Jurisdictions for set up international trading company

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Hi

We are an international food trading company and mainly sell in some Sub-Saharan African countries. We currently have a Seychelles company + bank account in Mauritius, but trying to move in a jurisdiction where we can have access to a more readily available financial services

For this purpose, would you have a recommendation of a preferred jurisdication to set up company and bank account? Criteria are access to a solid banking system that is competitive for transfers and open to offer trade finance services
- Thinking of something between Switzerland, HK or Singapore. Is there one that stands out among these ?
- I have set up a LLP in the UK but tried to open a bank acc with Natwest. They rejected my application, not sure if they were concerned with most of clients being in Africa....

Thanks in advance for your guidance

Regards

Sid

 

[onemansomewhere]

Switzerland is absolutely best choise. Open bank account in swiss banks. They will have a problems with transfers from high risk african countries. So you need to open a bank account in som lower-risk african country. Almost every bank in Egypt will accept swiss company.

 

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Ok, any idea on the cost level to set up a company there?

Also, how are reporting requirements on an on-going basis?

 

[onemansomewhere]

Up to 30K Euros for setup + office for a first year + resident director.

Monthly VAT statements.

Annual accounts and tax return.

Anual audit if 2 of 3 conditions are met.

Switzerland is excellent location, but expensive. Makes sense just in case of real multi million business.

 

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That would be excessive for us.

Would anyone have an opinion for HK vs Singapore for this purpose? (or even Dubai)

I think ease of setup, cost of setup and ongoing obligations are criteria I need to take into account

 

[onemansomewhere]

Singapore - easy incorporation, reasonable costs for ongoing obligations
Hong Kong - easy incorporation, very hign costs for ongoing obligations

 

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Any provider in particular to suggest for set up in Singapore (incl. providing local director) and account opening? Thanks

 

[onemansomewhere]

I recommend Hawksford.

https://www.guidemesingapore.com/
I am not their affiliate. I have no interest in promoting them.

Their prices are a little bit higher than the most of Singapore agents do have. But they want to help you first. The most of agents just want to bill you. Thwy will try to find a solution for you.