Helping our Clients with the due diligence process in 2024

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?

    1. 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;
    2. These documents are requested from each
      • shareholder;
      • bank signatory;
      • director; and
      • 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;

    3. 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. Document Required Individuals? Corporates? Email a scan copy to Healy Consultants? Courier originals before engagement completion?
    1. Original completed color copy of Engagement Letter, initialled by each party on every page and signed by each party to the engagement Yes Yes Yes Yes
    2. Notarised color copy of Passport (or certified true by your country’s Consulate) Yes No Yes Yes
    3. Color copy of National ID card OR driver’s license Yes No Yes Yes
    4. Notarised color copy of Certificate of incorporation, M&AA and latest annual return (or certified true by the Companies’ Registrar Yes (if applicable) Yes Yes Yes
    5. Color copies of bank statement and proof of net worth in English Yes Yes Yes Yes
    6. Color copy of a regulatory license issued by the relevant Government agency; Yes Yes Yes Yes
    7. Color copy of latest financial statements (audited if applicable); No Yes Yes Yes
    8. Latest tax return or lawyer/chartered accountant confirming the intended Client’s compliance with his/her tax obligations Yes Yes Yes Yes
    9. Color copy of Proof of Address in English received from each shareholder, director, beneficial owner. Proof of address must be within the past 3 months. Yes Yes Yes Yes
    10. Color copy of 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 from every director and shareholder 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:

    No. Document Required Acceptable Equivalent Alternative
    1. National Identity Card Drivers Licence
    2. Proof of Address Utility Bill
    Phone Bill
    Bank Statement
    Tenancy Agreement
    3. Reference Letter Letter from a Lawyer/Chartered Accountant
    Police Clearance Letter
    Bank Reference Letter
    Current Membership with a Reputable Society
    4. Personal Income Tax Return Explanation Letter from Relevant Person AND one of the following:
    Corporate Tax Return
    Letter from Income Tax Department
    Letter from Chartered Accountant
    Letter from Tax Lawyer
    Letter from Auditor
    Credit Report
    5. Resume LinkedIn Profile AND a personal contact number
    Testimonials from Previous Employers
    Income Tax Return
    3-year Bank Statement of Salary Credit
    6. Proof of Business Corporate Tax Return
    Business Licence
    Regulatory Licence
    Contracts with Vendors/Suppliers (e.g. supply of IT server, copier machines, paper supply, etc)
    Contracts with customers
    Lease/Tenancy Agreement
    Company’s Utility Bills
    Company’s Bank Statement
    Company public profile
    Government Contract
    7. Organizational Structure Business Plan
    Group Organization Chart
  • Why does Healy Consultants need to conduct due diligence checks on our Clients?

    1. 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 the companies we assist to incorporate are not abused by criminals for illicit activities, including money laundering and terrorist financing;
    2. 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;
    3. 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 our Clients well, to make sure that such introductions serve our Clients’ professional objectives.
  • 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 PDF
    2. Original colour copy of Proof of Address in English. Proof of address within past month. View 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 PDF
    4. Original colour Lawyers reference Letter from each party to the engagement; View PDF
    5. Original colour accountants reference Letter from each party to the engagement; View PDF
    6. Original colour Business Card received from each party to the engagement; View PDF
    7. Original colour Company brochure relating to Client’s existing business; View PDF
    8. Resume for each shareholder, director and beneficial owner; View PDF
    9. Three customer and supplier contracts and invoices (Client’s existing business); View PDF
  • What does Healy Consultants do with due diligence documents?

    1. The due diligence documents gathered by Healy Consultants are kept confidential by Healy Consultants. We supply banks and Governments with only mandatory 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;
    2. The information is stored in our Client’s files, in steel cabinets in a designated room under lock and key at our Singapore Head Office and in accordance with Singapore regulations.
  • What information can you email us?

    To enable Healy Consultants to 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 our Dropbox so that our Legal and Compliance team may commence the Know Your Client (“KYC”) assessment immediately and facilitate the quick commencement of the engagement.

  • Tips to make the process easier for our Client

    1. The incorporation of a company is always faster when there is only one person named for each of the following roles:
      • shareholder;
      • director; and
      • bank signatory.

      As soon as a company is incorporated, the bank account opening process can be started. Adding or removing directors, shareholders and bank signatories can be done at any point after the company has been incorporated and only requires that the relevant government authorities and records be updated to reflect the change.

    2. 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;
    3. 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;
    4. Deposit your due diligence information in Healy Consultants’ secure Dropbox account. This eliminates the need to send large files over email;
    5. If you are experiencing a problem obtaining specific due diligence information, please refer to the alternative documents listed above;

Contact us

For additional information on our due diligence process services, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi