Cayman Islands client case studies in 2021
Cayman Islands Venture Capital Fund obtains offshore bank account
- Our Client is a venture capital firm registered in the Cayman Islands. The fund is a closed group of Saudi investors focused on funding for seed and early stage start-ups in Saudi Arabia and the MENA region.
- After the success of the Client’s first venture capital fund in 2015, they decided to raise another venture fund in 2020 approximately US$113 million in value.
- Our Client was looking to obtain a bank account for the fund management company, which will be responsible for all administration and management activities of this venture fund, including deal sourcing, global HR and finalisation of an investment algorithm.
- Healy Consultants Group PLC met our Client in our Dubai office, where our Client disclosed the complicated shareholding structure of the management company, with multiple Saudi corporate shareholders.
- After the meeting, we emailed our Client an engagement advancement proposal and the formal invoice, including a detailed list of documents required for the bank account opening process.
- Our Client was interested to open an offshore corporate bank account. Healy Consultants informed them that, given the business activity and corporate structure, account opening would be very slow and multiple banks might reject the application.
Corporate bank account opening
- Healy Consultants Group crafted a quality detailed business plan outlining the company’s core activities, financial projection, market analysis, corporate structure and previous fund details.
- Once the business plan was approved and signed-off by our Client, we prepared complete bank account opening forms and submitted them to different banks across the globe to secure their interest in onboarding our Client’s business.
- We shared a detailed feedback report with a list of banks that had been contacted and had shown interest. The Client was then supplied with detailed bank criterion documents for multiple European and Asian banks.
- Our Client selected a Malaysian bank as the preferred corporate banking partner option and a Mauritian bank as their back-up option. Healy Consultants Group PLC received and prepared corporate bank account opening forms for our Client’s preferred bank and emailed our Client the same for review and input.
- We then advanced the Client’s application with our Client’s preferred banks and obtained waivers for non-travel solutions for our client. To avoid any delays, due to the then prevalent COVID-19 pandemic and the lockdowns, we secured multiple waivers with interested banks to supply original notarised documents before account opening.
- The Malaysian bank reverted requesting additional documents including i) operating agreement of our Client’s Delaware company ii) lease agreement for the operating office and iii) declaration of operating office by our Client.
- Within four weeks the bank confirmed that compliance checks were complete and informed us that our Client’s business had been green lighted by the Malaysian bank’s compliance and onboarding departments.
- Two weeks after that, bank account numbers issued and shared directly with our Client. Our Client was now required to make the initial capital injection within 30 days of the account opening.
- Two weeks after that, internet banking tokens were sent were sent to our Client’s preferred address in Saudi Arabia; Our Client could now access their bank account remotely from anywhere in the world.
- Throughout the multi-currency corporate bank account opening process, Healy Consultants Group PLC aggressively and skilfully liaised with bank officers to complete the due-diligence and the onboarding process as soon as practical.
- Upon completion of the engagement, we couriered a complete corporate bank account pack, with e-banking tokens, to our Client’s preferred mailing address.