Singapore client case studies

Software development executive migrates to Singapore

Background

Tony is a successful American software development executive with global business interests. Until early 2006, he had been based in Tokyo, Japan, where he developed a thriving software consulting business serving large Japanese organisations. For strategic reasons, Tony felt Singapore would be a more suitable global headquarters for his company, which had an increased number of Clients outside Japan. Thus, he approached Healy Consultants in late 2005 with a view to migrating his operational base from Japan to Singapore.

Engagement planning

Singapore business servicesDuring a meeting at Healy Consultants’ Singapore office, we outlined to Tony the legal, accounting and tax obligations of relocating to Singapore, including business set up procedures and likely relocation costs. Healy Consultants sent Tony a detailed cost proposal to set up the Singapore company and open a Hong Kong corporate bank account. This structure ensured the company was legally tax-exempt, since: i) the majority of the company’s business would be done outside Singapore; ii) profits earned by Tony’s company in Singapore would not exceed the S$100,000 income tax threshold in Singapore; and iii) the company’s income would not be remitted to Singapore. The proposal included a detailed engagement project plan, thereby ensuring that Tony would have no unwanted surprises. The engagement started with Tony confirming the corporate structure (he wished to be the sole shareholder, with Healy Consultants acting as the Singapore resident director and company secretary, to fulfill statutory requirements). Tony also signed Healy Consultants’ Client Engagement Letter, provided necessary due diligence, and settled our engagement fees.

Company incorporation

Healy Consultants performed a company name check at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which was approved immediately, enabling our team to formally incorporate the company with the agreed corporate structure. Incorporating a company in Singapore is quick, and an e-mailed Certificate of Incorporation was received the next day confirming the company as a legal entity. With the company now fully incorporated, Healy Consultants staff started post incorporation procedures. This included preparing a complete company kit for Tony containing the original Certificate of Incorporation, bound, original versions of the Memorandum and Articles of Association, a print out of the BizFile, showing directors and shareholders information and company secretary and registered office details, and receipts showing all fees paid.

Corporate banking

With incorporation complete, Healy Consultants’ next task was to open a Hong Kong corporate bank account, without Tony traveling to Hong Kong. We completed a corporate bank account application form and a detailed business plan to accompany the application, outlining the company’s activities and why it required a Hong Kong corporate bank account. Since Tony was spending increased amounts of time in Singapore, our staff were able to accompany him to the Singapore branch of his Hong Kong bank, where he signed the corporate bank account application in the presence of a bank officer, who certified his signature. Tony also signed the application form and business plan. Thereafter, our staff sent a courier pack to Hong Kong, including the bank application, corporate documents, business plan and bank due diligence. The pack was then submitted to the Hong Kong bank by our local staff. Two weeks after submitting the corporate bank account application, Healy Consultants received a corporate bank account number for the company. In the following two weeks, we also received (in sealed envelopes) the Internet banking passwords and PIN numbers, a corporate ATM card and PIN numbers. Immediately thereafter, Healy Consultants prepared a pack for Tony comprising i) original company documents ii) unopened bank correspondence iii) sealed bank cheque books and internet tokens and iv) a customer feedback survey, for his collection from our Singapore office.

Entrepreneur visa

To enable Tony and his family to work and live in Singapore, Healy Consultants was engaged to help him obtain a Singapore Entrepreneur Visa (EntrePass). We completed an application form from the Singapore Ministry of Manpower (MOM), and drafted a detailed business plan (different too the bank account business plan) giving details about Tony and his new Singapore company, including operational and marketing strategies, and financial projections. At the same time, Tony obtained his educational certificates from the US (as required by the MOM). The EntrePass application pack was submitted to the MOM, and written confirmation that the application had been received was obtained one week later. Four weeks later, we received EntrePass approval, and our staff accompanied Tony to the MOM to collect the pass. Following this, Healy Consultants applied for Dependents’ Passes for his wife and young child, which was granted two weeks later. Other support services provided to Tony included:

  1. Assistance in locating a suitable primary school for Tony’s daughter – Healy Consultants drew up a list of international schools, detailing their fees and waiting lists, to enable him to make an informed decision;
  2. Application for a personal bank account and Visa credit card – Healy Consultants completed an application form and the account was open within one week;
  3. Website design services – Healy Consultants delivered a fully-functional website to Tony within two weeks of his request;
  4. Six months after obtaining his EntrePass, Tony requested Healy Consultants’ assistance to obtain Singapore Permanent Residence (PR) status for himself, including completing an application form and preparing a detailed business plan.

Marshall Islands company formation

In a separate part of this engagement, our Client engaged Healy Consultants to incorporate a holding company in the Marshall Islands. Healy Consultants has an excellent relationship with the Marshall Islands government, in particular with Annie, the regional government representative in Hong Kong. With the company set up with the corporate structure as agreed by our Client, our Banking Team was asked to assist with the opening of two corporate bank accounts for the company, one at Standard Chartered Bank in Hong Kong and the other at Credit Suisse in Switzerland. As with the process for bank account opening for HSBC in Hong Kong, our Banking Team prepared bank applications, which our Client signed in Singapore. Our Marketing Team also prepared a Business Plan for the Marshall Islands company, which was submitted to the banks along with the application forms, corporate documents and due diligence. Bank approval has been granted for both corporate accounts, which was achieved without our Client needing to visit either Hong Kong or Switzerland.

Accounting and tax support

Annually, Healy Consultants efficiently and effectively completes Tony’s Singapore company accounting, legal and tax obligations. Following the anniversary of company incorporation, Healy Consultants Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants sends a complete tax return to Tony for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is couriered to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits. Healy Consultants has also assisted Tony to submit tax returns to the Japan Tax Office and the US Inland Revenue Service (IRS).

Iraqi businessman relocates to Singapore

Background

Mustafa is a successful advertising executive who founded a media agency (Blank Creative) with operations in Dubai and Baghdad, Iraq. In late 2005, Mustafa decided to relocate his global business, as well as his wife and two year old daughter, from his native Iraq to Singapore, and approached Healy Consultants to help him achieve his goals. Healy Consultants worked closely with Mustafa over the last 18 months, project managing the migration of his business and his family and enabling Mustafa to concentrate on running his business successfully from Singapore.

Engagement planning

The engagement began in December 2005, when Healy Consultants received due diligence from our Client. This proved challenging, as Mustafa was in Baghdad and communications with Iraq were badly affected by the insecurity in the country. However, thanks to the cooperation of the Client, we received signed documents within one week.

Company incorporation

Our Singapore incorporation team approached the Singapore Accounting and Corporate Regulatory Authority (ACRA) to formally incorporate the company Blank Creative Pte Ltd with the agreed corporate structure. The Certificate of Incorporation confirming Blank Creative Pte Ltd as a legal entity was received within a week.

Corporate banking

Healy Consultants approached HSBC Bank in Singapore to open a corporate bank account for Blank Creative Pte Ltd, submitting a full set of corporate documents as well as personal due diligence on Mustafa. This was made more challenging by the fact that Iraq is a blacklisted country for international banks, and we were expecting HSBC Singapore to request additional due diligence to satisfy their internal requirements. As the resident director of Blank Creative Pte Ltd, Aidan Healy represented the company at a bank interview, explaining why the company had been set up in Singapore, and why it required a corporate bank account at HSBC Singapore. We received account opening approval from the bank within one week, enabling Mustafa’s Singapore company to begin invoicing Clients.

Entrepreneur visa/dependents’ pass

The next step was to apply for a Singapore employment pass and residence visa for Mustafa, to enable him to live and work in Singapore. Until that point, Mustafa and his family visited Singapore on Social Visit Passes, which required monthly renewal. Healy Consultants prepared a detailed business plan and SWOT analysis of Blank Creative Pte Ltd, including a detailed market analysis of the business, information on operational and marketing strategies, as well as projected financials for the company. In addition to the business plan and completed employment visa application, the Ministry of Manpower (MOM) required copies of Mustafa’s educational certificates. These were in Arabic, so Mustafa had them translated and notarised in Baghdad before sending them to our Singapore office by courier. A complete visa application was submitted directly to the MOM, and four weeks later we received notification that the application was approved. Healy Consultants then applied for Dependant’s Passes for Mustafa’s wife and daughter, to enable them to legally reside in Singapore.

Singapore broadcasting license

Towards the end of 2006, Mustafa requested Healy Consultants’ assistance in obtaining a satellite TV Broadcasting License in Singapore. We prepared a tailored business plan, outlining the channel’s intended markets and viewership figures. We also completed an application form from the Singapore Media Development Authority (MDA) on behalf of our Client. Approval was granted from the MDA within six weeks.

Other support services

Other support services included:

  1. Assistance in obtaining an Employment Pass for Ali, a senior Iraqi graphic designer recruited by Blank Creative Pte Ltd;
  2. Assistance in applying for Singapore Permanent Residence (PR) for Mustafa and his wife;
  3. Introduction to a property agent in Singapore, with a view to Mustafa purchasing a residential property in the city.

Introducing new solar power technologies

Background

Dr. Bihler is a German entrepreneur involved in the marketing and manufacturing of renewable energy components and technologies, see www.micram.de. Dr. Bihler recognised the huge potential for establishing a renewable energy base in Asia. At the heart of his ambitious strategy was a US$150 million solar manufacturing facility, which would be built in Singapore and Dr Bihler engaged Healy Consultants to help him turn his ambitions into reality. Healy Consultants worked closely with Dr Bihler, i) engineering a secure global corporate structure ii) liasing with the Singapore Economic Development Board (EDB) with a view to securing grants and loans to build the solar facility iii) providing virtual office services and iv) providing accounting and tax and audit support services in Singapore.

Engagement planning

The engagement began in 2006 when our Client approached Healy Consultants and outlined his plans to establish a solar manufacturing facility in Asia. After discussing the various accounting, tax and legal issues of different jurisdictions in Asia, it was agreed that Singapore would be an ideal location in which to set up such a business. Singapore actively encourages hi-tech, innovative industries and is also an excellent base from which to provide consulting services in the fields of microelectronics and photovoltaics, Dr Bihler’s specialist interests.

Company incorporation

The first step in the process was to contact the Accounting and Corporate Regulatory Authority Singapore (ACRA) to check whether our Client’s preferred company name, Singapore Thinfilm Photovoltaics Technologies Pte Ltd, was available for incorporation. It was agreed that Aidan Healy, the managing director of Healy Consultants, would be the company’s resident director, to satisfy Singapore corporate law. Upon receipt of a courier containing signed documents from Dr Bihler, Healy Consultants prepared an incorporation application containing corporate documents as well as due diligence on Dr Bihler, and submitted this to ACRA. Soon after, Healy Consultants received e-mail notification that Singapore Thinfilm Photovoltaics Technologies Pte Ltd had been incorporated with the corporate structure as agreed with our Client.

Corporate bank account

Healy Consultants submitted a complete bank account application to a leading Singapore retail bank, including an application form and business plan describing the company’s activities and a brief market analysis. We received account opening approval from the bank within two weeks, enabling Singapore Thinfilm Technologies Pte Ltd to begin invoicing Clients.

Introduction to the Singapore EDB

Dr Bihler was eager to speak to the EDB in Singapore to explore the possibility of receiving a grant or loan to build the solar facility. Healy Consultants introduced him to the Investment Team at the EDB, and helped conduct negotiations on his behalf when he was unable to attend meetings in Singapore. Within two months, the EDB approved the building of a €100 million solar plant in Singapore.

Virtual office services

Dr Bihler’s engaged Healy Consultants to provide a Singapore virtual office service, including telephone answering, fax and mail forwarding for Singapore Thinfilm Photovoltaics Technologies Pte Ltd. The virtual office allows Dr Bihler to more efficiently conduct business in Singapore from his Germany headquarters. After 12 months, Dr. Bihler reserved office space within our premises to house his server and files as a place to work when he visits Singapore.

Accounting and tax services

Healy Consultants efficiently and effectively completes the accounting, audit, legal and tax obligations for Singapore Thinfilm Photovoltaics Technologies Pte Ltd. There is minimum involvement required from Dr. Bihler. Following the anniversary of company incorporation, Healy Consultants’ Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants emails a set of financial statements and tax return to Dr Bihler for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is provided to our local audit Firm for sign off. Finally, Healy Consultants dispatched a courier to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits.

In addition to the above engagement, Healy Consultants had previously incorporated another Singapore company, Micram Trading Pte Ltd, as the Asian branch of Dr Bihler’s business in trading with intellectual property (www.micram.de) for microelectronic manufacturing industries.

Corporate finance

Healy Consultants assisted Dr. Bihler raise finance for the building of a €100 million solar plant in Singapore. To begin with, our Firm approached Asian retail and investment banks for project finance. However, Healy Consultants Clients eventually provided the most cost effective funding for the solar project, in the form of private equity.

In 2009, Dr. Bihler plans to list his Singapore company on the local small company stock exchange. The Catalist Exchange in Singapore (previously the SESDAQ) is a sponsor supervised listing platform for fast growing local and international companies with limited quantitative listing criteria.

UK-Based business advisory expands into Asia

Background

ABMV Ltd is UK-based international business advisory and accountancy firm with affiliations worldwide. It is the back office to, and affiliate of, Optio Community, a collection of Client-focused consulting companies who provide efficient and value-added products and services to individual contractors around the world. Healy Consultants was engaged in 2005 to incorporate a Singapore company to serve as a strategic gateway into the Australia, New Zealand, India and other Asia Pacific markets. Since then, Healy Consultants has developed and maintained an excellent working relationship with both ABMV and Optio, providing a range of corporate support services to assist the international consulting business.

Engagement planning

The engagement started in March 2005 when Andy Myers, managing director of ABMV Ltd, contacted Healy Consultants with a view to starting a company in Asia as part of a regional business expansion strategy. Healy Consultants’ managing director Aidan Healy explained to Andy the accounting, tax and legal implications of incorporating and running a company in different Asian jurisdictions, and it became clear that a Singapore company would likely fulfill the Client’s strategic business objectives. On this basis, our experts worked with Andy to engineer the best corporate structure, including shareholders and directors. To fulfill the company’s statutory obligations, it was agreed that Aidan Healy would be the resident director and company secretary.

Company incorporation

Healy Consultants prepared corporate documents for Andy’s signature, including a Board of Directors’ Resolution, Consent to act as Director and Memorandum and Articles of Association. These were couriered to Andy and returned swiftly to our Singapore office. Furthermore, the Client provided due diligence required by Healy Consultants’ Compliance Team, including a notarised passport copy, bank reference letter, resume and proof of residential address. Corporate documents were submitted to the Accounting and Regulatory Authority of Singapore (ACRA), which responded with an e-mailed Certificate of Incorporation confirming the legal existence of Andy’s new company, Four Points Resourcing Pte Ltd.

Corporate banking

Following incorporation, Healy Consultants approached HSBC Singapore to open a multi currency corporate bank account for Four Points Resourcing Pte Ltd. To achieve this, we completed a bank account application form, which was couriered to the bank signatories for signature and return to our office in Singapore. Upon return, we submitted a complete application pack to the bank, including the signed application form, the company’s corporate documents and due diligence on the bank signatories. As resident Singapore director, Aidan Healy attended a bank interview on behalf of the company, explaining to the bank officer why Four Points Resourcing Pte Ltd required an HSBC Singapore account, and also provided an overview of the company’s global activities and plans in Asia. Within four working days, Healy Consultants received a bank account number for Andy’s company, which was forwarded to the Client immediately.

Accounting and tax support

On behalf of Four Points Resourcing Pte Ltd Healy Consultants completed annual statutory tax returns to the Inland Revenue Authority of Singapore (IRAS) in 2006 and 2007. We receive a sample trial balance from our Client, together with e-mail copies of invoices and bank statements. Then, our Accounting Department prepares a tax computation, together with supporting tax notes and a complete package is then couriered to the IRAS.

Specialised risk management company expands Asia business

Background

Dubai-based Unity Resources Group is a leading provider of consultancy, training and critical support services to organisations operating in complex, unpredictable environments. The company approached Healy Consultants to help it expand its business throughout Asia and the Middle East.

Engagement planning

During a meeting at Healy Consultants’ Singapore office Healy Consultants explained to the Client the accounting, tax and legal issues associated with operating a company in different Asian jurisdictions. Singapore emerged as the jurisdiction whose advantages and statutory obligations best met Unity Resources Group’s needs. Having decided on Singapore, we worked closely with our Client to decide the best structure for the company, including shareholders and directors.

Company incorporation

Healy Consultants performed a company name check for Unity Resources (Singapore) Pte Ltd at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), and formally incorporated the company with the agreed corporate structure. The Certificate of Incorporation was then received, confirming the company as a legal entity.

In addition to incorporating Unity Resources Pte Ltd, in 2006 Healy Consultants also assisted our Client to establish Security Solutions Asia Ltd, a specialist consultancy with offices in Hong Kong and Jakarta, providing a comprehensive range of services to Clients throughout Asia Pacific.

Corporate banking

Following incorporation of Unity Resources Pte Ltd, Healy Consultants opened an HSBC Hong Kong corporate bank account. To achieve this, we completed and submitted an application form and detailed business plan, which outlined the company’s products and services, as well as financial projections.

Support services

Healy Consultants provides ongoing logistical support in Singapore for Unity Resources (Singapore) Pte Ltd, including liasing with the United Arab Emirates (UAE) embassy in Singapore to certify corporate documents. Furthermore, we provide a Singapore virtual office service which includes telephone answering and mail-forwarding, thereby enabling the company to conduct business more efficiently in Singapore and Asia.

Global commodity trader sets up Singapore bBase

Background

Nigerian commodities trader Akpan is an ambitious, wealthy individual who wanted to expand his international business horizons and set up an operational base in Asia. For strategic reasons, Akpan decided Singapore would be the most suitable Asian headquarters. Having discovered Healy Consultants via a Google search, Akpan contacted us by e-mail in July 2006 to find out how we could assist him fulfill his international business objectives.

Engagement planning

Akpan visited our Singapore office in July 2006, where he was able to outline in greater detail his strategic objectives. Akpan signed our Client Engagement Letter and confirmed the corporate structure for the Singapore company, including Aidan Healy, Healy Consultants managing director, acting as the Singapore resident director to comply with Singapore company law. We also requested personal due diligence from Akpan, as part of our standard ‘Know your Customer’ procedures. Upon his return to Nigeria following our meeting, Akpan collected all the required due diligence, and couriered a complete pack to us within one week.

Company incorporation

Healy Consultants submitted pre-incorporation documents (signed by Akpan) to the Accounting and Corporate Regulatory Authority of Singapore (ACRA). These included Memorandum and Articles of Association and consent to act as shareholder and director. A Certificate of Incorporation confirming the incorporation of Standtall Capital Pte Ltd as a legal entity was received within three days.

Corporate banking

Akpan requested Healy Consultants’ assistance to open a corporate bank account at Standard Chartered Bank (SCB) in Hong Kong. Since our Client was in Nigeria, it was decided that Aidan (as a company director) would represent the company at a bank interview in Hong Kong, thereby sparing Akpan the inconvenience of traveling to Hong Kong. Healy Consultants completed the bank account application, and couriered it to Akpan (as the sole account signatory) in Nigeria for his signature, which also needed to be witnessed by an SCB officer in Lagos. This process went smoothly and we received a courier again within one week. Meanwhile, we drafted a business plan to submit to SCB Hong Kong, including information on Standtall Capital Pte Ltd’s activities, as well as shareholders, directors and bank signatory details. This was included in a comprehensive account opening pack, comprising the signed account opening forms and corporate and personal due diligence, which was then couriered to Hong Kong. Healy Consultants submitted the application pack to the bank, along with the bank’s minimum required deposit of US$2,000. Account approval was received two weeks after submitting the application, when we received account numbers. Two weeks later, and in separate envelopes and mailings, Healy Consultants received Internet banking passwords and PIN numbers, allowing Akpan to conduct financial transactions online. We also received passwords and PIN numbers for the corporate ATM card. These items were kept safe for Akpan’s collection.

Virtual office services

To enable him to efficiently operate in Asia, Akpan engaged Healy Consultants to provide a legal office address in Singapore, to put on Client invoices and correspondence, as well as provide a mail forwarding and phone message service.

Entrepreneur visa (EntrePass)

Healy Consultants prepared a detailed business plan for Standtall Capital Pte Ltd, including an in-depth analysis of market conditions, the company’s operational and marketing strategies, and financial projections. Concurrently, Akpan obtained his educational certificates (required as part of the application to the Singapore Ministry of Manpower. We submitted the visa application to the MOM and received a Letter of Approval five weeks later, confirming that a two-year EntrePass was ready for collection. This was done during one of Akpan’s visits to Singapore.

Other support services

These include:

  1. Application to register Standtall Capital Pte Ltd with the Inland Revenue Service of Singapore (IRAS), which was approved;
  2. Application for GST exemption for the company, which was achieved successfully.

Media company flourishes in Asia

Background

OLV Limited is a thriving media and business solutions company with high-end projects throughout the Asia Pacific and Middle East. The company engaged Healy Consultants in 2005 to help set up a company in Singapore to enable it to more efficiently conduct business in Asia.

Engagement planning

Healy Consultants informed the Client on the legal, tax and accounting obligations of companies in Singapore.

Company incorporation

Healy Consultants checked the availability of the company name at the Accounting and Corporate Regulatory Authority of Singapore (ACRA) which was quickly approved. This enabled our team to formally incorporate the company and the Certificate of Incorporation, confirming the company as a legal entity, was received via email.

Corporate banking

With the company incorporated, Healy Consultants then assisted OLV Limited in opening a corporate bank account with HSBC Singapore. The bank application forms were completed by our Banking team on OLV Limited’s behalf and sent by return courier with business plan created by our Marketing team. Once the signed documents were received, the Banking team submitted the application the HSBC. The application was approved without requiring the Client to visit Singapore at any stage of the account opening process.

Support services

To enable OLV Limited to conduct business in Singapore from abroad, Healy Consultants supplied full Virtual Office in Singapore, which provided vital support to OLV Limited’s business, including office address, meeting rooms, as well as a telephone and e-mail answering service.

Global communications group establishes holding company

Background

Assemble Communications is a well-established Internet-based telecommunications company headquartered in the US. As part of Assemble Communications’ ambitious global expansion plans, the company wished to set up a company in Singapore.

Engagement planning

Healy Consultants was engaged in 2005 to assist Assemble Communications achieve its regional strategic objectives. As such, we outlined in detail the relocation costs and Singapore business set-up procedures, as well as the legal and tax obligations. The Client confirmed the corporate structure, which would make the Singapore company, Assemble Communications Global Pte Ltd, the holding company for the Group.

Company incorporation

To formally incorporate Assemble Communications Global Pte Ltd, Healy Consultants’ incorporation team approached the Singapore Accounting and Corporate Regulatory Authority (ACRA). The Certificate of Incorporation was received via e-mail, thereby confirming it as a legal Singapore entity.

Corporate banking

Following incorporation, Healy Consultants approached HSBC Bank in Singapore to open a corporate bank account for Assemble Communications Pte Ltd, submitting a full set of corporate documents and a business plan highlighting the company’s activities. As the Client was based in the US it was a major advantage to them that their directors were not required to travel to Singapore for the bank account application. We received account opening approval from the bank shortly thereafter, enabling Assemble Communications Pte Ltd to begin invoicing international Clients.

Virtual office services

Healy Consultants provides a Singapore virtual office service, including telephone answering and mail forwarding, enabling the company to operate more efficiently during Asia business hours.

Telecom consultant moves into Asia Pacific

Background

Andrew Del Rio is a successful American businessman with many years of experience in the telecommunications industry. Together with four colleagues, Andrew runs a thriving telecommunications consultancy INOG-PS (www.inog-ps.com), headquartered in the USA. To better meet the needs of its growing Client base in Asia Pacific and Australasia, INOG-PS engaged Healy Consultants to establish a Singapore subsidiary to act as a regional headquarters.

Engagement planning

Andrew outlined his business objectives to Healy Consultants. We were able to offer a broad-based strategy which would enable INOG-PS to best meet these objectives, including engineering the optimum corporate structure and opening a multi currency corporate bank account to facilitate international financial transactions. With costs agreed, our Client signed Healy Consultants’ Client Engagement Letter, confirming the corporate structure required and supplying due diligence required by us.

Company incorporation

Healy Consultants approached the Accounting and Corporate Regulatory Authority of Singapore (ACRA) with the agreed structure. Healy Consultants prepared corporate documents for the new Singapore company, INOG-PS Pte Ltd, including Memorandum and Articles of Association and consent to act as shareholder and director, which were sent to Andrew and his colleagues for signature and return to our Singapore office. The signed documents were submitted to the ACRA, which subsequently issued a Certificate of Incorporation confirming the legal incorporation of INOG-PS Pte Ltd.

Corporate banking

Andrew requested Healy Consultants assistance in opening i) a multi-currency bank account with DBS Singapore (to allow the company to trade immediately) and ii) a multi-currency corporate bank account with HSBC Hong Kong (to support the company’s long-term strategy in Asia). Healy Consultants completed bank application forms and prepared a detailed business plan, outlining the company’s activities, financial projections and a one-page analysis of the Asian telecommunications market. These documents were then couriered to the US for Andrew’s signature and return to us. This completed, a complete pack was submitted to the banks. Shortly thereafter, Healy Consultants received the approval for the Singapore corporate account and the Hong Kong corporate account.

Support services

To support INOG-PS Pte Ltd’s regional operations, Healy Consultants provided a full virtual office in Singapore to efficiently handle the company’s Asia Pacific correspondence. The virtual office included telephone answering and mail forwarding.

IT company establishes Singapore regional headquarters

Background

ANTZ Consulting (www.antzconsulting.com) is a highly successful Melbourne, Australia-based IT consulting company providing Enterprise Value Modeling services to global Clients. Services offered include organizational performance consulting services such as coaching and team-building, project management and advice on using systems such as SAP.

As part of a wide-ranging expansion strategy, and to better serve its Clients in the Asia Pacific, the company chose to set up a regional headquarters in Singapore with Healy Consultants’ professional assistance.

Engagement planning

ANTZ Consulting approached Healy Consultants with a view to setting up a regional headquarters in Singapore, including incorporating a Singapore company. Since a Singapore company legally requires a resident director, it was decided that Aidan Healy, managing director of Healy Consultants, would fulfill that statutory role. With costs agreed, our Client signed Healy Consultants’ Client Engagement Letter, confirming the corporate structure required and supplying due diligence required by us.

Company incorporation

Healy Consultants prepared corporate documents for the new Singapore company, ANTZ Consulting Pte Ltd, which were signed by our Client in Australia and returned to our Singapore office. The signed documents were submitted to the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which subsequently issued a Certificate of Incorporation confirming the legal incorporation of ANTZ Consulting Pte Ltd.

Support services

Our Client requested Healy Consultants assistance in applying for Singapore Employment Passes for three expatriate staff it wished to recruit. To support the applications, Healy Consultants prepared a detailed business plan outlining the company’s activities and its marketing and operational strategy for Singapore. Along with a signed Employment Pass application form, the business plan was submitted to the Singapore Ministry of Manpower (MOM), the applications being approved within four weeks.

Accounting and tax support

Our Client requested our assistance to register ANTZ Consulting Pte Ltd for Singapore goods and sales tax (GST), as per its statutory obligations under GST law.

Advertising executive relocates from Australia

Background

David is the CEO of a Sydney-based advertising agency with a growing Client base in Asia Pacific. David contacted Healy Consultants in February 2007 to find out how we could help him buy residential property in Singapore and obtain a Singapore employment pass, in anticipation of his company’s headquarters relocation to Singapore. Due to his work and travel commitments, David felt unable to devote sufficient time to the tasks required, so engaged Healy Consultants to ensure the engagement’s success.

Engagement planning

David visited our Singapore head office to explain his requirements and budget – a modern bungalow with a garden close to the city for up to S$5 million (US$3.2 million). Aidan Healy, Healy Consultants’ managing director, explained to David the legal implications for foreigners buying Singapore property, including the rule that foreigners require approval from the Singapore Land Authority (SLA) if they wish to purchase a bungalow. David returned to Sydney having signed our Client Engagement Letter and settling an engagement fee, enabling our Client Relationship Officer, Liz, to begin working with our preferred real estate agent, Michael, and draw up a shortlist of properties for David to view on his next visit to Singapore. Michael is a long-term Singapore resident whose agency caters to wealthy expatriates, and he prepared a detailed, two-day itinerary for David, based on his specifications and budget. Two weeks later, David returned to Singapore to view the short listed properties with Michael. At the end of the tour, David indicated his interest in a two-story bungalow fifteen minutes by taxi from Orchard Road, which Michael explained would require investment approval from the SLA.

Purchasing property

Liz contacted the SLA to apply for permission to purchase the bungalow, completing the SLA’s Form A and submitting it by post, along with an application fee and supporting documents (e.g. a copy of David’s passport) to the SLA in Shenton Way. Liz followed up two days later to ensure that the SLA had received the application, which they confirmed they had and advised that approval would take up to 30 days. Liz communicated this to David. As indicated, Healy Consultants received written approval from the SLA within one month, confirming David was eligible to proceed with the real estate transaction. The next step was for Healy Consultants and our solicitor to prepare the Offer to Purchase documents on David’s behalf, and to deliver them to the property seller’s solicitor. These documents clearly state information such as the price and sales completion date. One week after submitting the Offer to Purchase to the seller, the seller agreed in principal to the sale. On behalf of David, Liz supervised our solicitor’s preparation of a Sales and Purchase Agreement, in coordination with the seller’s solicitor. Drafting the agreement took one week in total (Liz e-mailing drafts of the agreement to David for his comments) until it was mutually acceptable to all parties. Once this was confirmed, Healy Consultants signed the agreement on David’s behalf. Within 14 days of signing the Sales and Purchase Agreement, David was obliged to pay the Inland Revenue Authority of Singapore (IRAS) a stamp fee of 3% of the purchase price. David had remitted sufficient funds to cover this cost at the early stages of the engagement, and Healy Consultants paid the fee on his behalf.

Mortgage acquisition

Next, Liz approached four Singapore banks to secure a mortgage for David. A mortgage officer from each bank visited our Singapore head office to outline what they could offer, and within three days each had e-mailed Liz a mortgage offer. She then prepared a mortgage comparison table and recommendations, emailing both to David. He replied on the same day, indicating his preference for the DBS Managed Mortgage plan. With his instructions, Liz completed the DBS mortgage application form and couriered it to David for his signature and return to us. David also returned with the courier documents required by the bank to accompany the application. With the signed mortgage application and supporting documents back in Singapore, Liz submitted a complete pack to DBS by post, and followed up by telephone the following day to confirm that the bank had received the pack, which it had. DBS replied to Liz within one week of receiving the application, confirming in writing that the mortgage had been approved, and this was communicated to David in Sydney.

Support services

Throughout the engagement, Healy Consultants has made every effort to minimise any inconvenience to David, as well as work to his exact specifications in sourcing a suitable property. In addition, our team has supervised the solicitors’ preparation of contracts through to the exchange of contract. Other support services included:

  1. Assistance in the process of applying for a Singapore EntrePass and Dependents’ Passes for his family;
  2. Locating suitable office space for his agency;
  3. Assistance in locating a suitable primary school for David’s children. Healy Consultants drew up a list of schools, their fees and waiting lists, to enable him to make an informed decision;
  4. Healy Consultants also recommended that David apply for Singapore Permanent Residence (PR) status through the Global Investor Programme (GIP) initiative, under which foreign investors can obtain PR if they invest more than S$2 million.

German security specialist achieves Asia objectives

Background

Mr. Hahn is the chief executive of a successful global office security firm located in Düsseldorf, Germany. The Firm customises, delivers and installs state-of-the-art security equipment including close circuit television (CCTV) surveillance cameras, motion sensors, alarms and associated networks. Increased demand for hi-end security systems in Asia prompted our Client to investigate the possibility of setting up a regional headquarters in Asia to penetrate local markets, minimise the company’s international tax exposure and present a good image to regional customers. However, Mr. Hahn wished to remain resident in Germany.

Engagement planning

Mr. Hahn spelt out these objectives in a detailed e-mail to Healy Consultants in March 2007. This was followed by a telephone conversation during which Aidan Healy, managing director of Healy Consultants, explained the tax and legal implications of the different corporate structures available to Mr. Hahn in Asia. It soon emerged that a Singapore company would fulfill most objectives, particularly given the strong market potential for security systems Firms in Singapore. On this basis, and with costs settled by telegraphic transfer, Mr Hahn signed our Client Engagement Letter, outlining his preferred corporate structure. Furthermore, he provided required due diligence, including a notarised passport copy, proof of residential address, resume and bank reference letter. At this stage it was agreed that Aidan Healy would act as the Singapore-resident director, a statutory requirement to satisfy the Singapore Companies Act of 1963.

Company incorporation

Healy Consultants reserved the Client’s preferred company name with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). Corporate documents, including Memorandum and Articles of Association and Consent to Act as Director and Shareholder, were prepared and couriered to Germany for Mr Hahn’s signature and return to us. Upon receipt, we submitted the signed documents to ACRA, which issued a Certificate of Incorporation the following day. This, along with a scanned printout of the BizFile register showing the company’s structure, were e-mailed to Mr. Hahn as proof that his Singapore company was a legal entity.

Corporate banking

Following incorporation Healy Consultants assisted Mr. Hahn to open a Hong Kong corporate bank account, thereby legitimately ensuring that the Singapore company is 100% tax-exempt (provided there is no income in Singapore or Hong Kong).

Healy Consultants completed a bank account application form, and a business plan detailing the company’s activities, Clients, suppliers, financial projections and a one-page market analysis. The application and business plan were e-mailed to Mr. Hahn for his signature and return to Singapore. Upon receipt, Healy Consultants visited the bank in Hong Kong to submit the application pack on Mr Hahn’s behalf. Account opening approval was received within two weeks.

Support services

To further support Mr. Hahn’s Asian operations, Healy Consultants provides a full virtual office service, comprising telephone answering and mail forwarding, thereby enabling Mr. Hahn’s Firm to portray a strong local presence in Asia.

IT specialist expands into Asia Pacific

Background

Mr Vladusic is the manager of a software development company based in Split, Croatia. The company specialises in developing software and systems for information management and storage. The company has expanded since its inception in 1996, and today produces a wide range of enterprise storage products, including hardware disk arrays and storage management software. To date, the vast bulk of its Clients have been in Europe. Mr Vladusic contacted Healy Consultants in early 2006 to explore ways of expanding their business into new, overseas markets, particularly in the Asia Pacific. His ultimate intention would be to relocate his company headquarters to a more tax-efficient jurisdiction which would also provide a ready market for his company.

Engagement planning

Mr Vladusic sent Healy Consultants an e-mail outlining his requirements and objectives, and followed this up with a telephone call during which Healy Consultants provided comparisons of Asian jurisdictions. It emerged during the conversation that Singapore would be the ideal location for Mr Vladusic’s global headquarters (the Client had also been interested in Dubai). Mr Vladusic was, in particular, keen to explore the possibility of securing financial assistance from the Singapore government to encourage his company to relocate to Singapore. With costs agreed, Mr Vladusic signed our Client Engagement Letter and confirmed the corporate structure for the Singapore company, including Aidan Healy acting as the Singapore resident director, as per local statutory requirements. We also requested and received personal due diligence from Mr Vladusic, including passport copy, proof of address, bank reference letter and resume.

Company incorporation

Healy Consultants approached the Accounting and Corporate Regulatory Authority of Singapore (ACRA) with the structure as agreed by Mr Vladusic. ACRA e-mailed a Certificate of Incorporation confirming the company’s registration, and Healy Consultants also obtained a printout of the BizFile, the public register confirming the company’s legal structure. Copies of these documents were submitted to Mr Vladusic.

Corporate banking

To enable the company to start invoicing Clients and make funds transfers, the new company required assistance with opening a corporate bank account in Singapore. Healy Consultants completed a bank application form on Mr. Vladusic’s behalf, as well as preparing a business plan outlining the company’s activities, financial projections and a brief market analysis. These were both couriered to Mr Vladusic in Croatia for his signature and return to us. Once Healy Consultants had received the signed documents, we submitted them, along with information about the bank signatories, to the bank for processing. As resident director, Aidan Healy represented the company at a bank interview, although he would not be a signatory to the bank account. Within two weeks, Healy Consultants received approval for the Singapore corporate bank account. Over the course of the following two weeks we received (in sealed, separate envelopes) Internet banking and ATM card PIN numbers, which we kept safely for Mr Vladusic’s collection when he next visited Singapore.

Entrepreneur visa (EntrePass)

To help Mr Vladusic obtain a visa enabling him to live and work in Singapore, Healy Consultants prepared a detailed business plan for submission to the Ministry of Manpower (MOM). Unlike the bank account business plan, the EntrePass business plan contains in-depth analysis of market conditions, the operational and marketing strategies for the company, as well as comprehensive financial projections. Simultaneously, Mr. Vladusic obtained his educational certificates that would be required as part of the application (these had to be translated from Croatian into English, which delayed the application procedure). The signed business plan, along with an MOM application form, were submitted to the MOM, and within a week we had received written confirmation that they had received it. Four weeks later, we received an In-Principle Approval Letter from the MOM confirming that the application had been successful and that the EntrePass was available for collection from the MOM. At this stage of the engagement, Mr Vladusic traveled to Singapore, where he was accompanied to the MOM by Healy Consultants’ staff to collect the EntrePass.

Other support services

These included:

  1. Introducing Mr Vladusic to Michael, a real estate agent who assists our Clients to find quality office and residential accommodation in Singapore;
  2. Assistance in furnishing the office using a preferred office retailer in Singapore, which supplied high quality office furniture and they delivered and fitted desks, chairs and filing cabinets to the office. All IT equipment was purchased from an IT retailer in Singapore and installed in the office by their staff.

Accounting and tax support

Healy Consultants efficiently and effectively completes the accounting, legal and tax obligations for Mr Vladusic’s Singapore company. Following the anniversary of company incorporation, Healy Consultants Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants sends a complete tax return to our Client for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is couriered to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits.

Pharmaceutical R&D firm incorporated

Background

Our Client Dr Keller is an Israel-based engineer involved in pharmaceutical research and development (R&D). As well as being an academic, Dr Keller is an ambitious entrepreneur who wanted to establish a pharmaceutical research facility in Asia.

Our Client chose Asia as a base for his facility because i) R&D facilities in Asia have lower operating costs than in Israel or Europe ii) Asia has a large pool of qualified R&D experts and iii) some governments in Asia offer financial incentives to R&D firms.

During his initial correspondence with Healy Consultants in March 2008, Dr Keller expressed his interest in setting up an R&D facility in India, which offers significant cost and labour advantages. However, Dr Keller was also open to alternative strategies and as such convened a detailed telephone conversation with Aidan Healy, managing director of Healy Consultants. It was agreed that Healy Consultants would conduct research for Dr Keller on the optimum location for the facility, and we requested a retainer fee of US$2,000 for the same.

Our staff researched available government grants and operating costs in several different Asian locations, preparing a table of options to enable Dr Keller to make an informed decision.

It quickly emerged that Singapore would be the ideal location, since it has i) a flourishing pharmaceutical and biomedical research community ii) a well developed economy and legal system which protects intellectual property rights and iii) a respected education system which supplies talented research scientists to the local market.

Engagement planning

Dr Keller confirmed the scope of the engagement in an e-mail to Aidan. In addition to a Singapore company, he required i) Singapore resident director services (to be provided by Aidan) ii) a Singapore corporate bank account iii) assistance to obtain a Singapore Entrepreneur Visa iv) assistance with staff recruitment and v) assistance with tax and accounting functions, including tax returns, on an ongoing basis.

With costs agreed, Dr Keller signed Healy Consultants’ Client Engagement Letter, and supplied required due diligence.

Company incorporation

The first step in the engagement was to e-mail Dr Keller Singapore incorporation forms for his signature and return to us.

We then conducted a company name check at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which was approved immediately. This enabled our team to legally register the company in Singapore. The following day we received an e-mailed Certificate of Incorporation from ACRA, confirming that Dr Keller’s company was a legal entity.

At this stage, we prepared a full company kit for Dr Keller containing i) original Certificate of Incorporation from ACRA ii) bound copies of the Memorandum and Articles of Association iii) a print out from the Singapore public register showing directors’ and shareholders’ information and company secretary and registered office details and iv) original government receipts showing incorporation fees paid.

Corporate banking

Healy Consultants prepared a Singapore corporate bank account application and detailed business plan outlining the company’s R&D activities, allowing us to open the account without Dr Keller having to travel from Israel. These documents were sent to him for his signature and return to us.

Furthermore, we requested that Dr Keller visit his local bank branch in Tel Aviv, where the Singapore account application form was signed in the presence of a bank officer, who certified his signature.

Upon receipt of signed documents from Dr Keller, we submitted an account application pack to the Singapore bank containing i) signed bank application ii) corporate documents for his company iii) signed business plan and iv) bank due diligence (including notarised passport copies and bank reference letter. Healy Consultants submitted the application pack to the bank, and Aidan (as the Singapore resident director) attended an interview on the company’s behalf to explain why it required a Singapore corporate account.

Two weeks later, we received an account number. In the following two weeks, we also received (in sealed envelopes) Internet banking passwords and PINs, a corporate ATM card and PINs.

Healy Consultants prepared a complete pack for Dr Keller comprising i) original company documents ii) unopened bank correspondence iii) sealed bank cheque books and internet tokens and iv) a customer feedback survey, and these were kept safely in Singapore for his collection.

Entrepreneur visa

To enable Dr Keller to live and work in Singapore, we assisted him obtain a Singapore Entrepreneur Visa (EntrePass). Our staff completed an EntrePass application form, and drafted a detailed business plan (separate to the bank application) providing details about Dr Keller and his Singapore operations, including marketing strategies and financial projections. Simultaneously, Dr Keller obtained educational certificates from Israel and the US to complete the application pack, which was submitted to the Singapore Ministry of Manpower (MOM). Within four weeks, Dr Keller’s EntrePass was approved, allowing him to travel to Singapore and begin building his business.

Staff recruitment

Prior to Dr Keller relocating fully to Singapore, Healy Consultants placed staff recruitment adverts on his behalf in the Straits Times newspaper. Several applications were received by us, and, as per Dr Keller’s request we short-listed five high caliber candidates for interview during Dr Keller’s visit to Singapore in early May 2008.

Healy Consultants and Dr Keller have developed a close working relationship over the course of the engagement and we have been asked to manage his tax and accounting obligations going forward.

German entrepreneur migrates business from Tokyo

Background

Mr. Michael Tepp is a successful information technology (IT) entrepreneur with Clients across Asia. Until 2008, Michael was based in Tokyo, Japan, where he worked offering IT consulting services including the design, development and implementation of a range of Java Server applications for corporations in financial industries and sectors such as Equities Trading, Order Management, Risk Management and Securities Trading.

In January 2008, Michael decided that he wished to relocate to a more business-friendly environment like Singapore to set up his own IT consulting company which would offer software development services to other firms. On this basis, Michael contacted Healy Consultants to find out how we could help him migrate his business operations to Singapore, as well as help him move his family from Japan.

Engagement planning

Michael contacted our Singapore office to discuss the optimum business strategy and begin the engagement. Healy Consultants’ managing director Aidan Healy explained by e-mail the tax advantages of relocating to Singapore, highlighting competitive business advantages. Michael decided to incorporate a new company in Singapore and open a corporate bank account to support it. However, during subsequent communications Michael was able to identify the additional services he would require following company incorporation, and total engagement fees were agreed. With costs and scope of services agreed, Michael signed Healy Consultants’ Client Engagement Letter, which outlined his preferred company structure, including shareholders and directors.

Company incorporation

The first phase of the engagement was to incorporate Michael’s company, Michael Tepp Consulting. To accomplish this, our staff prepared Singapore company incorporation forms which were emailed to Michael in Tokyo with detailed signing instructions for his signature and return to us. It was agreed during early discussions between ourselves and Michael that Aidan would act as the Singapore resident director of the company to fulfill local legal obligations.

Healy Consultants performed a company name check at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which was approved immediately, enabling our team to legally incorporate the company with the agreed corporate structure. Incorporating a company in Singapore is quick, a Certificate of Incorporation was received within three days confirming Michael Tepp Consulting Pte Ltd as a legal entity. With the company now fully incorporated, Healy Consultants staff started post incorporation procedures. This included preparing i) a complete company kit for Michael containing ii) the original Certificate of Incorporation iii) bound, copies of the Memorandum and Articles of Association iv) a print out of the Singapore public register showing directors and shareholders information and company secretary and registered office details and v) original Government receipts showing incorporation fees paid.

Corporate banking

With incorporation complete, Michael required a multi currency corporate bank account in Singapore to allow him to make online funds transfers. Healy Consultants enjoys excellent relationships with Singapore banks, and our staff opened the account in Michael’s absence.

To achieve this, our staff completed an account application pack, comprising an application form, signed business plan describing the company’s activities and brief market analysis, as well as corporate documents (for example, the Certificate of Incorporation). Healy Consultants submitted the pack to the bank, receiving an account number within one week. In the following week, we also received (in sealed envelopes) Internet banking passwords and PIN numbers, and a corporate ATM card and PIN numbers.

Entrepreneur visa

To enable Michael to live and work in Singapore, we assisted him to obtain a Singapore Entrepreneur Visa (EntrePass). Our staff completed an EntrePass application form, and drafted a detailed business plan providing details about Michael and his Singapore operation, including marketing strategies and financial projections. Simultaneously, Michael obtained educational certificates from Germany to complete the application pack, which was submitted to the Singapore Ministry of Manpower (MOM). Due to an influx of applications at the MOM, Michael’s EntrePass application took longer than normal. However approval from received within 6 weeks, allowing Michael to travel to Singapore and start work.

Upon Michael’s arrival in Singapore, Healy Consultants obtained Dependents’ Passes for his wife and young children within four weeks. Other support services provided to Michael included:

  1. Singapore office rental

    To support his business, Michael leased office space at Healy Consultants’ head office for three weeks to hold Client meetings and work while he located long-term office accommodation in Singapore.

  2. GST registration/exemption

    Healy Consultants’ applied for and obtained legal exemption from Singapore goods and services tax (GST) for Michael’s company.

  3. Additional consulting services

    Healy Consultants advised Michael on suitable schools in Singapore for his daughter. Upon our recommendations, Michael’s daughter secured a place at a leading international school.

Setting up of business in Singapore

Background

Our client Mr. Abhishek Lal is a young entrepreneur in Mozambique dealing in wood export services from Mozambique to China and Hong Kong. His company has been able to build a base of stable buyers in all the three major timber importing hubs of China- Shatian/ Guangzhou/ Donguan, Shanghai and Zang Jia Gang.

The company engaged Healy Consultants in 2012 to help set up a company in Singapore to enable it to more efficiently conduct business in Asia.

Engagement planning

Mr. Abhishek sent an email to Healy Consultants outlining his requirements and objectives, and followed this up with a telephone call during which Healy Consultants provided comparisons of Asian jurisdictions. It emerged during the conversation that Singapore would be the ideal location for Mr. Abhishek (the Client had also been interested in Mauritius).

Healy Consultants recommended Abhishek to set up the Singapore Company initially with a simple corporate structure by appointing himself as the International director and sole shareholder and include his partner Mr. Raghavendra in the company after the successful opening of the corporate bank account in Hong Kong.

The reason for this recommendation was the Global banks are tightening the corporate bank account opening procedures, their internal compliance departments are becoming thorough due diligence of Clients. Thus, making it more difficult and complicated to open a corporate bank account for a newly set up entity.

With costs agreed, Mr. Abhishek signed our Client Engagement Letter and confirmed the corporate structure for the Singapore Company, including Aidan Healy acting as the Singapore resident director, as per local statutory requirements. We also requested and received personal due diligence from Mr. Abhishek and his partner, including passport copies, proof of addresses, bank reference letters and resumes.

Company incorporation

Healy Consultants prepared the corporate structure. This enabled our team to draft the incorporation forms for the client’s signature. Following the receipt of the signed forms, Healy Consultants incorporated the company with ACRA. In one day, Healy Consultants received the confirmation of the company being formed as a legal entity along with the incorporation certificate.

Corporate banking

With the company incorporated, Healy Consultants then assisted our client opening a corporate bank account in Hong Kong. Since, the Hong Kong banks had changed their banking regulations and required Abhishek to travel Healy Consultants arranged his meeting with three international banks: HSBC, ANZ and DBS with no additional costs. Our Hong Kong representative accompanied him in all the meetings. All three corporate bank accounts were opened successfully within a month.

Following the opening of the corporate bank account, Healy Consultants appointed his partner as the other director and the shareholder of their Singapore company.

Accounting and tax support

Healy Consultants efficiently and effectively completes the accounting, legal and tax obligations for Mr Abhishek’s Singapore company. Following the anniversary of company incorporation, Healy Consultants Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants sends a complete tax return to our Client for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is couriered to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits.

Contact us

For additional information on Singapore company formation, you can email us at email@healyconsultants.com or phone us at (+65) 6735 0120. Address: #15-01 Valley Point, 491B River Valley Road, Singapore 248373.