Ajman client case studies
Venezuelan company opens a United Arab Emirates subsidiary in the Ajman Free Zone
Our Client has been manufacturing high-quality equipment tailored specifically for the brewing, cement and oil industries for over 16 years in Venezuela. Our client found Healy Consultants Group through Google and inquired about multi-currency corporate bank account opening for their Venezuelan entity.
Kunal Fabiani, one of our in house Spanish speaking experts attended a call with our Client and outlined the different strategies to obtain bank accounts for a business located in jurisdiction regarded as high risk by most global banks.
Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice, engagement letter, due diligence checklist and a list of our existing and past clients for professional refence. Our Client promptly provided us with the due diligence documents and settled our fees in full. Thereafter, Healy Consultants Group PLC prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan to assist with corporate bank account opening.
Promptly after our Client confirmed their preferred company name, Healy Consultants Group reserved the same with the Ajman Free Zone Authority.
Healy Consultants Group compiled all the necessary documents and prepared the company incorporation application on the Client’s behalf. The application was sent via email to the client for review and signature. Upon completion, the client couriered the original signed application back to Healy Consultant Group’s Dubai office, upon receipt of the same, the documents were submitted to AFZA.
Within 4 days of application submission, AFZA approved the registration of the new company and provided the Certificate of Incorporation for our Client. The Client was immediately informed of the same and provided with an email scan of the Certificate of Incorporation.
Corporate bank account opening
Prior to the completion of incorporation for our Client’s new company, Healy Consultants Group approached multiple banks within the UAE to open discussions and submit a pre-application to secure preliminary interest from various banks for our Clients business.
Once the business incorporation was finalised, Healy Consultants Group confirmed interest from multiple banks wanting to meeting with our Client to discuss bank account opening. Our client travelled to the UAE at their earliest convenience, 2 months later, to meet with the various banks to i) sign account opening forms, ii) comply with the banks KYC requirements and iii) to select their preferred banking partner in the UAE.
Due to numerous factors such as i) the shareholders being Venezuelan nationals, ii) shareholders being non-resident in the UAE, iii) the client operating in the oil and gas industry iv) the business being registered in a Free Zone v) the Client’s business being new without any track record and vi) ever tightening bank compliance and policy changes, multiple banks declined to provide a corporate bank account for the Client. Despite the numerous challenges faced, Healy Consultants Group devised solutions to successfully secure the Client a corporate bank accounts with two highly reputable banks within 10 weeks from meeting the banks.
The Client proceeded to transfer the minimum deposit into both bank accounts and activated online banking token for remote administration.
Healy Consultants Group couriered the original corporate documents to the Clients preferred address in Venezuela. Healy Consultants Group was engaged to manage annual company renewals for the Client’s new Ajman Free Zone entity.
Senegalese Client establishes a company in Ajman Free Zone
- Our client is a Senegalese national who started his successful career as a banker in senior positions with multiple banks including Citigroup, Standard Charter Bank and JPMorgan for over 10 years. Following his retirement, he ventured into Freelance Financial Consultancy focusing primarily on structuring and arranging infrastructure finance for governments in Africa and Emerging Markets as well as commodity and bonds trading;
- Our client contacted Healy Consultants Group PLC in December 2017 seeking to establish an offshore entity in UAE for his international financial consultancy business. Following discussions with our Client re his intended business, Healy Consultants recommended our Client incorporate an Ajman offshore entity to be able to carry on properly its operation;
- Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice, engagement letter and due diligence checklist and a list of our existing and past client for professional refence;
- Our Client promptly provided us with the due diligence documents and settled our fees in full. Thereafter, Healy Consultants Group PLC prepared a detailed engagement project plan mapping out a step by step the engagement process. Healy Consultants also prepared a quality business plan to assist with corporate bank account opening in UAE;
Ajman Free Zone registration
- Healy Consultants Group PLC firstly confirmed the Clients preferred corporate structure and confirmed with the Ajman Free Zone authorities that our Client did not require a business regulatory license;
- Healy Consultants Group PLC secured our Client’s preferred company name with the Ajman Free Zone;
- Healy Consultants Group PLC then prepared the required list of documents and a Power of Attorney and emailed the same to our Client for signature and courier return to our Dubai office;
- Upon receipt of the original documents from our Client, Healy Consultants Group PLC submitted the complete quality offshore company registration application;
- Within 1-day, Healy Consultants Group PLC obtained the approval of the Ajman Free Zone authorities, and successfully registered our Client’s Ajman company as a legal entity. Immediately thereafter Healy Consultants Group PLC emailed our Client the certificate of incorporation;
Corporate bank account opening
- Healy Consultants Group PLC approached multiple UAE banks to secure in writing their interest for our Client’s business activity;
- Healy Consultants Group PLC then prepared the required bank due diligence, including bank account opening forms and scheduled multiple meetings with Dubai banks in accordance with our Client’s preference;
- Upon meeting with the bank officers at Healy Consultants Group PLC Dubai office, three banks expressed their interest to take on board our Client’s business;
- Our Client decided to proceed with First Abu Dhabi Bank first, Healy Consultants signed the necessary bank forms on behalf of our Client;
- Within 1 week thereafter, First Abu Dhabi Bank compliance department approved the multicurrency corporate bank account. The bank directly emailed our Client the corporate bank account numbers;
- Within 2 weeks thereafter Healy Consultants Group PLC collected the internet banking token from the bank and couriered the same to our Client’s preferred address;
- Together with the internet banking tokens, Healy Consultants couriered the i) company kit comprising original corporate documents ii) bank correspondence and iii) Client satisfaction survey to our Client’s preferred address in Senegal.