Belize and Seychelles can be cheap. Prices vary quite a bit (up to 100% for what I have seen) between formation agents. Watch out that 'cheap' doesnt turn into 'expensive' over time when your construction bites you in the back.
Belize is a fascinating country. I remember sitting on the bus and watching the Mennonites board. Perfectly dressed farmers from the 1800s. Few paved roads and very hard to believe that their company registry wouldn't be thoroughly hacked..
the cheapest set up is Belize IBC+Leupay account, but you need to know that you will be obligated to pay annual costs in December-January
second year fees do not depend on the date of registration in Belize and St. Vincent