Professional passive nominee bank signatory

Professional passive nominee bank signatory

Bermuda businessSome Clients requires a corporate bank account within a short timeframe to receive funds from their customers.

Global banks continue to tighten corporate bank account opening procedures, and complete a more thorough due diligence of Clients, taking up to 2 months to successfully provide corporate bank account numbers to our Clients.

On a case by case basis, Healy Consultants Group PLC may supply temporary professional passive nominee bank signatory services.

  • Why do I need a temporary nominee bank signatory?

    Many times, our international Clients will request Healy Consultants Group to act as the temporary bank signatory for their new company, branch or subsidiary, for one of the following reasons:

    1. To simplify the corporate bank account opening process – for our Clients that are multinational companies, usually with complex corporate structures, international banks may request our Clients to provide substantial business proof and sensitive information in the form of multiple business contracts, supplier invoices, client invoices, bank statements. For these Clients, getting approval from their internal legal department to disclose such information can be a lengthy and bureaucratic process. For simplicity purposes, to avoid engagement delays, Healy Consultants Group PLC may supply a temporary bank signatory until that moment our client collects complete required due diligence documentation;
    2. Legally avoid the need to secure a local work permit or residence visa – in countries such as South Africa or Indonesia, the bank signatory can be a foreign individual with a local work permit or residence visa. The process to secure such work permit can take up to 3 months, consequently Healy Consultants Group PLC local country representative will act as the interim bank signatory until our Clients’ visa is approved;
    3. Fast secure a corporate bank account number – before the front office relationship manager confirms our Clients’ business is welcome, the bank may request our Clients to attest and embassy-legalize personal and corporate due diligence in their home country, causing unnecessary delays and additional engagement costs without any certainty of securing a corporate bank account number;
    4. Avoid our Client from travelling for a 1 hour interview with a bank relationship manager – many international banks nowadays require the bank signatory, company shareholders and/or directors to travel to the country where the corporate bank account will be located and sign account opening application forms in person, before the bank internal legal and compliance can review the application. Until that time when our Client can travel, Healy Consultants Group PLC will be the temporary bank signatory.
  • How will my funds be protected?

    1. Upon approval of the corporate bank account numbers and courier receipt of internet banking tokens, Healy Consultants will immediately add our Client as the second bank signatory, resign as primary bank signatory and thereafter courier all bank correspondence, internet banking tokens and passwords to our Client preferred address. To guarantee our Clients’ funds are protected, Healy Consultants Group PLC will not make any transactions on behalf of our Client;
    2. If our Clients wish Healy Consultants to remain as nominee bank signatory and operate their corporate bank account, our legal and compliance departments will require receiving from our Client monthly bank statements to minimize legal, reputational, financial and litigation risk.
  • Legal considerations

    When acting as a bank signatory, our Firm will conduct enhanced due diligence to protect our Firm from litigation and legal risk. We will also comply with all local and international regulations requiring the disclosure of the ultimate beneficial owner of the account, including FATCA obligations and CRS rules.
  • Our fees?

    1. Usually Healy Consultants will only be bank signatory until our Client’s corporate bank account is approved and our Client is appointed as bank signatory. Our standard fee to act as temporary bank signatory for 3 months is US$6,950;
    2. If our Client requires Healy Consultants to remain bank signatory, our annual fees will range between US$9,950 to US$14,950, subject to the level of risk of our Clients’ business activity;
    3. If required, our fees can be prorated and paid in instalments (click here) per quarter.
  • Conclusion

    If our Clients urgently need a corporate a bank account number to receive funds from customers, or sign contracts with suppliers have a complex corporate structure and do not have the time to travel half way across the world to secure a corporate bank account number, Healy Consultants will please to assist and be their nominee bank signatory.

Contact us

For additional information on our professional passive nominee bank signatory services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal