Bermuda client case studies

American digital asset investor looking to expand to Bermuda

Background

  • 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.

Engagement planning

  • 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 Global Fidelity Bank (GFB) 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.

Conclusion

  • 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.

Contact us

For additional information on our company registration services in Bermuda, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Client Engagements Manager
  • Contact me!
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