: • Companies formed under the Companies Acts 1931 to 2004: 

Shareholders’ annual general meeting must be held at which 

financial statements are to be presented. 



and members? 

• Companies formed under the Companies Acts 1931 to 2004: 

An annual return, providing details of Directors, company 

Secretary and Shareholders, is required to be filed with the 

Registrar of Companies, accompanied by the current filing fee. 

9 Accounts: • Companies formed under the Companies Acts 1931 to 2004: 

Accounting records must be maintained. 





17. JEBEL ALI FREE ZONE 


Jebel Ali Free Zone is a free economic zone located in the Jebel Ali area at the far western 

end of Dubai, United Arab Emirates. Created under an Emiri Decree, JAFZA commenced 

operations in 1985 with standard size office units and warehouses to provide ready built 

facilities to customers. In 1990 JAFZA expanded its facilities to include light industrial units. 

Language 

The official language of the UAE is Arabic, although English is widely used in business 

circles. A significant portion of the expatriate population also speaks Hindi, Malayalam, 

Tamil, Urdu, Bengali, Persian and other languages of the subcontinent. 


JAFZ, an industrial area surrounding the port, allows the international companies who 

relocate there to enjoy the special privileges of the free zone. These include exemption 

from corporate tax for fifteen years, no personal income tax, no import or export duties, no 

restriction on currency, and easy labor recruitment. 

Summary 

• 100% foreign ownership. 

• Company can own real estate properties on Palm islands or any properties owned 

by Nakheel Company LLC or any other real estate properties approved by the Jebel 

Ali Free Zone Authority (JAFZA). 

• Company can hold an account in a bank in the UAE for the purpose of conducting 

routine operational transactions. 

• An offshore company has the capacity and privileges of a natural person. 

• Total tax and duty exemption. 

• An efficient regulatory regime. 


34 




SN DETAILS JEBEL ALI 


Offshore. 

(b) Shareless companies: 

2 Capital requirements: None 

3 Fees paid to authorities Offshore Companies:AED 10,000. 


4 Annual fees paid to Offshore Companies:AED 2,700. 

authorities: 

5 Taxation rates applied to 0% 


6 Minimum number of One 

members: 

7 Directors and secretary: (a) Must there be a resident director/secretary? Two directors are 

required and one secretary. 


(c) Is a local registered agent required? Yes 

(d) Are "shadow" directors required to be registered? No 

8 Annual meetings: Yes 



and members? 

Yes 





18. LABUAN 


Labuan is a federal territory in East Malaysia. It is an island off the coast of the state of 

Sabah. Labuan’s capital is Victoria and is best known as an offshore financial centre offering 

international financial and business services via Labuan IBFC since 1990 as well as being 

an offshore support hub for deepwater oil and gas activities in the region. It is also a tourist 

destination for nearby Bruneians and scuba divers. The name Labuan derives from the 

Malay word labuhan meaning anchorage. 

Labuan Island is mainly flat and undulating and the highest point is only 85 meters. Over 

70% of the island is still covered with vegetation. Victoria, also Bandar Labuan in Malay, 

is the major town and faces Brunei Bay; access is via ferry service to Brunei and Kota 

Kinabalu, as well as Labuan Airport. 


This island is governed by Datuk Yussof Haji Mahal from Barisan Nasional, which was 

elected during 12th General Election of Malaysia. Datuk Yussof Mahal won by 10471 votes, 

beating Lau Seng Kiat, an Independent, and Matusin Abdul Rahman by 1106. He is the 

Member of Parliament of Labuan, thus by tradition, also been appointed as Chairman of 

Labuan Corporation. The island also has a Senator, Datuk Yunus Kurus that also serves as 

Chairman of Labuan Corporation Advisory Council. 


36 




SN DETAILS LABUAN 

1 Types of company: Companies limited by shares or guarantee incorporated under the 

LCA or foreign Labuan companies registered under the LCA 


Companies limited by shares or guarantee. 

(b) Shareless companies: Not permitted. 

2 Capital requirements: At least one issued share of any denomination for non-licensed 

entitites. For licensed entities (eg banks, insurance companies, 

funds), capital requirements depend on type of license. 




authorities: 



Labuan companies: approx MYR 1,200 to MYR 5,200 depending 

on paid up capital. Foreign Labuan companies: Approx MYR 

6,200. 

Labuan companies: MYR 1,500; Foreign Labuan Companies: 

MYR 5,300. 

Labuan trading activities are taxed at either 3% on audited net 

profits or fixed sum of MYR 20,000; for investment holding 

companies, tax on all investment income and capital gains is 

exempt. For year of assessment 2008, companies can make an 

irrevocable election to be taxed under the Malaysian Income Tax 

Act 1967 at the rate of 25% p.a. which election would allow them 

to enjoy access to all of Malaysia's DTAs. 

(a) The taxation of companies in 2(a): Same as above. 

6 Minimum number of One, can be either a corporate entity or individual. 

members: 

7 Directors and secretary: Minimum one director (either corporate entity or individual) and 

a Resident Secretary (the Resident Secretary must be an officer 

provided by a registered Labuan trust company) but additional 

secretaries can be appointed. 

8 Annual meetings: At least one general members' meeting to adopt the accounts but 

this could be done by circulating a members' resolution. 



and members? 

Yes 





19. LIBERIA 


Liberia, officially the Republic of Liberia, is a country in West Africa. It is bordered by Sierra 

Leone on the west, Guinea on the north and Côte d’Ivoire on the east. Liberia’s coastline is 

composed of mostly mangrove forests while the more sparsely populated inland consists 

of forests that open to a plateau of drier grasslands. The country possesses 40% of the 

remaining Upper Guinean rainforest. Liberia has a hot equatorial climate, with significant 

rainfall during the May to October rainy season and harsh harmattan winds the remainder 

of the year. Liberia covers an area of 111,369 km2 (43,000 sq mi) 


The government of Liberia, modeled on the government of the United States, is a unitary 

constitutional republic and representative democracy as established by the Constitution. 

The government has three co-equal branches of government: executive, headed by the 

president; legislative, consisting of the bicameral Legislature of Liberia; and judicial, made 

up of the Supreme Court and several lower courts. 


38 




SN DETAILS LIBERIA 

1 Types of company: Non-resident business entities; corporations, LLCs, LLPs, and 

Private Foundations. 


Any non-resident entity depending on purposes of corporation/ 

company and the jurisdictions in which the activities are to be 

conducred. 

(b) Shareless companies: Available 

2 Capital requirements: No minimum share capital requirements. A Private Foundation 

requires an initial endowment of no less than USD 10,000. 




authorities: 




members: 

Incorporation fee is a single inclusive fee of USD 713.50. 

USD 450 annual corporate maintenance fee (includes registered 

agent and government fees). 

(a) The taxation of companies in 2(a): Exempt from Liberian 

taxation. 

One shareholder or member. No requirement to ffle details of 

shareholders or members of corporations or LLCs. 

7 Directors and secretary: Minimum of one director. Every corporation must have a president, 

secretary and treasurer, which may be the same person and may 

be corporate or an individual. Every LLC must have a manager. 

(a) Must there be a resident director/secretary? No requirement for 

a resident director/secretary in Liberia. 

(b) Are corporate directors allowed? Yes, as are corporate 

secretaries. 

8 Annual meetings: Meetings can take place anywhere in the world and can be 

by telephone, electronically or by circulation of a resolution. 

Proxies are permitted and alternates if permitted by the articles. 

Requirement for annual general meeting may be waived by 

shareholders. 



and members? 

Not required for corporation or LLC, but a Certificate of Annual 

Return is required for Private Foundations. 





20. LIECHTENSTEIN 


The Principality of Liechtenstein (160 sq. kms) lies in the region of the Upper Rhine between 

the Swiss Conto of St. Gall and the Austrian Federal State of Voraiber. The Lordship of 

Schellenberg and the County of Vaduz, purchased during 1699 and 1712 by the Princely 

Family of Liechtenstein in the folds of the Holy Roman Empire of German Nations. The 

princes of Liechtenstein gave the newly formed country their family name and they in 

fact required a principality to become Princes of the Realm in the Habsburg Empire. In 

1806 Napoleon I granted the Principality full sovereignty in the confederation of the Rhine. 

After the Napoleonic era at the Vienna Congress, Liechtenstein became a member of the 

German confederation until it was dissolved in 1866. During 1852 Liechtenstein entered 

into a Customs Treaty with the Austro-Hungarian Monarchy. After the collapse of the Donau 

Monarchy, Liechtenstein remained independent and in 1923 signed Customs Treaty with 

Switzerland and the Swiss franc has been the monetary unit of Liechtenstein since 1924. 

Taxation 

The taxation of domiciliary entities is restricted to a capital tax at a preferred rate of normally 

0.1% on capital paid in or invested assets and reserves, however, with a minimum tax of 

CHF1,000 per annum per entity. A stamp duty is levied during formation of the capital of a 

limited company, an establishment and trust enterprise, normally in an amount of 3%, for 

family foundations only 0.2% or a minimum of CHF200. A trust pays no duty. A reduction 

of duty may be applied for under certain Circumstances should the registered capital be 

higher than CHF 5 mio(1.5%) or more than CHF10 mio(1%). 

Liechtenstein has only one double taxation agreement with Austria. Local representation is 

required on the boards of all juridical persons and trusts and all entities must have a local 

representative. 

Summary 

Liechtenstein is the most sophisticated of all offshore centres, situated in the heart of 

Europe merely under two hours from Zurich Airport, with excellent telecommunications and 

supported by internationally renowned’, highly efficient Liechtenstein banks and service 

industries, with English widely spoken in addition to the native German dialect. Therefore 

it attracts substantial clients requiring a liberal and flexible company law allowing the 

formation of holding domiciliary companies, foundations and trust in a highly developed 

jurisdiction. 


40 




SN DETAILS LIECHTENSTEIN 


Company limited by shares (joint stock corporation) - 

"Aktiengesellschaft". 

(b) Shareless companies: Establishment and Trust Enterprise (Trust 

reg) are most commonly used. The "Gesellschaft mit beschrankter 

Haftung" (GmbH) is widely used in the neighbour countries of 

Austria, Germany and Switzerland (similar to the US LLC), but is 

less popular. 

2 Capital requirements: Foundation, Establishment, Trust Enterprise: CHF 30,000 or EUR 

30,000 or USD 30,000.00. Company limited by shares: CHF 

50,000 or EUR 50,000 or USD 50,000. 



Varies 




members: 

From 1 January 2011, under the new tax law, profit is taxed at 

a rate of 12.5% (proportional tax rate, irrespective of intensity 

of profits and distribution); minimum tax CHF 1,200 per year, 

irrespective of legal form. Value Added Tax (VAT): Liechtenstein 

holding companies and domiciliary enterprises are exempt 

from VAT provided they have no domestic turnover. "Domestic" 

embraces the comman Swiss/Liechtenstein economic area.VAT 

is generally 8% from 1 January 2011 onwards.(a) The taxation of 

companies in 2(a):Seeabove 

At least two (see answer 9b). 

6 Directors and secretary: (a) Must there be a resident director/secretary? Yes, one board 

member must be a citizen of an EEA state, must fulfil certain 

educational requirements and have his permanent office within 

Liechtenstein. 

7 Annual meetings: Required for Establishment and Trust Enterprise if commercially 

active, always required for a Company Limited by Shares and the 

Gesellschaft mit beschrankter Haftung. 



and members? 

No 





21. LUXEMBOURG 


Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in western 

Europe, bordered by Belgium, France, and Germany. Luxembourg has a population of over 

half a million people in an area of approximately 2,586 square kilometers (999 sq mi). The 

country has a highly developed economy, with the world’s highest GDP (nominal) per capita 

according to the IMF. 

Luxembourg is a member of the European Union, NATO, OECD, the United Nations, 

Benelux, and the Western European Union, reflecting the political consensus in favour of 

economic, political, and military integration. The city of Luxembourg, the capital and largest 

city, is the seat of several institutions and agencies of the European Union. 


Luxembourg is a parliamentary democracy headed by a constitutional monarch. Under the 

constitution of 1868, executive power is exercised by the Grand Duke and the cabinet, which 

consists of several other ministers. The Governor has the power to dissolve the legislature 

and reinstate a new one, as long as the Grand Duke has judicial approval. However, since 

1919, sovereignty has resided with the Supreme Court. 

Legislative power is vested in the Chamber of Deputies, a unicameral legislature of sixty 

members, who are directly elected to five-year terms from four constituencies. A second 

body, the Council of State (Conseil d’État), composed of twenty-one ordinary citizens 

appointed by the Grand Duke, advises the Chamber of Deputies in the drafting of legislation. 

The Grand Duchy has three lower tribunals (justices de paix; in Esch-sur-Alzette, the city 

of Luxembourg, and Diekirch), two district tribunals (Luxembourg and Diekirch) and a 

Superior Court of Justice (Luxembourg), which includes the Court of Appeal and the Court 

of Cassation. There is also an Administrative Tribunal and an Administrative Court, as well 

as a Constitutional Court, all of which are located in the capital. 


42 




SN DETAILS LUXEMBOURG 

1 Types of company: Corporations (societes anonymes - SA and societes eurapeennes 

- SE); private limited liability companies (societes a responsabilite 

limitee - SaRL); partnerships limited by shares (societes en 

commandite par actions - SCA); partnerships (societes en nom 

collectif - SNC); limited partnerships (societes en commandite 

simple - SCS); cooperative companies (societes cooperatives 

- Scoop); cooperative companies organised as an SA (societes 

cooperatives organisees comme des socetes anonymes); civil 

law companies (societes civiles - SC); economic interest grouping 

(groupements d'interet economique - GIE); European Economic 

interest grouping (groupement d'interet economique europeen - 

GEIE). (a) Type of company preferred for international transactions: 

SA, SaRL and SCA. (b) Shareless companies: SNC, SCS and Sc. 

2 Capital requirements: Share capital of all companies (except SNC, SCS, and SC - no 

minimal capital requirements) is divided into shares or units. SA 

and SCA: EUR 31 ,000; SE: EUR 120,000; SaRL.: EUR 12,500; 

SICAR: must reach EUR 1,000,000 within 12 months from its 

registration with the Luxembourg financial regulator. 



Fixed duty ofEUR 75 


authorities: 


members: 

Up to 0.2% (minimum EUR 70) of commercial profits realised in the 

penultimate year. 

SA and SE: one (no maximum); SaRL.: one (maximum of 40); 

SCA: two. 

6 Directors and secretary: Directors/managers must be appointed. A secretary is not a legal 

requirement. 

(a) Must there be a resident director/secretary? No. 

(b) Are corporate directors allowed? Yes. (SAs or SCAs, a 

permanent representative must be appointed). 

(c) Is a local registered agent required? A registered office in 

Luxembourg is required. 

(d) Are "shadow" directors required to be registered? Only where 

persons other than the official directors act as de facto directors. 

Shadow directors incur similar liability to directors/managers. 

7 Annual meetings: SAs, SCAs, and SaRLs must hold an AGM once a year. 



and members? 

Changes to the management of a company are required to be filed 

with the RCS and published in the Luxembourg Official Gazette 

shortly after the occurrence of a change. 





22. MADEIRA 


The Madeira archipelago is made up of the islands of Madeira, Porto Santo, Deserta and 

Selvageno. The name of the Group Island is taken from the largest island Madeira. 

The Madeiran Landmass encompasses approximately 300 square miles and is located in 

the Atlantic Ocean 625 miles from mainland Portugal and 545 miles from North Africa. 

The topography is mountainous and the highest point is 6,109 feet producing spectacular 

scenery and diverse vegetation. 

Taxation 

Madeira being a region of Portugal benefits from full membership of the European 

Community and also benefits from Portugal’s double taxation treaty network. Treaties are 

in place with Austria, Belgium, Brazil, Denmark, Finland, France, Germany, Italy, Holland, 

Norway, Spain, Switzerland, and the United Kingdom. 

Summary 

The attractions of Madeira as a financial center can be summarised as:- 

• Exemption from domestic Maderian and Portuguese taxation until 2011. 

• Exemption from Exchange Controls. 

• Full member of the European Community. 

• An extensive double taxation treaty network. 

• An established banking system. 


44 




SN DETAILS MADEIRA 

1 Types of company: Limited Liability Company/Limitada (Lda); Stock Corporations/ 

Sociedades Anonimas (SA); Sociedades Unipessoais (SU): 

Companies with only one quota holder (in the case of an Lda 

company) or only one shareholder (in the case of an SA company); 

Pure Holding company/Sociedade Gestora de Participacoes 

Sociais (SGPS). (a) Type of company preferred for international 

transactions: Lda and SA (b) Shareless companies: No 

2 Capital requirements: For an SA EUR 50,000; For an Lda EUR 5,000; Shipping 

companies have no minimum capital requirements. 




authorities: 




members: 

EUR 500 or EUR 750, depending on whether the services of an 

operating managing company are being used. 

EUR 1,000 or EUR 1,500, depending on whether the services 

of an operating managing company are being used. Shipping 

companies pay EUR 1,500, while SGPS pay an additional 0.5% of 

profits from 2nd year, first EUR 1 million exempt up to a ceiling of 

EUR 30,000. 

Companies are generally taxed at a rate of 25% in Portugal and 

20% in Madeira. (a) The taxation of companies in 2(a): Licensed 

companies are subject to corporate tax of 4% from 2010 to 2012 

and 5% from 2013 to 2020. Such companies are required to have 

at least one employee and EUR 75,000 of minimum investment. 

These requirements are not applicable to SGPS (Portuguese pure 

holding companies), which are exempt from tax on dividends 

resulting from EU share holdings and on worldwide capital gains 

For an Lda: two. For an SA: five. For an SU: one. 

7 Directors and secretary: At least one director is required 

(a) Must there be a resident director/secretary? No. 


(c) Is a local registered agent required? Registered office must be 

in Madeira. 


are required to be registered. 




and members? 

Yes 





23. MARSHALL ISLANDS 


Marshall Islands is a group of atolls and reefs in the North Pacific Ocean, about one half of 

the way from Hawaii to Papua New Guinea. Marshall Islands attained independence in 1986 

after four decades under US Administration. The island covers a land area of 181.3 square 

kilometers including the atolls of Bikini,-Ene-wet-ak and Kwajalein. It has a few phosphate 

deposits, marine products and deep seabed minerals. 

Political & Legal system 

The Islands has a Constitutional Government in free association with the US. The President 

elected by the people is the Head of Government and the Chief of State. The Legal System 

is based on updated Trusted Territory laws, Acts of Legislature, Municipal, Common and 

Customary Laws. 

Advantages 

Corporate Law based on New York & Delaware. 

Corporate Status 

Corporate Laws allows for British or US Corporate Management Structure. Corporate Law 

is one of the most modern in the world. 


46 




SN DETAILS MARSHALL ISLANDS 

1 Types of company: Corporations, Partnerships, Limited Partnerships, Limited Liability 

Companies (LLCs) . 

(a) Type of company preferred for international transactions: All 

(b) Shareless companies: Partnerships, Limited Partnerships and 

Limited Liability Companies are all shareless entities. 

2 Capital requirements: None 




authorities: 




members: 

The incorporation fee of USD 650 for Corporations and LLCs 

and USD 1,300 for Partnerships and Limited Partnerships is allinclusive. 

USD 450 for Corporations and LLCs, and USD 900 for 

Partnerships and Limited Partnerships, due on the anniversary of 

incorporation/formation. Annual fees are all inclusive. 

All are statutorily exempt from taxation in the Marshall Islands. 

(a) The taxation of companies in 2(a): All are statutorily exempt 

from taxation in the Marshal/Islands. 

One shareholder is required for Corporations. One member is 

required for LLCs. Two partners for Partnerships and Limited 

Partnerships. 

7 Directors and secretary: One director and a company secretary are required for 

Corporations 

8 Amount of fees payable N/A 


secretary: 

9 Annual meetings: Meetings can take place anywhere in the world. Telephone 

meetings are also possible. Action may be taken by unanimous 

written consent. 



and members? 

No 





24. NEVIS 


Nevis is situated at 17 north latitude and 52 west longitude and is located in the Leeward 

Islands approximately 1200 miles southeast of Miami. Mount Nevis lies in the centre of 

the 93 sq kms Island aid towers 3,265 feet (982 meters) . Columbus sighted and named 

the Island on his second voyage in 1493. The climate is nearly perfect and the variation in 

altitude and soil conditions creates a natural garden of tropical vegetation ranging from rain 

to near desert. 

Taxation 

Offshore companies are exempt from all forms of Nevis taxation. Local companies are liable 

to a 50% tax on profits unless a tax concession has been granted. The Federation of St. 

Kitts and Nevis is party to double taxation treaties with Denmark, New Zealand, Norway, 

Sweden, Switzerland and the United Kingdom. 

Summary 

The attractions of Nevis as a financial centre can be summarized as:- 

• No taxes are levied in Nevis upon income, dividends or distribution of a Nevis 

company which are not earned in the Island 

• Corporate financial returns need not be filed 

• The company records and its principal office may be located anywhere 

• A foreign company may transfer domicile to Nevis and a Nevis company may transfer 

to a foreign jurisdiction 


48 




SN DETAILS NEVIS 

1 Types of company: Non resident exempt companies (NBCOs), limited liability 

companies (LLCs). 

(a) Type of company preferred for international transactions: Both 

types. 

(b) Shareless companies: Limited liability companies are share-less 

entities. 

2 Capital requirements: No paid-in capital requirements exist for NBCOs or LLCs. 




authorities: 




members: 

USD 220 government fee for both NBCOs and LLCs. 

USD 220 government fee for both NBCOs and LLCs. 

The tax rate in Nevis for local operating companies is 35% unless 

a tax concession is granted by government. 

(a) The taxation of companies in 2(a): Both types are exempt from 

all Nevis taxation. 

For NBCOs, one shareholder. For LLCs, one member 

7 Directors and secretary: A minimum of one director is permitted when there is one 

shareholder of an NBCO. Every NBCO must maintain a president, 

secretary and treasurer or a managing director and secretary. 

(a) Must there be a resident director/secretary? There are no 

residency requirements for directors, officers, members or 

managers. (b) Are corporate directors allowed? Corporate 

directors and secretary are permitted. LLCs may have officers as it 

deems necessary 

(c) Is a local registered agent required? A registered office is not 

required. Every NBCO and LLC must maintain a registered agent 

in Nevis. Brass plate registered agents are not permitted. The 

registered office must be that of a qualified entity or professional 

licensed by the government, with ECD 500,000 paid in capital. 

(d) Are "shadow" directors required to be registered? "Shadow" 

directors are not recognised in Nevis. 

8 Annual meetings: Meetings of shareholders and directors should be held for NBCOs. 

Meetings for LLCs are held as determined by the members. 



and members? 

No annual returns of any nature are required for NBCOs or LLCs 





25. PANAMA 


The Republic of Panama, with an area of approximately 78200 sq.kms, located between 

Costa Rica and Colombia, forms the narrowest and lowest portion of the Isthmus that links 

North and South America. 

Panama is shaped like an elongated letter ‘S’ which extends west to east some 420 

miles(676 kms), the country has a width that varies between 31 and 115 miles (50 and 185 

kms) and has a coastline of 490 miles (788 kms)on the Atlantic Ocean and 870 miles (1,400 

kms) on the Pacific Ocean. The Canal, which joins the Atlantic and the Pacific Oceans, is 

about 50 miles (80kms) long. 

Summary 

The attractions of Panama as a financial centre may be summarized as:- 

• Immediate Company availability 

• Non-disclosure of beneficial ownership 

• A well developed professional infrastructure 

• Well established banking system with strong international connections 

• Exemption from taxes on income arising outside Panama 

• Flag of convenience for shipping 


50 




SN DETAILS PANAMA 

1 Types of company: Corporations (Societes Anonymes with Limited Liability); Private 

Foundations, Limited Liability Company (S.R.L). 


Corporations and Private Foundations 

(b) Shareless companies: Not requested by clients for carrying out 

international transactions. 

2 Capital requirements: No minimum paid-in capital required 




authorities: 




members: 

USD 60 for a minimum capital of USD 10,000 plus first year annual 

franchise tax of USD 250, plus USD 60 notarial expensed. 

USD 300 (annual franchise tax) irrespective of the level of the 

authorised share capital. 

No tax on any transactions or business activities carried on outside 

Panama; no tax on any foreign source income. Local income tax 

rate 30%. 

(a) The taxation of companies in 2(a): 

One 

7 Directors and secretary: Three directors and three officers minimum (they can be the same); 

either individual or corporate. A president, treasurer and secretary 

are required. One corporate council member or three individual 

members is enough for Private Foundations. 



secretary: 

Varies from USD 500 to USD 700 per year (three directors/three 

officers). 

9 Annual meetings: Shareholders/board meetings - as established in the articles of 

incorporation. May be held anywhere in the world. No periodic 

meetings are required by law 



and members? 

Not for offshore companies and Private Foundations. Required 

only for companies operating inside the Panamanian territory. 





26. RAS AL KHAIMAH 


Ras al-Khaimah is one of the emirates of the United Arab Emirates (UAE), in the east of the 

Persian Gulf. It is in the northern part of the UAE bordering Oman. The capital city and home 

of most residents is also called Ras al-Khaimah. The city has two main sections, Old Ras Al 

Khaimah and Nakheel, on either side of a creek. 

The provisions of the Ras Al Khaimah Free Trade Zone International Companies Regulations 

came into operation on 17 September 2006. These Regulations are made by the Chairman 

of the Ras Al Khaimah Free Trade Zone Authority in accordance with the authority given to 

him by Ras Al Khaimah Decree dated 1 May 2000 concerning the Establishment of Free 

Zones in the Emirate of Ras Al Khaimah and Ras Al Khaimah Decree dated 7 June 2005 

concerning the Registration of Offshore Companies. 

Language 




Features 

• Absolute privacy, confidentiality and protection of assets and information. 


• Ability to maintain bank accounts in the UAE 

• Choice of law (common law, civil law or any jurisdiction of your choice) 

• Own real properties in the UAE 

• No AGM or local director/shareholder requirements. 

• Total tax and duty exemption. 


52 




SN DETAILS RAS AL KHAIMAH 


International Company (Offshore). 

2 Capital requirements: No minimum capital is required for the establishment of offshore 

company. 

3 Fees paid to authorities Offshore Companies:AED 2,500. 



authorities: 

Offshore Companies:AED.2,200 




members: 

0% in RAK. 

(a) The taxation of companies in 2(a): 

One 

7 Directors and secretary: (a) Must there be a resident director/secretary?A director is 

required. 

(b) Are corporate directors allowed? Yes (c) Is a local registered 

agent required? Yes 

(d) Are "shadow" directors required to be registered? No 

8 Annual meetings: No 



and members? 

No 





27. RAS AL KHAIMAH 

INVESTMENT AUTHORITY 


Ras al-Khaimah is one of the emirates of the United Arab Emirates (UAE), in the east of the 

Persian Gulf. It is in the northern part of the UAE bordering Oman. The capital city and home 

of most residents is also called Ras al-Khaimah. The city has two main sections, Old Ras Al 

Khaimah and Nakheel, on either side of a creek. 

The RAK Investment Authority (RAKIA) was constituted as per Emiri Decree No. (2)/ 2005 

issued by H.H. Sheikh Saqr Bin Mohammed Al Qasimi, Supreme Council Member and 

Ruler of Ras Al Khaimah. The RAK Investment Authority (RAKIA) launched the International 

Business Company concept in January 2007. These IBC’s are regulated by the International 

Business Company Regulation 2006 – RAK investment Authority. 

RAKIA is an investment behemoth which has structured itself along 8 strategic business 

units viz; (1) Industrial Parks (2) Education/ Technology (3) Real Estate (4) Transportation (5) 

Investments (6) Manufacturing & Energy (7) RAK Offshore and (8) RERA. 

Language 




Features 


• The offshore company will be exempt from all corporate and income taxes. 

• There are no foreign currency restrictions. 

• Full repatriation of the offshore companies profits and capital is allowed. 

• The setting-up costs are less that of an onshore company. 

• There is no onshore office and accordingly, there are no employees and related 

costs. 

• Only minimum capital is required to set-up an offshore company. 

• The offshore company can own interest in real estate (as approved by the relevant 

authority where the offshore company is registered) in the UAE and can act as a 

Holding. 


54 




SN DETAILS RAS AL KHAIMAH INVESTMENT AUTHORITY 

1 Types of company: Offshore 

2 Capital requirements: AED 10,000 for Offshore 

3 Fees paid to authorities AED 4,000 


4 Annual fees paid to Offshore Companies: AED 2,500 

authorities: 

5 Taxation rates applied to No 


6 Minimum number of One 

members: 

7 Directors and secretary: One 

8 Annual meetings: No 



and members? 

No 





28. SAMOA 


Western Samoa, which comprises two large islands and seven smaller islands, is situated 

in the centre of the South Pacific Ocean, approximately equidistant between Honolulu and 

Sydney and immediately east of the International Date Line. The Islands have a total land 

area of approximately 2727 square kilometers. Inland, the islands are mountainous with 

dense tropical vegetation. The coastal areas are more undulating and have been cultivated 

for agriculture. There are many beautiful white sandy beaches that are protected by the 

coral reefs surrounding the Islands. The island of Upola is the most developed island. The 

administrative and commercial centre is situated in its capital, Apia. 

Taxation 

Western Samoa is not a party to any double taxation agreements. 


The legislation incorporates some of the most up-to-date features of offshore legislation 

including a number of special provisions which provide considerable flexibility and unique 

benefits for offshore corporate structures. 

Summary 

The attractions of Western Samoa as an offshore financial centre can be summarized as:- 

• Exemption from all Western Samoa taxes 

• Modern offshore legislation providing maximum flexibility 

• Exemption from exchange control 

• An established domestic banking system with proven international connections 

• A well developed economic and commercial infrastructure 



56 




SN DETAILS SAMOA 


Various types of international companies are available, International 

Business Companies (IBC), other preferred types of company 

include companies limited by shares, companies limited by 

guarantee, hybrids (limited by both shares and guarantee), 

US styled Limited Life Companies (LLCs) creditor controlled 

companies and segregated fund international companies. 

There are also long term companies for five, ten or 20 years for 

discounted fees, and companies can also have their names and 

Memorandum and Articles of Association in the Chinese language. 

(b) Shareless companies:Shareless companies are permitted and 

also referred to as creditor controlled companies. 

2 Capital requirements: There are no minimum capital requirements and shares may be 

of no par value. There is no need to have paid-up capital if the 

company is a creditor controlled company. Partly paid-up shares 

are permitted. 




authorities: 




members: 

USD 300 for one year (USD 100 for companies that re-domicile 

into Samoa); USD 1,000 for five years, USD 1,500 for ten years, 

USD 2,000 for 20 years. These fees do not change with increases 

in authorised capital. 

As above. 

(a) The taxation of companies in 2(a): International companies - nil. 

All entities registered under the offshore legislation are exempt 

from taxes, stamp duties and other government levies. 

One. For shareless companies, none. 

7 Directors and secretary: Every international company must have at least one director and 

one secretary. Directors and secretaries may be incorporated 

bodies. 

8 Annual meetings: Annual meetings are not required, when held they can be 

anywhere in the world or may be held electronically. 



and members? 

Not required. 





29. SEYCHELLES 


The Seychelles group of islands in the Indian ocean comprises over one hundred islands, 

most being situated between four and five degrees south of the equator. The largest island 

is Mahe and, despite its proximity to the equator, its climate is surprisingly agreeable, not 

being subject to extremes of temperature or humidity. 

Taxation 

Residents of Seychelles are subject to Income Tax and Social Security payments. 

Companies incorporated within the legal framework of the Seychelles Free Trade Zone 

and having a physical presence there, benefit from a package of tax incentives, including 

no corporation Tax on profits and no withholding Tax on dividend payments. Companies 

incorporated under the international Business companies Act of 1994 are exempt from any 

form of Taxation as long as they meet certain criteria. 

Summary 

The attraction of the Seychelles and the Seychelles International Business Companies Act 

can be summarized as:- 

• Political and economic stability 

• Excellent communications 

• Well established professional and commercial infrastructure 

• Well developed banking system with strong International connections 

• Excellent company law, offering maximum flexibility 

• Bearer shares 



58 




SN DETAILS SEYCHELLES 

1 Types of company: Domestic Companies, International Business Companies (IBC), 

Companies (Special Licence) (CSL), Protected Cell Companies 

(PCC) (a) Type of company preferred for international transactions: 

IBC. 

(b) Shareless companies: IBC 

2 Capital requirements: No minimum paid-up capital requirements. 

3 Fees paid to authorities IBC - USD 100; CSL - USD 1,200; PCC USD 1,200. 



authorities: 

IBC - USD I 00 ; CSL - USD 1,000 ; PCC - USD 1,000. 




members: 

Domestic Companies are taxed at 25% or 33%. IBCs are tax 

exempt; CSLs are taxed at 1.5% on worldwide income; PCCs are 

taxed at the domestic tax rate unless it is licensed as a CSL 

(a) The taxation of companies in 2(a): Exempt from taxes. 

IBC - One, CSL and PCC - Two. 

7 Directors and secretary: (a) Must there be a resident director/secretary? All companies 

require a resident secretary but not resident director. 

(b) Are corporate directors allowed? IBC - Yes; CSL and PCC - 

No. 

(c) Is a local registered agent required? Yes 

8 Annual meetings: AGM of shareholders required within 18 months of incorporation 

and subsequently no more than 15 months between AGMs. 



and members? 

IBC - No; CSL - Yes but kept at the Authority; PCC - only details 

of Directors required. 





30. ST. VINCENT & THE GRENADINES 


The Islands are located in the Caribbean Sea north of Trinidad and Tobago. Disputed 

between France and Great Britain in the 18th Century, St. Vincent was ceded to the latter 

in 1783. Autonomy was granted in 1969 and independence in 1979. It has an area of 389 

square kilometers. The climate is tropical with very little temperature variation. 

Language 

English and French Patois are spoken. 


The Islands follow the British Westminster System with Queen Elizabeth II as the Chief 

of State represented by the Governor General. The Head of State is the Prime Minister 

supported by a cabinet appointed by the Governor General on the advice of the Prime 

Minister. The House of Assembly has 21 seats, 15 elected and 6 nominated to serve 5 year 

terms. 

Economy 

Agriculture dominated by banana crop is the most important sector of this lower middle 

income economy. The continuous dependence on a single crop is the biggest obstacle to 

the island’s development. Tourism has considerable potential for development over the next 

decade. The small offshore Financial Sector whose particularly restrictive secrecy laws has 

caused some international concern. The Islands are noted as a trans-shipment point for 

South American drugs destined for the US and the Europe. 


60 




SN DETAILS ST VINCENT 

1 Types of company: Under the Companies Act, No.8 of 1994 - External Companies 

incorporated outside of St Vincent and the Grenadines can apply 

to be registered in the jurisdiction. The Act also provides for 

continued companies and non-prort companies. 


International Business Companies, (IBC) Limited Duration 

Companies (LDC), Segregated Cell Companies (SCC), Limited 

Liabilities Companies (LLCs). 

(b) Shareless companies: Same as in (a) above. 

2 Capital requirements: No minimum required 




authorities: 




members: 

International Business Companies - USD 125, Segregated Cell 

Companies (SCC) - USD500. 

International Business Companies (IBC) - USD 100 plus a penalty 

of one twelfth per month late fee. SCC, variable annual fee (per 

cell) - USD 300. 

Local companies - 40% 

(a) The taxation of companies in 2(a): An International Business 

Company has an option to pay 1 % tax on annual prort. 

One 




(d) Are "shadow" directors required to be registered? N/A 

8 Is an annual return filed No 


and members? 


(b) Are annual accounts filed with annual returns? N/A 





31. SWITZERLAND 


Switzerland is a small, multi-lingual country in central Europe, famous for its marvelous 

mountain scenery and unique banking facilities. The country is a federal republic and is 

officially known as the Swiss Confederation. The total area is 41,295 square kilometers 

(15,940 square miles). On the north, the country is bordered by Germany, in the West by 

France, on the south by Italy, and the east by Austria and Liechtenstein. Lake Contance and 

the Rhine form part of the northern border, with the Rhine, which rises in the central Swiss 

Alps, also forming part of the eastern boundary. The Jura Mountains form the west border, 

and Lake Geneva and the Italian Alps the south. The capital is located at Berne. 

Located at a vital crossroad in Europe, Switzerland is an important centre for international 

trade, transport, banking and tourism. Berne is its federal capital, but Zurich is its main city 

followed by Basle and Geneva. Switzerland is divided into 26 cantons and every canton has 

a different taxation system. 


Some cantons provide low taxation which are of interest to foreign investors. Due to 

the economic situation, some cantons offer incentives for manufacturing companies in 

providing plant infrastructure, favorable loans 

and reduced levels of taxation. 

Summary 

The attractions of Switzerland can be summarized as:- 

• A long history of social, political economic stability 

• A well-known domestic banking system with international business relations 

• Exemption from exchange controls 

• Very well developed, high technology, economic and commercial infrastructure 

• Nominee services are available on fiduciary 


62 




SN DETAILS SWITZERLAND 

1 Types of company: Various types - Contact Crowe Horwath 

2 Capital requirements: AG: Minimum statutory requirements is CHF 100,000. A least 

20% of the par value of each share must be paid in at the time of 

incorporation and the overall paid-in capital must be equal at least 

to CHF 50,000. GmbH: Minimum statutory requirement is CHF 

20,000 which must be fully paid in. 




authorities: 




members: 

The Register of Commerce charges a fee for the incorporation 

which varies from canton to canton and is based on the amount of 

the share capital of the corporation. 

None, but companies are subject to annual taxation. 

Corporate income tax is levied at federal, cantonal and municipal 

levels. 

One. 

7 Directors and secretary: (a) Must there be a resident director/secretary? Yes. The company 

must always be legally represented by at least one person who is 

resident in Switzerland. 

8 Annual meetings: Yes. To be held within six months after the close of the fiscal year. 



and members? 

No, but directors are registered with the Register of Commerce 

which is public. 





32. TURKS & CAICOS ISLANDS 


The Islands were under the Jamaican jurisdiction until 1962, when they assumed the status 

of a Crown Colony. The Governor of Bahamas oversaw the affairs from 1965 to 1973. 

Although independence was agreed upon in 1982, the policy was reversed and the islands 

are presently a British Overseas Territory. The Island is situated in the Caribbean, and 

consists of two island groups in the North Atlantic Ocean, Southeast of the Bahamas. It 

covers an area of 430 square kilometers. It has a coastline of 389 kilometers. The climate 

is tropical, moderated 

by trade winds and is relatively dry. 

Political status 

The island is an overseas territory of the United Kingdom. Queen Elizabeth II is the Chief of 

State represented by the Governor. The Chief Minister is appointed by the Governor and 

is assisted by 19 members, out of which 13 are elected to hold office for a four year term. 

Legal status 

The legal system is based on laws of England and Wales with a small number adapted from 

Jamaica and the Bahamas. 

The advantages of an IBC in Turks and Caicos are: 

• Fore Runner of both BVI and Bahamas. 

• Company totally dependent on clients requirement. 

• Flexible Legislation. 

• No income tax or capital taxes. 

• 20 year guarantee from taxation 

• Very quick formation procedure. 


64 




SN DETAILS TURKS AND CAICOS 


Exempt, Ordinary, Limited Life, Limited Partnerships, Foreign 

Exempt and Foreign Ordinary. 

(b) Shareless companies: Yes, companies limited by guarantee, 

unlimited companies. 

2 Capital requirements: No minimum. 

3 Fees paid to authorities Ordinary: USD300, Exempt: 250. 



authorities: 

Ordinary: USD300, Exempt USD: 350. 




members: 

N/A 

(a) The taxation of companies in 2(a): N/A 

There is no required amount 

7 Directors and secretary: Yes 

(a) Must there be a resident director/secretary? Yes. 


(c) Is a local registered agent required? Yes for all Exempt and 

Foreign Companies. 





and members? 

Yes 





33. URUGUAY 


At 176,214 km2 of continental land 142,199 km2 of jurisdictional water and small river 

islands, Uruguay is the second smallest sovereign nation in South America (after Suriname) 

and the third smallest territory (French Guiana is the smallest). The landscape features 

mostly rolling plains and low hill ranges (cuchillas) with a fertile coastal lowland. 

A dense fluvial network covers the country, consisting of four river basins or deltas; the Río 

de la Plata, the Uruguay River, the Laguna Merín and the Río Negro. The major internal river 

is the Río Negro (‘black river’). Several lagoons are found along the Atlantic coast. 

The highest point in the country is the Cerro Catedral whose peak reaches to 514 metres 

AMSL in the Sierra Carapé hill range. To the southwest is the Río de Plata, the estuary of the 

Uruguay River which forms the western border, and the Paraná River. 

Montevideo is the southernmost capital city in the Americas, and the third most southerly 

in the world (only Canberra and Wellington are further south). 

Uruguay has 660 km of coastline. 

There are nine National Parks in Uruguay. Five are in the wetland areas of the east, three in 

the central hill country and one in the west along the Rio Uruguay. 


66 




SN DETAILS URUGUAY 


Domestic companies limited by shares (SA) are allowed to act 

inside and out of the country and are preferred for international 

transaaions and for trading operations. Shares can be nominative, 

registered or bearer. 

(b) Shareless companies: Limited liability companies (SRL). These 

are normally used onshore, but can also undertake offshore 

aaivities. 

2 Capital requirements: There is no maximum or minimum capital for companies limited by 

shares. The capital must be in Uruguayan Pesos. 




authorities: 




members: 

A license fee of USD500 (a fixed annual tax). 

None, except taxes 

Varies 

Two founders for incorporation. After incorporation is finished, the 

capital can be held by only one shareholder. 

7 Directors and secretary: (a) Must there be a resident director/secretary? Not necessary but 

convenient 


8 Annual meetings: They must be held in Uruguay. Shareholders may be represented 

by proxies. 



and members? 

An annual return is required but details of direaors and members 

are not necessary, it is purely for tax purposes 


(b) Are annual accounts filed with annual returns? Depends on the 

individual case. 





34. VANUATU 


Vanuatu is a group of islands in the South Pacific Ocean, about three quarters of the way 

from Hawaii to Australia. It has an area of 14,760 square kilometers and includes more than 

80 islands. 

Advantages of Vanuatu 

• Modern Flexible International Companies Act. 

• Good Time Zone for the Far East distancing from European. 

• No Income tax or Corporate Taxes, no estate duty or capital gains tax. 20 years 

guarantee of no taxes for International Companies. 


68 




SN DETAILS VANUATU 

1 Types of company: Exempted (EC) International (IC) and Local (LC). 

(a) Type of company preferred for international transactions: IC and 

EC (for specific licenses). 

(b) Shareless companies: No 

2 Capital requirements: None. 

3 Fees paid to authorities USD 150 (IC) - USD2,500 (including special licences). 



authorities: 

USD300 (IC) - USD2,500 (including special licenses). 




members: 

Nil 

(a) The taxation of companies in 2(a): Nil 

LC and EC: Two; IC: One. 

7 Directors and secretary: (a) Must there be a resident director/secretary? LC and EC: Yes; 

IC: No 


(c) Is a local registered agent required? Yes for IC. 





and members? 

LC and EC: Yes; IC: No. 





AUDIT OFFICES - HORWATH MAK 

DUBAI HEADQUARTERS 

Level 21, The Prism, 

Business Bay 

Sheikh Zayed Road, 


T: +971 4 447 3951 

F: +971 4 447 3961 

Contact Person: Zayd Maniar 

E: zayd.maniar@crowehorwath.ae 

JEBEL ALI 

LOB 16,Office No. 16309 

P.O. Box: 262794, Jebel Ali, UAE 

T: +971 4 881 0902 

F: +971 4 881 0906 

Contact Person: James Mathew 

E: james.mathew@crowehorwath.ae 

DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) 

203 Liberty House, 


T: +971 4 325 9900 

F: +971 4 325 9911 

Contact Person: Saad Maniar 

E: saad.maniar@crowehorwath.ae 

DUBAI MULTI COMMODITIES CENTRE (DMCC) 

Unit 28-G, AU Tower, Jumeirah Lakes Towers 


T: + 971 4 453 9505 

F: +971 4 4539605 

Contact Person: Nimish Makvana 

E: nimish.makvana@crowehorwath.ae 

SHARJAH 

Suite 1501-1502, Golden Tower, 

P.O. Box: 6954, Sharjah, UAE 

T: +971 6 544 4344 

F: +971 6 573 0741 

Contact Person: Atik Munshi 

E: atik.munshi@crowehorwath.ae 

HAMRIYAH FREE ZONE 

LOB 2, G-16, Hamriyah Free Zone, 


T: +971 6 526 2031 

F: +971 6 526 2034 

Contact Person: Saji George 

E: saji.george@crowehorwath.ae 

ABU DHABI 

Office suite 602, 6th Floor, Tessco (UTS Carrier) 

Building, Electra Street, 

P.O. Box: 109460, Abu Dhabi, U.A.E. 

T: +971 2 678 1130 

F: +971 2 678 1170 

Contact Person: Najib Sayegh 

E: najib.sayegh@crowehorwath.ae 

AL AIN 

F 6 Omeir Travel Agency Bldg. Street 114, 

Abu Baker Siddiq St., 

P.O. Box: 67461, Al Ain, UAE 

T: +971 3 766 6395 

F: +971 3 766 6394 

Contact Person: Abraham K. Mathew 

E: abraham.mathew@crowehorwath.ae 

FUJAIRAH 

51, Fujairah Insurance Bldg, 

P.O. Box: 1650, Fujairah, UAE 

T: +971 9 222 2005 

F: +971 9 222 3335 

Contact Person: Surya Narayan 

E: surya.narayan@crowehorwath.ae 

RAS AL KHAIMAH 

F-26, BC#1, Business Park, RAK Free Zone, 

P.O. Box: 16086, Ras Al Khaimah, UAE 

T: +971 7 204 6434 

F: +971 7 204 6435 

Contact Person: Atik Munshi 

E: atik.munshi@crowehorwath.ae 


70 




CONSULTING OFFICES 

Dubai 

Horwath Mak Business Consulting 

1403, 14th Floor, Al Reem Tower, 

Al Maktoum Street, Deira 


Tel. +971.4.2367588 

Fax +971.4.2367589 

Contact Person: Ilyas Manjra 

E: ilyas.manjra@crowehorwath.ae 

DUBAI 

Horwath Mak International Consulting 

401, ART Tower, Al Mina Road, Bur Dubai, 


T: +971 4 393 0101 

F: +971 4 393 1513 

Contact Person: James Mathew 

E: james.mathew@crowehorwath.ae 

DUBAI 

Horwath (UAE) Consulting 

Level 21, The Prism, Business Bay 

Sheikh Zayed Road, 


T: +971 4 447 3959 

F: +971 4 447 3961 

Management Consultancy 

Contact Person: Shashi Ashok 

E: shashi.ashok@crowehorwath.ae 

Information Technology 

Contact Person: Binit Shah 

E: binit.shah@crowehorwath.ae 

International Taxation 

Contact Person: Farooq Ladha 

E: farooq.ladha@crowehorwath.ae 

Islamic Finance 

Contact Person: Furqan Ahmad 

E: furqan.ahmad@crowehorwath.ae 

SHARJAH 

Horwath (UAE) Consulting 

1501 & 1502, Golden Tower, Buhairah Corniche 


T: +971 6 544 4344 

F: +971 6 573 0741 

Contact Person: Mahinda Medagedara 

E: mahinda.meda@crowehorwath.ae 

DUBAI 

Horwath Mak Executive Resourcing 

Level 21, The Prism, Business Bay, 

Sheikh Zayed Road 


T: +971 4 447 3852 

F: + 971 4 447 3862 

Contact Person: Robert Richards 

E: robert.richards@crowehorwath.ae 





OVERSEAS OFFICES 

OMAN 

Horwath Mak Ghazali LLC 

8th Floor, Trade Center, MBD East 

P.O. Box: 971, P C 131, Muscat, Sultanate of Oman 

T: +968 2481 3989/87/83 

F: +968 2481 3915 

Contact Person: Davis Kallukaran 

E: davis.kallukaran@crowehorwath.om 

OMAN 

Horwath Mak Ghazali LLC (Business Consulting) 

8th Floor, Trade Center, MBD East 

P.O. Box: 971, P C 131, Muscat, 

Sultanate of Oman 

T: +968 2481 3989/87/83 

F: +968 2481 3915 

Contact Person: Amarjeet Majumdar 

E: amarjeet.majumdar@crowehorwath.om 

AZERBAIJAN REPUBLIC 

Mak Azerbaijan Limited 

Suite 19-20, Building 2, Saiyan Road 2, 

P.O. Box: AZ 1023, Baku, 

Azerbaijan Republic 

T: +99412 492 7856 

F: +99412 437 4126 

Contact Person: Zamin Husseynov 

E: zamin.husseynov@crowehorwath.ae 

AFGHANISTAN 


6th Floor, Kabul Business Centre, 

Shah Rahey Now, Kabul, Afghanistan 

T: +93 783 544 922 

M: +93 784 008 491 

Contact Person: Noor Karim Afridi 

E: noor.karim@crowehorwath.ae 


72 




The Mak Philosophy 

We believe our quintessence is not only 

about. independence and professionalism, 

it is also about providing convenience and 

competitive services to the user. This 

personalized service should always “wear a 

smile” on its face. 

It does take time to become an expert in any 

field and we have put in over 30 years of our 

dedication to provide satisfaction to our 

clientele. 

Obviously much has changed in that time, but 

we still place great emphasis on establishing 

long-term personal relations with each of our 

clients. This enables us to work together in an 

atmosphere of openness and trust. 

An offering of full range of professional 

services, which provide a unique opportunity 

to deal with a single firm for “total business 

solutions”, help us ensure that your sucess is 

always of our concern. 

Dr. Khalid Maniar 

Founder & Group Managing Partner 

khalid.maniar@crowehorwath.ae 


www.crowehorwath.ae

Going Offshore - Crowe Horwath International

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