Singapore turnkey company structure

Corporate structure of a Singapore turnkey company

    Purchase Singapore shelf company
  1. With such a turnkey solution, in just two days Healy Consultants can provide our Client i) a company name and number ii) a Singaporean company address iii) a HSBC Hong Kong corporate bank account number and iv) a Singapore tax number;
  2. Provided no business is done in Singapore, this corporate structure is legally tax exempt in both Singapore and Hong Kong;
  3. The HSBC Hong Kong corporate bank account is a multi-currency corporate bank (click link) account; one bank account number with 10 sub-currency accounts in US$, €, £, A$, NZ$, S$, CAD$, RMB, Japanese yen and Swiss franc. Thus minimizing forex costs. Click here to view a demo of the HSBC Hong Kong e-banking;
  4. Funds transfer transaction costs are just US$15 on incoming and outgoing funds. The daily transfer limit is US$ 60,000 but can be increased by nominating beneficiaries;
  5. A Singapore company looks good to customers, suppliers, investors and banks and can be listed on the SGX or ASX or NYSE;
  6. Through its network of 75 double taxation treaties global withholding tax is minimized when extracting funds from international subsidiary companies;
  7. A Singapore company does not suffer an annual statutory audit if the shareholders of the Singapore company are individuals;
  8. Mr Aidan Healy will be the Singapore resident director to comply with local law;
  9. Aidan placed a US$ 1,000 deposit in the corporate bank account to activate the e-banking. Consequently, your HSBC Hong Kong current bank balance will be this amount, less bank charges.
  • Accounting and tax considerations

    The primary purpose of the turnkey solution product and service is to help Clients’ immediately close deals and sign sales contracts. A turnkey solution is not designed to facilitate tax avoidance. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants help to clarify your local and international annual tax reporting obligations.
  • Corporate bank account considerations

    1. There is a 25% probability the new bank signatory will need to travel to meet the bank. As always, Healy Consultants will aggressively negotiate a travel exemption for our Client;
    2. Healy Consultants will provide full disclosure to international banks re i) the change in company business ii) the expected bank inflows and outflows iii) change of shareholders and directors and iv) change of beneficial owners. The banks’ internal Legal and Compliance Department need to complete their detailed due diligence procedures;
    3. The name of the already approved corporate bank account is that of the existing ready-made company. It is acceptable to change the company name and business activity, and keep the same corporate bank account number. Consequently, our Client is not forced to use the existing name of the shelf company for their customers;
    4. Healy Consultants will only change the bank signatory after 100% of Client due diligence documentation is received by courier. Only after the sole bank signatory is legally changed to our Client, can you remit funds into the corporate bank account;
    5. Realistically, our Clients’ will be able to log into e-banking within 7 weeks from the time Healy Consultants supplies the corporate bank account number, as outlined in the following table:
      TaskTimeComments
      Our Client signs the bank forms to appoint themselves as sole bank signatory and courier returns to Healy Consultants Singapore office.Week 1Our Client will need to visit their local bank branch to witness their signature.
      Healy Consultants will provide full disclosure to international banks re i) the change in company business ii) the expected bank inflows and outflows iii) change of shareholders and directors and iv) change of beneficial owners. The banks’ internal Legal and Compliance Department need to complete their detailed due diligence procedures.Week 2Depending on our Client business and nationality, there is a 25% probability the bank will reject the appointment of the new bank signatory.
      The bank legally approves the new bank signatory. Depending on our Client’s nationality and the nature of their business, the banks may take up to 4 weeks to approve and change the new bank signatory of the existing corporate bank account.Week 4The bank Legal and Compliance Department complete their internal detailed due diligence and mail Healy Consultants a formal letter confirming our Client is the sole bank signatory.
      The bank couriers the new e-banking tokens to Healy Consultants office we immediately activate internet banking on our Clients' behalf.Week 6It takes two weeks for the bank system to generate the new passwords and tokens for the new bank signatory. Usually our Clients' asks us the activate on their behalf.
      Healy Consultants activates e-banking and sends a courier to our Client preferred address.Week 7It usually takes 4 days for a courier to reach our Client. Usually our Client rings us to guide them to login to e-banking to insert their own preferred usernames and passwords.
      Healy Consultants legally changes the company name (if required). Our Client will need to sign bank forms and courier return to us.Week 9Healy Consultants informs the bank to change the company name on the corporate bank account.
      Healy Consultants informs the bank of the new company business activity, including expected cash inflows and outflows. Our Client will need to sign bank forms.Week 11Healy Consultants informs the bank of the new shareholders and directors and beneficial owners.
      Healy Consultants appoints our Clients' preferred shareholders and directors to the shelf company.Week 13We will email our Client and the bank an extract of the Singapore public register.
      Healy Consultants couriers our Client a complete company kit comprising original corporate documents.Week 14The Client engagement is complete.


Engagement steps delivery dates

No.StepsWeek
1.Healy Consultants Compliance Team receives the required corporate and personal due diligence 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.Healy Consultants provides our Client i) a company name and number ii) a company office address and tax id number iii) a Singapore corporate bank account number and iv) a tax number. Our Client can inform customers and suppliers;1
4.Our Client signs all bank forms re i) the change in company business ii) the expected bank inflows and outflows iii) change of shareholders and directors and iv) change of beneficial owners;1
5.Simultaneously, our Client signs all legal forms to appoint the new company shareholders and directors; and change the business name if required;1
6.The new bank signatory will need to travel to their local bank branch to witness their signature on the bank forms;1
7.Our Client courier returns the originals signed documents to Healy Consultants Singapore office;2
8.Healy Consultants submits a complete quality application to the bank, so the internal Legal and Compliance Department complete their detailed due diligence procedures;2
9.The bank reverts to Healy Consultants or our Client for additional information to approve the new bank signatory;3
10.The bank approves the appointment of the new bank signatory and will courier new internet banking documents (login, password etc) to our Client. Healy Consultants is no longer a bank signature to this corporate bank account;5
11.Healy Consultants will courier the following to our Client:

  • Company kit containing original Singapore corporate documents;
  • The bank kit;
  • Healy Consultants Customer Satisfaction Survey.
6
12.Our Client receives a courier from the bank comprising new internet banking information. Our Client activates the e-banking and views corporate bank account activity.7

Contact us

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