Ajman client case studies in 2021
Seychelles securities consulting and humanitarian aid business resolves long-term banking problems
Our Client runs a securities consulting and humanitarian aid company, based in the Seychelles. The firm offers a full spectrum of security services, including canine services, humanitarian mine action and counter poaching and specialised security to Clients across globe. Our Client had been facing prolonged issues with an existing bank account in Botswana and wanted to open an account with a top-tier, reliable bank in a reputable jurisdiction.
- Our Client emailed a detailed note on their business activity and experience to check if Healy Consultants Group PLC could assist them obtain quality and reliable banking solutions for their business.
- Apurv, our Client Engagements Manager in Dubai, recommended an immersive research to contact reputable banks for our Client’s business. He informed the Client that it would be likely that they would have to re-domicile their business to secure reputable banking solutions.
- Our Client engaged Healy Consultants Group PLC to research and evaluate international banking options for their Seychelles business. Our Client promptly provided the requisite due diligence documents and settled our retainer fee.
- After settling Healy Consultants Group PLC’s fees, Apurv initiated the preparation of a detailed business plan for our Client. The business plan includes i) detailed business activity description ii) professional and personal background of owners iii) reasons for incorporating in Seychelles and iv) financial figures and bank account volume expectations.
- Once our Client approved the business plan, Apurv contacted more than 30 international banks within two weeks to secure a welcome email for our Client business.
- Malaysian and UAE banks showed interest in onboarding our Client’s business, but the banks requested the Client to redomicile or set-up a new local business entity.
- To assist our Client make an informed business decision, Apurv supplied our Client with a detailed comparison table including banking, tax, incorporation considerations for Malaysia and UAE.
Immediate turnkey solution
- Our Client informed us that their Botswana corporate account was about to be shut down in 45 days and they needed an immediate alternate banking solution, as it would be difficult to accommodate the redomiciliation and opening of a bank account in that timeframe.
- Apurv offered our Client a UAE offshore turnkey solution with an existing UAE bank account with our Client’s preferred UAE bank. We recommended our Client consider the turnkey as a temporary solution for their business continuity, and open a Dubai Multi Commodities Centre (DMCC) company.
- Apurv informed our Client that the share transfer could be completed within a week but the new bank signatory would have to travel to the UAE before being appointed. Our Client agreed to proceed with the turnkey solution and settled our professional fee.
- One day later, Apurv supplied our Client with the existing company numbers and bank account details of UAE offshore turnkey solution. One week after that, we changed the corporate structure of the UAE offshore company, as per our Client’s preference.
Paymaster and bank signatory services
- Our Client informed us that they would be unable to travel to the UAE due to COVID-19 travel restrictions but needed access to the UAE corporate account to ensure their global business continuity.
- Healy Consultants Group PLC offered our Client Active Bank Signatory and Paymaster services to maintain business continuity during the COVID-19 pandemic, until such time that our Client could travel to the UAE and be appointed as bank signatory.
- Once the travel restrictions were lifted, our Client travelled to the UAE to complete the bank signatory appointment. Thereafter, we removed ourselves as signatory for our Client’s company to provide our Client sole access to the corporate account.
- Healy Consultants Group PLC supplied a full company kit to our Client, including i) updated UAE offshore corporate documents ii) a pro-forma invoice iii) corporate bank account details and iv) Client feedback survey.
UK Client acquires Ajman offshore company with already-approved UK bank account
- Our existing Client provides interior design consultancy for commercial and residential projects.
- The company’s main Clients are international individuals and institutions interested in interior design, fit out, furniture purchase etc.
- In 2019, our Client approached Healy Consultants Group PLC to purchase an existing clean dormant Ajman Offshore company with already approved UK corporate bank account.
- Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice, our e-engagement letter and the preliminary due diligence checklist.
- Our Client promptly provided us with the due diligence documents and settled our complete invoice. Thereafter, Healy Consultants Group PLC supplied our Client with the Ajman offshore shelf company’s i) registration number and ii) a UK corporate bank account number.
- Our Client then confirmed his preferred corporate structure including the new company business name, business activities, directors, shareholders and bank signatories.
- Healy Consultants Group PLC prepared and supplied our Client the set of forms, required to transfer the ownership of the Ajman LLC and its multi-currency corporate bank account for our Client’s e-signature.
- During this engagement Healy Consultants Group PLC assisted our Client to i) add our them as bank signatory ii) secure new e-banking access then iii) appoint new shareholders and directors then iv) change company name and business activity with the Ajman Register and v) remove Healy Consultants Group PLC’s bank signatory.
Bank signatory changes
- Healy Consultants Group PLC submitted i) the required due diligence for the new bank signatory and ii) the signed bank application forms to the UK bank. The bank reverted multiple times requesting additional documents including a translated Spanish utility bill and notarized passport copy.
- Within one week, the bank confirmed that the additional signatory had been added to the account. Healy Consultants Group PLC sent our Client the bank form to apply for internet banking access and five weeks later, our Client received full access to online banking with the UK bank.
Transfer ownership of Ajman LLC with the Register
- Only after our Client had been appointed as a bank signatory, did we submitted a complete quality application to Ajman Free Zone Authority to appoint new shareholders and directors.
- Within two weeks, Ajman Free Zone Authority has approved all changes to the corporate structure and business activities of the company. Healy Consultants Group PLC shared with the Client a scan of stamped and signed new M&AA.
- Healy Consultants Group PLC submitted to the bank i) the signed board resolution and ii) the new corporate documents to remove Healy Consultants Group PLC as bank signatory.
- As per the bank request, Healy Consultants Group PLC submitted the certificate of incumbency signed by the Register and certified by the chartered accountant. Because of this additional unexpected request from the bank, the engagement was delayed for three weeks;
- Four weeks after the updated certificate of incumbency was submitted, the bank confirmed that Healy Consultants Group PLC had been removed as bank signatory.
Healy Consultants Group PLC couriered our Client a company kit, including i) company incorporation documents and ii) a Client feedback survey.
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 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 a well known UAE bank first, Healy Consultants signed the necessary bank forms on behalf of our Client;
- Within 1 week thereafter, the bank’s 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.