Asia alternative to UAE (physical goods business)

[blabla]

Hi All

I am looking to set up an offshore company - considering UAE. However would like to consider Asia as it is closer to my base / timezone and looks cheaper

Business is physical food commodity trading with turnover c. US$10million / year

Understand Hong Kong is easy to set up but have costly year reporting requirements.

Is singapore a simpler solition for business set up and is it easy to get a bank set up?

Thanks
BB

 

[Martin Everson]

Sorry why should proximity and timezone matter for where the offshore company you are operating is registered?

None of the options you suggest are that much cheaper to run than a UAE company.

I would broaden your horizons and focus on selecting several banking options first before picking where to locate your company in 2025. Do not pick a offshore company then hunt for banking.

 

[blabla]

I was more thinking about banking indeed.

Thinking about the ideal banking / jurisdiction combo for me. Leaning to banking in Singapore or Hong Kong but how easy to set up a bank account there ? Seems fairly straightforward for UAE

 

[Martin Everson]

Thinking about the ideal banking / jurisdiction combo for me. Leaning to banking in Singapore or Hong Kong but how easy to set up a bank account there ?

Not easy if you don't live there or have economic activity there.

Seems fairly straightforward for UAE

I hope your not referring to banking here. As banking is not easy if your a non-resident.

 

[Sols]

If Hong Kong is too expensive, then so is probably Singapore. But if you're turning over 10 million and think Hong Kong is expensive, I wonder if the core issue might not be somewhere else within the business itself.

Labuan is probably the closest you'll get to UAE/Dubai in Asia. Non-resident banking is often possible, even without physical presence. But the costs are in line with Hong Kong and Singapore nowadays with the economic substance requirements.

In terms of timezones, the area between UAE and Singapore/Labuan/Hong Kong doesn't offer much that's useful for international trade, unless you count Mauritius. But places like Pakistan, India, Sri Lanka, and Bangladesh aren't places international businesses typically go to.