Shelf company/turnkey solutions for India

Shelf company/turnkey solutions for IndiaIndia turnkey solutions

Setting up a new company in India can take up to 5 months. Hence, it is not the optimal solution for Clients who urgently need a local entity for closing a deal or signing new contracts. So, in order to satisfy the needs of such Clients, Healy Consultants offers our turnkey solution. Under this strategy, within 1 week, our Clients will have access to i) a ready-made resident company ii) a pre-existing corporate bank account number and iii) a tax number (PAN).

Healy Consultants’ fees

The average turnkey solution costs US$18,540 which includes i) company secretarial and registered address service for 1 year ii) pre-existing corporate bank account iii) all government fees and iv) our assistance to project manage the share transfers from existing to the new shareholders.

Corporate bank account considerations

    India quick solutions for setting up company

  1. Currently, the corporate bank account is registered in the name of the shelf company. However, if requested, Healy Consultants will assist with officially changing the company name with the ROC and thereafter, updating the bank records;
  2. Prior to changing the bank account signatory, Healy Consultants will disclose the following details to the bank officer: i) the company business activity ii) the corporate structure iii) the beneficial ownership and iv) expected inflows and outflow of funds;
  3. There is a 20% probability the new bank account signatory will be required to travel to India to meet the bank officer. However, Healy Consultants will negotiate aggressively on our Client’s behalf to secure a travel exemption;
  4. Healy Consultants will request our Client to submit 100% of the due diligence documents. Only after we have received all these documents via courier, will we proceed to change the bank account signatory;
  5. Realistically and so you can plan your business, our Client will be able to log into e-banking within 11 weeks from the time Healy Consultants supplies the corporate bank account number to you, as outlined in the table in the section below:
TaskTimeComment
Our Client signs the forms i) appointing them as the bank account signatory and ii) modifying the corporate structure and company name. Thereafter, the signed documents are couriered to Healy Consultants India office;Week 2The new bank account signatory will need to visit the local bank branch for signature witnessing by a bank officer.
Healy Consultants will disclose the following information to the bank i) the new business activity of the company ii) the expected account inflows and outflows iii) the new corporate structure and iv) the beneficial ownership details. After receiving this information, the bank’s internal Legal and Compliance Department will commence their detailed due diligence check;Week 4Depending on our Client business and nationality, there is a 25% probability the bank will reject the appointment of the new bank signatory.
The new bank signatory is approved by the bank’s Legal and Compliance Department. This process may take up to 4 weeks, depending on the Client’s nationality and the nature of the business;Week 8After the DD check has been completed by the bank, Healy Consultants will receive confirmation affirming the appointment of our Client as the sole signatory.
The bank officer setups internet banking for the Client’s account and thereafter, couriers the e-banking tokens to our office. Using these devices, Healy Consultants immediately activates the internet banking;Week 10Generally, the bank needs two weeks to generate the new passwords and tokens for the signatory. Most of our Clients request Healy Consultants to activate the tokens on their behalf.
Healy Consultants activates the e-banking and sends a courier to our Client’s preferred address;Week 11Generally, it takes about 4 days for the courier to reach the Client’s preferred address. After receiving the token, our Client may ring us so we can guide them to login to the internet banking.
After bank signatory is changed, Healy Consultants changes the company name (if required). Our Client signs the new bank forms and couriers to Healy Consultants India office.Week 11Healy Consultants officer informs the bank of the impending change to the company name.
Healy Consultants appoints the preferred shareholders and directors to the company.Week 12Healy Consultants emails our Client and the bank the extract of the India public register.
Healy Consultants couriers our Client a complete company kit comprising original corporate documents.Week 14The Client engagement is complete.

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Contact us

For additional information on our shelf company / turnkey services in India, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal