Fast nominee business set up solutions in 2024

Many of our multi-national Clients need to immediately and legally conduct business in a complex developing country. Within a month, Healy Consultants Group fast solution strategy supplies our Client i) a new company registration number ii) a new corporate bank account number iii) a city center business address iv) tax numbers and v) regulatory license approval.

• Summary

  1. Within a month, our Client can i) sales invoice local customers ii) sign legal contracts iii) employ local and expatriate staff iv) bid on local Government contracts v) import and export goods and vi) sign office premises lease;
  2. To enable our Clients legally conduct business within one month, Healy Consultants Group acts as professional passive nominee resident director (click link), passive bank signatory and national shareholder (click link). After we timely secure all local Government and bank approvals, we hand over full legal control of the entity to our Client; appointing your preferred shareholders and directors and bank signatory;
  3. In emerging market economies, it takes at least 3 months for Governments and banks to approve the appointment of foreign shareholders and foreign directors and foreign bank signatory. While our Clients’ legally conduct business in this developing country, simultaneously Healy Consultants Group and our Client will spend these 4 to 5 months dealing with the administrative challenges of appointing their preferred shareholders and directors and bank signatory.

• Why does using Healy Consultants Group nominees provide a faster solution?

  1. Business set up for local citizens is fast and easy, including Government and corporate bank account approvals. To allow our Clients’ legally conduct business within 1 month, Healy Consultants Group uses our local professional passive nominee resident citizen shareholders and directors and bank signatory;
  2. In developing countries, business set up becomes time consuming and complex when foreign shareholders and foreign directors are involved. Examples of government red tape for foreign owned entities include:
     • Personal and corporate documents to be legalized and attested and translated into the local language, e.g. Vietnam and Saudi Arabia;
     • A personal visit to the country to sign company registration documents in front of the Government Ministry and/or bank account opening forms in front of the bank officer, e.g. Thailand and Taiwan;
     • Deposit of a high paid up share capital to a temporary bank account before obtaining the Certificate of Incorporation or Business License, e.g. Philippines and Brazil;
     • Background checks and criminal clearance of foreign shareholders and directors, e.g. Egypt and Pakistan;
     • Pre-registration with the local revenue authority to secure individual income tax registration numbers for foreign shareholders and directors, e.g. Spain and Argentina;
     • The bank signatory needs to be a resident in the country or hold a valid work permit before they are allowed to be bank signatory, e.g. South Africa;
     • Compulsory appointment of local citizens as directors and/or shareholders owning up to 51% of the company, e.g. UAE or Thailand.

• What are the usual engagement steps to appoint our Client preferred shareholders and directors and bank signatory?

  No.	Steps	Month
  1.	Healy Consultants Compliance Team receives the required corporate and personal due diligence (click link) information from our Client;	1
  2.	Our Client signs Healy Consultants engagement letter and returns the original to our Singapore Head Office. Our Client settles our fees;	1
  3.	For our Client, Healy Consultants Group prepares a tailored detailed project plan (click link);	1
  4.	Healy Consultants Group supplies our Client due diligence re our (temporary) professional, passive nominee local shareholders and directors and bank signatory;	1
  5.	Our Client, Healy Consultants and the professional passive nominee directors and shareholders agree and sign the nominee agreements for our Client’s company. Thereafter we proceed to register the company with our Client’s preferred corporate name;	1
  6.	Healy Consultants Group registers a national LLC with our temporary professional, passive nominee shareholders and directors;	1
  7.	Healy Consultants provides our Client i) a new company name and number ii) a company legal registered office address;	1
  8.	If required by local commercial law, Healy Consultants injects the paid-up share capital to a temporary multi-currency corporate bank account before tax registration;	1
  9.	Immediately after, Healy Consultants applies for the tax registration number and proceeds to open a permanent corporate bank account. Healy Consultants passive nominee will be appointed as temporarily sole bank signatory of this account;	1
  10.	Healy Consultants provides our Client the i) company tax number and the ii) corporate bank account number. Our Client can inform customers and suppliers;	1
  11.	If required, Healy Consultants applies for i) a specific regulatory license and ii) an import export license;	1
  12.	The respective local authorities approve and issue the specific regulatory license. Our Client can legally conduct business including i) legally invoice Clients ii) secure office premises iii) sign local contracts iv) recruit employees and v) receive sales income and pay local expenses;	1
  13.	Healy Consultants Group emails our Client a template customer sales invoice complying with local commercial laws and includes i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number;	1
  14.	Healy Consultants Group prepares and emails our Client the required documents to appoint them as directors and shareholders and bank signatory including i) the legal share allotment and legal share transfer ii) the change of company address and iii) the office lease agreement (if required);	2
  15.	Our Client reviews and signs the legal corporate documents in front of the National Embassy Consular in our Client’s country of residence and courier returns the same;	2
  16.	In some countries, before a foreigner is allowed to purchase shares in a local company prior government approval and security background clearance may be required;	2
  17.	If required, Healy Consultants Group will apply for a Foreign Investment Approval Certificate from the relevant Ministry handling corporate affairs for foreign invested companies;	3
  18.	Following a review of the foreign investment license application, the Ministry may revert to Healy Consultants for additional information. Healy Consultants Group and our Client provides the same in a timely manner;	3
  19.	The Ministry approves the foreign shareholder to purchase shares in the local company and issues a Foreign Business license as confirmation. Immediately after, Healy Consultants Group submits an application to the Corporate Registrar to amend the memorandum and articles of association (M&AA);	5
  20.	The Corporate Registrar issues the amended M&AA, showing the new shareholder, company name, business activity and charter capital;	5
  21.	Immediately after, Healy Consultants Group emails our Client i) the foreign investment certificate ii) amended company extract and iii) new M&AA showing the appointment of the new foreign shareholders and directors;	5
  22.	Healy Consultants’ Group PLC and our Client attends a meeting with the local bank to appoint our Client as the new bank signatory and submit the corporate bank package containing: Signed appointment of bank signatory forms; Client’s passport copy and proof of address; Company kit including corporate structure changes and foreign investment certificate; Other Client due diligence.	6
  23.	Following a review of the corporate bank account signatory change application, the bank(s) may revert to Healy Consultants for additional information. Healy Consultants and our Client provides the same in a timely manner;	6
  24.	There is a 50% chance that the bank will ask the new bank signatory to travel for a one-hour interview. As always, Healy Consultants will aggressively negotiate for a travel exemption, asking the bank to just perform a Skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel;	6
  25.	The bank approves the appointment of the new bank signatory and will courier internet banking documents (login, password etc) to Healy Consultants office or to our Client directly. If sent to us, we will activate internet banking on our Client’s behalf;	6
  26.	Healy Consultants Group will courier the following to our Client: Company kit containing original corporate documents; The banking kit; Healy Consultants Customer Satisfaction Survey;	7
  27.	Healy Consultants Group successfully completes our Client’s engagement.	8

• How am I protected when I do not legally own and control my new company?

  1. To minimize legal, financial and reputational risk, usually, the nominees are professional individuals regulated in their home country, such as lawyers and certified accountants;
  2. Healy Consultants, our Client and the nominees sign i) an indemnity agreement and ii) nominee shareholders and directors service agreement;
  3. E-banking usernames and passwords and tokens are kept with our Client, not the nominee bank signatory;
  4. Healy Consultants Group in-house Legal and Compliance Department maintains detailed due diligence documentation on each professional passive nominee resident director and shareholder bank signatory;
  5. Before appointing Healy Consultants’ nominees, we share due diligence documentation with our Clients; for your review and approval.

• What are Healy Consultants fees for this fast business set up solution strategy?

  Healy Consultants can provide a fast business setup solution in every country in the world. Our fee to implement fast business setup strategy vary from country to country. As a reference, total engagement costs for a fast solution will likely be double the cost of standard new company incorporation fees as published on our webpages.

• Compare a fast nominee business set up solution to other strategies

  Question	Fast Nominee Solution	Turnkey solution	Register a new business
  Our recommended solution in order of preference?	1	2	3
  How soon can our Client legally issue sales invoices to customers?	Within 6 weeks	Within 4 weeks	5 months
  How soon can our Client legally sign sales contracts with local customers?	Within 6 weeks	Within 4 weeks	5 months
  How soon can our Client lease permanent office premises and warehouse?	1 week	1 week	4 months
  How soon can our Client recruit local and expatriate staff?	Within 6 weeks	Within 4 weeks	4 months
  How soon can we supply our Client a bank account number?	2 weeks	immediately	4 months
  Physical office required to be leased during company registration?	Yes	Yes	Yes
  Must apply for tax numbers?	Yes	Yes	Yes
  Must apply for an import\export license?	Depends on business activity	Depends on business activity	Depends on business activity
  Must apply for a regulatory license?	Depends on business activity	Depends on business activity	Depends on business activity
  Foreign investment Government approval required before legally conduct business?	No	Yes	Yes
  How long to appoint our Client’s preferred corporate structure?	3 months	3 months	0
  Total engagement period; to finish the engagement?	5 months	5 months	6 months

• Advantages of using a fast business set up solution

  No.	Advantages of using a fast business set up solution	Nominee company	Turnkey solution
  1.	Within a month, our multi-national Clients can legally conduct business in the country;	Yes	Yes
  2.	Our Client does not have to travel to country for company registration and multi-currency corporate bank account opening;	No	No
  3.	Our Client can immediately recruit staff to help complete business set up;	No	Yes
  4.	The entity is already registered for tax, including payroll, corporation tax, sales taxes;	No	Yes
  5.	Government administrative tasks\delays are tackled after business set up, rather than before company registration;	Yes	Yes
  No.	Disadvantages	Nominee company	Turnkey solution
  6.	It is an expensive solution;	Yes	Yes
  7.	Before business setup, it is necessary to spend 2 weeks changing the business activity and change company name;	No	Yes
  8.	It is necessary to spend 3 months Clients' preferred shareholders and directors and bank signatory;	Yes	Yes
  9.	It is necessary to spend 2 weeks to ensure the entity is clean and dormant;	No	Yes
  10.	Government foreign investment approval is still required?	Yes	Yes

• Show me some specific examples of where fast business set up solutions work

  Asia
  Indonesia (click link)	India (click link)	Philippines (click link)	Thailand (click link)
  Vietnam (click link)	Pakistan
  Middle East
  Saudi Arabia (click link)	Dubai	Oman	Kuwait
  Iraq	Iran
  Americas
  Venezuela (click link)	Argentina	Mexico	Brazil
  Africa
  Kenya	Egypt	Tunisia	Nigeria
  South Africa
  Europe
  Russia (click link)	Ukraine

• Conclusion

  • If our Clients’ needs to sales invoices a customer or sign a sales contract within a week, use a turnkey solution (click link);
  • If our Clients’ needs to sales invoices a customer or sign a sales contract within a month, use a fast nominee solution;
  • If our Clients’ are US$ budget conscious and comfortable to sales invoice a customer or sign a sales contract within a month, just register a new entity with your preferred shareholders and directors and bank signatory from the very beginning;
  • If you know your preferred corporate strategy, please complete the correct questionnaire below. This form will help Healy Consultants Group prepare a tailored detailed project plan (click link) for your Firm.