Helping our Clients with the due diligence process

Helping our Clients with the due diligence process

This page seeks to guide our Clients through the due diligence collection process, with the aim of gathering all of the required documentation as quickly as possible. This will facilitate a faster start to the engagement while minimizing stress and inconvenience for all involved parties.

  • What do we need from our Client?

    1. Please find below a standard list of the due diligence documents Healy Consultants wishes to obtain from our Clients. For further information on our due diligence requests for your specific engagement, please refer to the checklist emailed by Healy Consultants. In the unlikely event you did not receive one, please ask us to send you this important document;
    2. These documents are requested from each i) shareholder ii) bank signatory iii) director and iv) ultimate beneficial owner of the company which will be setup by Healy Consultants. If a third party (for instance an employee, a consultant or a lawyer) is liaising with us on behalf of our Client, our Firm may also request this third party to provide some of the due diligence documents listed below;
    3. Important note – unless all shareholders, directors and bank signatories are individuals, our Clients should expect to also provide due diligence documents for the individuals managing or owning their business. For instance, we will request due diligence documents for the owners and directors of our Client’s holding entity registered as the corporate shareholder of the company registered by Healy Consultants.
      Required from all shareholders, directors, bank signatories and beneficial owners who are:Do I need to:
    No.Individuals?Corporates?Email a scan copy to Healy Consultants?Courier originals before engagement completion?
    1.Original completed color copy of Engagement Letter, signed by each party to the engagementYesYesYesYes
    2.Color copy, copy of Passport, certified true by a Public Notary or a your country’s ConsulateYesNoYesYes
    3.Original color copy of National ID card and driver’s licenseYesNoYesYes
    4.Original color copy of Certificate of incorporation, M&AA and latest annual return certified true by a Public Notary or the Companies’ RegistrarYes (if applicable)YesYesYes
    5.Original color copies of bank statement and proof of net worth in EnglishYesYesYesYes
    6.Original color copy of a regulatory license issued by the relevant Government agency;YesYesYesYes
    7.Original color copy of latest financial statements (audited if applicable);NoYesYesYes
    8.Latest tax return or lawyer/chartered accountant confirming our Client complies with his tax obligationsYesYesYesYes
    9.Original color copy of Proof of Address in English received from each shareholder, director, beneficial owner. Proof of address within past month.YesYesYesYes
    10.Original Business Card received from each party to the engagement;YesNoYesYes
    11.Original Company brochure relating to Client’s existing businessYes (if applicable)YesYesYes
    12.ResumeYesNoYesYes
    13.Three customer and two supplier contracts and invoicesYes (if applicable)YesYesYes
    14.Color copies of transfer slips or other proof of payment for the invoices and contractsYes (if applicable)YesYesYes
    15.Signed Virtual Office Agreement (sample copy provided by Healy Consultants)YesYesYesYes

  • Alternative documents we will accept

    Occasionally, our Clients experience difficulty supplying our Firm all the due diligence documents mentioned above. To minimize our Clients’ stress, we accept the documents listed below as quality alternatives to missing items. Such alternatives can notably include:

    1. A personal or corporate tax return;
    2. Group financial statements;
    3. An education certificate or a diploma;
    4. A business license certificate;
    5. A regulatory license;
    6. A bank reference letter;
    7. A credit report;
    8. A Government contract;
    9. A reference letter from an accountant or a lawyer;
    10. A membership card from a reputable society;
    11. A business plan or feasibility study;
    12. A Group organization chart;
    13. A company public profile for existing companies;
    14. A lease agreement.
  • Why does Healy Consultants needs to conduct due diligence checks on our Clients?

    1. Due diligence checks are required by Law. Before accepting to provide company formation and other related services to customers, the Singapore authorities request all corporate services providers including Healy Consultants to conduct due diligence checks. These checks aim to ensure that risk that the companies we assist to incorporate are not be abused by criminals for illicit activities, including money laundering and terrorist financing;
    2. Due diligence checks allow us to serve our Clients better. Our due diligence procedures make sure we have all the information we need before we approach Governments, banks and other third parties. Complete and accurate due diligence documents enable us to get an in depth understanding of our Clients’ operations, ensuring that we efficiently negotiate with third parties during the engagement;
    3. Due diligence creates business opportunities for our Clients too. Sometimes, our Firm introduces Clients in the same industry to each another, developing their business networks, partnerships and collaboration. In such context, it is important that we know well our Clients, to make sure that such introductions serve our Clients’ professional objectives.
    4. For the reasons listed above, Healy Consultants will only incorporate your company after 75% of due diligence information is received by email. Our Firm will only open a corporate bank account after 100% of the due diligence information is received by courier.
  • Practical examples of documents we need from our Client

    Click on the icons below to view real examples of the documents Healy Consultants requires from our Client.

    No.Document requiredExample
    1.Original copy/certified true coloured copy of Passport received, from each shareholder, director and beneficial owner;
    2.Original colour copy of Proof of Address in English. Proof of address within past month.
    3.Original colour copy of Bank Reference Letter received for each shareholder, director and beneficial owner? It is from a reputable, international bank;
    4.Original colour Lawyers reference Letter from each party to the engagement;
    5.Original colour accountants reference Letter from each party to the engagement;
    6.Original colour Business Card received from each party to the engagement;
    7.Original colour Company brochure relating to Client’s existing business;
    8.Resume for each shareholder, director and beneficial owner;
    9.Three customer and supplier contracts and invoices (Client’s existing business);

  • What does Healy Consultants do with due diligence documents?

    1. The due diligence documents gathered by Healy Consultants are kept confidential by Healy Consultants. We supply banks and Governments with the minimum due diligence information required to secure company and corporate bank account approvals. These documents are never not shared with third parties. The only exception to this rule is constituted by legal requests by a Government, in which case our Clients are immediately informed of the same;
    2. The information is stored in our Client’s files, in a steel filing cabinet at our Singapore Head Office.
  • What information can you email us?

    To enable Healy Consultants begin the engagement as soon as practical, we recommend that our Clients email us as much of the due diligence information as possible, or deposit the files in in our Dropbox.

  • Tips to make the process easier for our Client

    1. Where possible, incorporate a company with just one shareholder and one director and one bank signatory. This simple strategy will i) provide corporate bank account approval as fast as possible and ii) minimize our Clients’ administrative burden and iii) enable the engagement to begin as soon as practical. Following engagement completion, our Clients’ can appoint additional directors and shareholders and bank signatories;
    2. Before sending a courier to our Singapore office, we recommend you email us scanned versions of the documents to confirm the suitability of those documents for due diligence purposes. This simple, practical procedure minimizes time and courier costs;
    3. Discuss all due diligence information collection questions or issues with your Healy Consultants relationship manager so that we can provide immediate solutions. The due diligence process should not be a stressful one for our Clients;
    4. Deposit your due diligence information in Healy Consultants’ secure Dropbox account. This eliminates the need to send large files over email;
    5. If you are experiencing a problem obtaining specific due diligence information, please supply us with one of the alternatives list above;

Contact us

For additional information on our due diligence process services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Seth Ochieng, directly:
client relationship officer - Seth