Bermuda client case studies in 2023
A US institutional investment banking firm establishes tax exempt corporate advisory business in Bermuda
Our Client runs an institutional investment banking firm based in New York, USA. The firm offers full spectrum of investment banking services, including financings, mergers and acquisitions and advisory services to clients across the full range of market capitalizations, from start-ups to big pharma companies.
Our Client engaged Healy Consultants Group PLC to help establish their corporate service provision business in Bermuda as part of a multi-country expansion plan. Healy Consultants Group PLC i) established a new Bermuda Exempt company, ii) provided a legal registered address, and iii) obtained a tax assurance certificate for our Client.
Our Client had an existing relationship a US bank that had presence in Bermuda. Our Client mentioned that they would open a bank account using his existing relationship with this US bank and did not require our assistance to complete the same.
- Our Client emailed Healy Consultants Group PLC to understand if he could set-up their corporate service provision business in Bermuda without being liable to the economic substance requirements.
- After the Client provided us details of his proposed business activity, Healy Consultants Group PLC’s secured a confirmation from the Bermuda Monetary Authority about our Client’s business being exempt of any the economic substance requirements.
- Apurv prepared a detailed proposal for our Client for Bermuda exempt company set-up including fees and timelines as well as confirming that the business activity did not make our Client liable to economic substance requirements.
- Our Client promptly provided the requisite due diligence documents and settled our professional fee. Thereafter, we prepared a detailed Engagement Project Plan mapping out steps to engagement completion.
- Upon settlement of Healy Consultants Group PLC’s fees and confirmed the corporate structure of the Bermuda business, Apurv i) checks the availability of our Client’s preferred company name and reserves it with the Bermuda Registrar of Companies and ii) prepared the company incorporation documents and sent them to our Client to complete and sign.
- Once our Client reverted with scans of the signed incorporation documents and confirms the corporate structure of the Bermuda business, Apurv compiled and submitted the No-Objection request to Bermuda Monetary Authority for the approval.
- Within 2 days, Healy Consultants Group PLC secured No-Objection from Bermuda Monetary Authority and submits a quality application to Bermuda Registrar of Companies for our client to incorporate an exempt company.
- Within 1 day thereafter, Apurv secured and supplied our Client with company numbers and tax assurance certificate for the Bermuda entity.
Preparation of Constitutional Documents
- Healy Consultants Group PLC emails our Client, draft Memorandum of Articles and its by-laws for his review, input and signatures.
- Our Client returns the signed scans of the constitutional documents. A copy of these documents is to be kept by Healy Consultants Group PLC’s Bermudan agent as per the regulatory requirements.
- Following engagement completion, Healy Consultants Group PLC supplied a full company kit to our Client, including i) Bermuda corporate documents, ii) a pro-forma invoice and iii) a Client feedback survey.
American digital asset investor looking to expand to Bermuda
- In February 2018, our Client approached Healy Consultants Group PLC for the purposes of incorporating a company offshore in Bermuda for the means of investing and trading with proprietary funds in digital and crypto assets abroad and Korea in particular;
- The main products that our Client plans to invest in include: i) bitcoin; ii) digital assets and iii) research in blockchain;
- The company will also be used as a holding vehicle for a new subsidiary in Korea, looking to take advantage of the Korean digital asset market and speculative trade due to wide margins.
- Petar and his team timely and transparently supplied our American Client with a detailed proposal outlining costs breakdown, time frame, and accounting and tax liabilities for Bermuda IBC company formation. All fees were agreed upfront so there would be no hidden charges to our Client. Our proposal included a corporate bank account in the Caribbean without personal travel required;
- Petar and his team at Healy Consultants Group PLC prepared detailed project plan (in 10 pages) outlining the steps required to complete the engagement by dates and a quality draft business plan for our Client review, input and email return;
- Thereafter, Petar and his team at Healy Consultants Group PLC supplied weekly detailed engagement status updates on Bermuda company formation progress without our client’s need to travel from USA;
- Based on our Clients’ requirements, Healy Consultants Group PLC prepared consent forms, service agreement and director agreement to be signed and couriered by our Client.
Caribbean corporate bank account opening
- Before starting the bank onboarding process, our Client i) settled next instalment to advance corporate bank account opening; and ii) provided the completed and signed engagement letter;
- Because our Client deals with crypto-currency business and trade of digital assets, some traditional banks were reluctant to onboard his business. However, Petar and his team did not give up and supplied our Client with a corporate bank account solution;
- Our client also provided due diligence documents including i) latest proof of address for his and his partner, both in USA but different states ii) latest 6-months bank account statements iii) latest passport copy iv) and proof of business;
- Healy Consultants Group PLC and Petar managed to negotiate with a reputable local bank in to proceed with the corporate account application, courier preparation and the corporate bank account was opened without our Client’s personal travel to Cayman Islands.
- Throughout the engagement, Healy Consultants Group PLC has transparently and efficiently negotiated with multiple banks and in the Caribbean region in particular, reaching a timely completion of the account set up;
- Every week, Healy Consultants Group PLC provided our client a detailed engagement status update, outlining tasks to be completed, problems encountered and suggested solution.