Internal turnkey solution procedures
Before our Clients settles fees
During a client call/meeting:
- Discuss in detail with our Client and identify their business objectives for choosing a turnkey solution rather than new company registration and provide;
- Inform the client when they will supply the company number and bank account number immediately after payment;
- Highlight the client he will only be able to use the bank account after the bank signatory is changed (they should plan for 5 to 7 weeks);
- Inform the Client there is a risk (20% probability) of the bank account being closed after the we provide full disclosure of the beneficial owner, shareholders, directors and change the business activity. If the bank account is closed within 6 months, Healy Consultants will open a new bank account at no additional cost;
- If applicable, inform the Client there is 20% probability the bank may request a personal interview before approving the bank signatory.
After our Client settles fees
Changing the bank signatory
- After Healy Consultants receives payment for a specific turnkey solution, the CRO in charge of the engagement should i) inform the current nominee and ask him whether he has any specific due diligence request regarding the Client ii) collect 100% due diligence from the Client and iii) ask Cai Xin and the CRO who is the shareholder/director/bank signatory of the shelf company to review the same;
- Contact the banks to change the bank signatory and ask the front office relationship officer to email you the forms to add a new bank signatory to the existing bank account and what due diligence is required for the new signatory. Generally, the dd documents required are:
- Certified passport;
- Recent address proof in the form of a utility bill and/or a bank statement;
- Re-confirm with the bank office that the bank signatory does not need to travel and can visit a local branch of the bank in his home country;
- After approval of the bank signatory and the bank tokens and passwords are received, The CRO must prepare to change the corporate structure of the shelf company.
- Prepare a business plan which reflects the proposed new nature of business that will be conducted by our Client for the shelf company and have the same signed off by the Client;
- Prepare the corporate secretarial forms to appoint the new shareholders and directors. The secretarial forms generally comprise: i) share transfer resolutions, ii) director appointment/resignation and iii) meeting minutes;
- Check with experienced staff (Karen, Simon) or accounting department (Beverly) if any stamp duties apply when transferring shares to the new shareholders (applicable in Singapore).
- Always disclose the change in the beneficial owners, directors and shareholders and business to banks;
- Ask the bank front office relationship officer to email you the forms to disclose the UBO and corporate structure changes;
- Submit the updated business plan to the bank.
Changing the corporate structure
Disclosing the new corporate structure to the banks