Fast nominee business set up solutions

Fast nominee business set up solutions

Many of our multi-national Clients need to immediately and legally conduct business in a complex developing country. Within a month, Healy Consultants Group PLC 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 PLC 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 PLC 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 PLC 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 PLC 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. Russia or 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.StepsMonth
    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 PLC prepares a tailored detailed project plan (click link);1
    4.Healy Consultants Group PLC 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 PLC 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 PLC 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 PLC 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 PLC 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 PLC 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 PLC 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 PLC 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 PLC 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 PLC 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 PLC 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

    QuestionFast Nominee SolutionTurnkey solutionRegister a new business
    Our recommended solution in order of preference?123
    How soon can our Client legally issue sales invoices to customers?Within 6 weeksWithin 4 weeks5 months
    How soon can our Client legally sign sales contracts with local customers?Within 6 weeksWithin 4 weeks5 months
    How soon can our Client lease permanent office premises and warehouse?1 week1 week4 months
    How soon can our Client recruit local and expatriate staff?Within 6 weeksWithin 4 weeks4 months
    How soon can we supply our Client a bank account number?2 weeksimmediately4 months
    Physical office required to be leased during company registration?YesYesYes
    Must apply for tax numbers?YesYesYes
    Must apply for an import\export license?Depends on business activityDepends on business activityDepends on business activity
    Must apply for a regulatory license?Depends on business activityDepends on business activityDepends on business activity
    Foreign investment Government approval required before legally conduct business?NoYesYes
    How long to appoint our Client’s preferred corporate structure?3 months3 months0
    Total engagement period; to finish the engagement?5 months5 months6 months
  • Advantages of using a fast business set up solution

    No.Advantages of using a fast business set up solutionNominee companyTurnkey solution
    1.Within a month, our multi-national Clients can legally conduct business in the country;YesYes
    2.Our Client does not have to travel to country for company registration and multi-currency corporate bank account opening;NoNo
    3.Our Client can immediately recruit staff to help complete business set up;NoYes
    4.The entity is already registered for tax, including payroll, corporation tax, sales taxes;NoYes
    5.Government administrative tasks\delays are tackled after business set up, rather than before company registration;YesYes
    No.DisadvantagesNominee companyTurnkey solution
    6.It is an expensive solution;YesYes
    7.Before business setup, it is necessary to spend 2 weeks changing the business activity and change company name;NoYes
    8.It is necessary to spend 3 months Clients' preferred shareholders and directors and bank signatory;YesYes
    9.It is necessary to spend 2 weeks to ensure the entity is clean and dormant;NoYes
    10.Government foreign investment approval is still required?YesYes
  • 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)DubaiOmanKuwait
    IraqIran
    Americas
    Venezuela (click link)ArgentinaMexicoBrazil
    Africa
    KenyaEgyptTunisiaNigeria
    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 PLC prepare a tailored detailed project plan (click link) for your Firm.

Contact us

For additional information on our ’Fast nominee solution services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Aidan Healy, directly:
client relationship officer - Aidan