Helping our Clients with the due diligence process
This page seeks to guide our Clients through the due diligence collection process, with the aim of gathering all of the required documentation as quickly as possible. This will facilitate a faster start to the engagement while minimizing stress and inconvenience for all involved parties.
What do we need from our Client?
- Please find below a standard list of the due diligence documents Healy Consultants wishes to obtain from our Clients. For further information on our due diligence requests for your specific engagement, please refer to the checklist emailed by Healy Consultants. In the unlikely event you did not receive one, please ask us to send you this important document;
- These documents are requested from each i) shareholder ii) bank signatory iii) director and iv) ultimate beneficial owner of the company which will be setup by Healy Consultants. If a third party (for instance an employee, a consultant or a lawyer) is liaising with us on behalf of our Client, our Firm may also request this third party to provide some of the due diligence documents listed below;
- Important note – unless all shareholders, directors and bank signatories are individuals, our Clients should expect to also provide due diligence documents for the individuals managing or owning their business. For instance, we will request due diligence documents for the owners and directors of our Client’s holding entity registered as the corporate shareholder of the company registered by Healy Consultants.
Required from all shareholders, directors, bank signatories and beneficial owners who are: Do I need to: No. Individuals? Corporates? Email a scan copy to Healy Consultants? Courier originals before engagement completion? 1. Original completed color copy of Engagement Letter, signed by each party to the engagement Yes Yes Yes Yes 2. Color copy, copy of Passport, certified true by a Public Notary or a your country’s Consulate Yes No Yes Yes 3. Original color copy of National ID card and driver’s license Yes No Yes Yes 4. Original color copy of Certificate of incorporation, M&AA and latest annual return certified true by a Public Notary or the Companies’ Registrar Yes (if applicable) Yes Yes Yes 5. Original color copies of bank statement and proof of net worth in English Yes Yes Yes Yes 6. Original color copy of a regulatory license issued by the relevant Government agency; Yes Yes Yes Yes 7. Original color copy of latest financial statements (audited if applicable); No Yes Yes Yes 8. Latest tax return or lawyer/chartered accountant confirming our Client complies with his tax obligations Yes Yes Yes Yes 9. Original color copy of Proof of Address in English received from each shareholder, director, beneficial owner. Proof of address within past month. Yes Yes Yes Yes 10. Original Business Card received from each party to the engagement; Yes No Yes Yes 11. Original Company brochure relating to Client’s existing business Yes (if applicable) Yes Yes Yes 12. Resume Yes No Yes Yes 13. Three customer and two supplier contracts and invoices Yes (if applicable) Yes Yes Yes 14. Color copies of transfer slips or other proof of payment for the invoices and contracts Yes (if applicable) Yes Yes Yes 15. Signed Virtual Office Agreement (sample copy provided by Healy Consultants) Yes Yes Yes Yes
Alternative documents we will accept
Occasionally, our Clients experience difficulty supplying our Firm all the due diligence documents mentioned above. To minimize our Clients’ stress, we accept the documents listed below as quality alternatives to missing items. Such alternatives can notably include:
- A personal or corporate tax return;
- Group financial statements;
- An education certificate or a diploma;
- A business license certificate;
- A regulatory license;
- A bank reference letter;
- A credit report;
- A Government contract;
- A reference letter from an accountant or a lawyer;
- A membership card from a reputable society;
- A business plan or feasibility study;
- A Group organization chart;
- A company public profile for existing companies;
- A lease agreement.
Why does Healy Consultants need to conduct due diligence checks on our Clients?
- Due diligence checks are required by Law. Before accepting to provide company formation and other related services to customers, the Singapore authorities request all corporate services providers including Healy Consultants to conduct due diligence checks. These checks aim to ensure that risk that the companies we assist to incorporate are not be abused by criminals for illicit activities, including money laundering and terrorist financing;
- Due diligence checks allow us to serve our Clients better. Our due diligence procedures make sure we have all the information we need before we approach Governments, banks and other third parties. Complete and accurate due diligence documents enable us to get an in depth understanding of our Clients’ operations, ensuring that we efficiently negotiate with third parties during the engagement;
- Due diligence creates business opportunities for our Clients too. Sometimes, our Firm introduces Clients in the same industry to each another, developing their business networks, partnerships and collaboration. In such context, it is important that we know well our Clients, to make sure that such introductions serve our Clients’ professional objectives.
- For the reasons listed above, Healy Consultants will only incorporate your company after 75% of due diligence information is received by email. Our Firm will only open a corporate bank account after 100% of the due diligence information is received by courier.
Practical examples of documents we need from our Client
Click on the icons below to view real examples of the documents Healy Consultants requires from our Client.
No. Document required Example 1. Original copy/certified true coloured copy of Passport received, from each shareholder, director and beneficial owner; View invoice PDF 2. Original colour copy of Proof of Address in English. Proof of address within past month. View invoice PDF 3. Original colour copy of Bank Reference Letter received for each shareholder, director and beneficial owner? It is from a reputable, international bank; View invoice PDF 4. Original colour Lawyers reference Letter from each party to the engagement; View invoice PDF 5. Original colour accountants reference Letter from each party to the engagement; View invoice PDF 6. Original colour Business Card received from each party to the engagement; View invoice PDF 7. Original colour Company brochure relating to Client’s existing business; View invoice PDF 8. Resume for each shareholder, director and beneficial owner; View invoice PDF 9. Three customer and supplier contracts and invoices (Client’s existing business); View invoice PDF
What does Healy Consultants do with due diligence documents?
- The due diligence documents gathered by Healy Consultants are kept confidential by Healy Consultants. We supply banks and Governments with the minimum due diligence information required to secure company and corporate bank account approvals. These documents are never shared with third parties. The only exception to this rule is constituted by legal requests by a Government, in which case our Clients are immediately informed of the same;
- The information is stored in our Client’s files, in a steel filing cabinet at our Singapore Head Office.
What information can you email us?
To enable Healy Consultants begin the engagement as soon as practical, we recommend that our Clients email us as much of the due diligence information as possible, or deposit the files in in our Dropbox.
Tips to make the process easier for our Client
- Where possible, incorporate a company with just one shareholder and one director and one bank signatory. This simple strategy will i) provide corporate bank account approval as fast as possible and ii) minimize our Clients’ administrative burden and iii) enable the engagement to begin as soon as practical. Following engagement completion, our Clients’ can appoint additional directors and shareholders and bank signatories;
- Before sending a courier to our Singapore office, we recommend you email us scanned versions of the documents to confirm the suitability of those documents for due diligence purposes. This simple, practical procedure minimizes time and courier costs;
- Discuss all due diligence information collection questions or issues with your Healy Consultants relationship manager so that we can provide immediate solutions. The due diligence process should not be a stressful one for our Clients;
- Deposit your due diligence information in Healy Consultants’ secure Dropbox account. This eliminates the need to send large files over email;
- If you are experiencing a problem obtaining specific due diligence information, please supply us with one of the alternatives list above;