Fast business set up solutions in Iran
Because Iran is a developing emerging market country, registering a new business is both challenging and time consuming.
Using their preferred corporate structure, our multi-national Clients should expect to legally conduct business in Iran within 5 months (click link).
As a work around solution (click link), Healy Consultants Group PLC provides our multi-national Clients the following fast business set up strategy.
With this fast business set up strategy, our multi-national Clients can expect to legally conduct business in Iran within 8 weeks. Refer to more detailed information below:
Comparing business set up strategies
Question Fast Nominee Solution Register a new business Our recommended solution in order of preference? 1 2 How soon can our Client legally issue sales invoices to customers? 2 months 5 months How soon can our Client legally sign sales contracts with local customers? 2 months 5 months How soon can our Client lease permanent office premises and warehouse? 1 month 3 months How soon can our Client recruit local and expatriate staff? 2 months 4 months Estimated total cost of this engagement? €36,100 €24,060 Estimated paid up share capital to be injected; €40 €40 How soon can we supply our Client a bank account number? 2 months 5 months Physical office required to be leased during company registration? No No Must apply for tax numbers? Yes Yes Must apply for an import\export license? (if required) Yes Yes Must apply for a regulatory license? (if required) Yes Yes Foreign investment Government approval required before legally conducting business? No Yes How long to appoint our Client’s preferred corporate structure? 2 months 5 months Total engagement period; to finish the engagement? 5 months 5 months Draft sales invoice – press button
Advantages and disadvantages of a fast business set up solution
No. Advantages Nominee company New Company 1. Within a month, our multi-national Clients can legally conduct business in Iran; Yes No 2. Our Client does not have to travel to Iran for company registration and multi-currency corporate bank account opening; Yes Yes 3. Our Client can immediately recruit staff to help complete business set up; Yes No 4. The entity is already registered for tax, including payroll, corporation tax, sales taxes; No No 5. Government administrative tasks\delays are tackled after business set up, rather than before company registration; No No. Disadvantages Nominee company New Company 6. It is an expensive solution; Yes No 7. It is necessary to spend 4 weeks changing the business activity and change company name; No No 8. After business setup, it is necessary to spend 2 months appointing our Clients’ preferred shareholders and directors; Yes No 9. After corporate bank account approval, it is necessary to spend 4 weeks appointing our Clients' preferred bank signatory; Yes No 10. It is necessary to spend weeks to ensure the entity is clean and dormant; No No 11. Government foreign investment approval is still required? Yes Yes 12. The company might have had business operations in the past, which makes the handover process more complicated. No No
Steps to register a fast nominee Solution
No. Steps Week 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 Group PLC engagement letter and returns the original to our Singapore Head office. Our Client settles our fees; 1 3. Our Client confirms by email the planned corporate structure and e-mails the required due diligence; 1 4. For our Client, Healy Consultants Group PLC prepares a tailored detailed project plan (click link); 1 5. Healy Consultants Group PLC supplies our Client due diligence re our temporary professional, passive nominee shareholders and directors and bank signatory; 2 6. Healy Consultants Group PLC registers a national LLC with our temporary professional, passive nominee shareholders and directors and injects the paid-up share capital to a temporary multi-currency corporate bank account; 2 7. Healy Consultants Group PLC registers our Client company for tax and submits the requirement to Tax Authority to assign a Tax ID to our Client’s preferred foreign shareholders and directors to be appointed; 2 8. The Iran bank supplies corporate bank account numbers to Healy Consultants Group PLC, while we act as temporary bank signatory; 2 9. If required, Healy Consultants Group PLC will apply for i) a specific regulatory license and ii) an import export license; 2 10. 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. Our Client can legally conduct business in Iran; 2 11. 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 lease agreement in Iran (if required); 3 12. Our Client reviews and signs the documents in front of the Iran Embassy Consular at our Client’s country of residence and courier return the same; 3 13. Healy Consultants’ Group PLC and our Client attends a meeting with the Iran 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;
- Iran company kit;
- Other Client due diligence.
4 14. 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; 5 15. 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 to Iran; 5 16. 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 17. If required depending on our Clients business activity, Healy Consultants Group PLC will apply for a Foreign Investment Approval Certificate from the Iran Chamber of Commerce (click link); 6 18. Following a review of the foreign investment license application, Iran Chamber of Commerce may revert to Healy Consultants for additional information. Healy Consultants Group PLC and our Client provides the same in a timely manner; 7/8 19. The Iran Chamber of Commerce approves the foreign shareholder to purchase shares in the local company. Immediately after, Healy Consultants Group PLC submits an application to the Iran Chamber of Commerce to amend the i) Certificate of Incorporation and ii) Articles of Association; 10 20. The Iran Chamber of Commerce issues the amended Articles of association, showing the new shareholder, company name, business activity and charter capital; 14 21. Immediately after, Healy Consultants Group PLC emails our Client i) Iran Chamber of Commerce ii) amended Certificate of Incorporation and iii) new M&AA showing the appointment of the new foreign shareholders and directors; 14 22. Healy Consultants Group PLC will courier the following to our Client:
- Company kit containing original Iran corporate documents;
- The banking kit;
- Healy Consultants Customer Satisfaction Survey;
16 23. Healy Consultants Group PLC successfully completes our Client’s engagement. 16
- If our multi-national Clients wish to legally conduct business as soon as practical, then I recommend the above fast business set up solution;
- If our multi-national Clients wish to minimize business set up costs, I recommend registering a new LLC with your preferred corporate structure and bank signatory.