Delaware client case studies
Delaware Company Renewal Service
- In January 2020, Healy Consultants Group PLC’s in-house Accounting and Tax Department e-mailed our Client to remind him of upcoming USA annual statutory accounting and tax filing obligations for his Delaware LLC;
- In February 2020, our Client settled Healy Consultants Group PLC’s renewal engagement fees to timely, completely, and accurately discharge annual statutory accounting and tax filing obligations for his Delaware LLC;
- Going forward, one of Healy Consultants Group PLC’s Accounting and Tax Department (ATD) team members is assigned to project manage and supervise relevant procedures, to ensure our Client’s Delaware business timely completes its annual accounting and tax filings.
- Our ATD team provided a detailed project plan outlining i) engagement process ii) expected timelines and iii) foreseeable challenges during the renewal engagement;
- To assist our Client with his Delaware annual accounting and tax filings, Healy Consultants Group PLC’s ATD team prepared financial statements for Client signature based on management accounts provided by the Client;
- Our ATD team supplied weekly detailed engagement status updates on renewal engagement progress, to keep our Client updated if there are additional documents / information to be provided to complete the engagement.
Personal tax filing
- During the renewal engagement, our ATD team found out that our Client’s Delaware entity (a LLC with sole individual shareholder and director) who is a non-US persona is required to file personal tax returns, while reviewing and examining our Client’s business activities and corporate structure;
- Our ATD team suggested our Client engage Healy Consultants Group PLC to file his personal tax returns;
- Our Client agreed and settled an additional fee of US$2,500 without the inclusion of renewal of his expired ITIN;
- After securing our Client’s consent to proceed, our ATD team actioned the following: i) preparation of Personal Tax Return (1040NR) + Schedules ii) Form 5472 (Information Return of Foreign-Owned US Corporation) and iii) follow-up with client on the status of his ITIN renewal;
- To complete our Client’s personal tax filing, Healy Consultants ATD team also requested our Client provide i) his latest passport copy ii) US visa (if any) and iii) travel history to the US (if available);
- After securing these documents from our Client, our ATD team prepared for personal tax return filing for our Client;
- Due to recent COVID-19 pandemic, the process of tax return filing has been significantly impacted. The State’s authority has postponed the due date for filing to end-July 2020. Normally, personal tax return filing is expected to be completed by 15 April each year.
- In April 2020, our ATD team completed the engagement by successfully i) preparing financial statements and ii) settling Delaware franchise tax for our Client’s Delaware business.
Croatian software company establishes new company in Delaware
- Our Client’s existing company offers services related to planning, design, consulting, development, implementation and maintenance of information systems;
- In 2019, our Client decided to expand his business internationally by establishing a US footprint to supply quality support to its existing US clientele. Having found Healy Consultants Group PLC through Google and going through our USA webpage, our Client sent us an email;
- After Healy Consultants Group PLC described the advantages of Delaware and other US states, it was mutually agreed to incorporate a Delaware Limited Liability Company and open a corporate bank account with one of the reputable banks in the USA.
- Healy Consultants Group PLC prepared and emailed our Client an Engagement Advancement Proposal, including a formal invoice, engagement letter, due diligence checklist and a list of our existing and past Clients for professional reference;
- Our Client promptly provided us with the due diligence documents and settled our complete invoice. Thereafter, Healy Consultants Group PLC prepared i) a detailed engagement project plan mapping out a step-by-step plan to engagement completion and ii) a quality business plan to assist with corporate bank account opening;
- After our Client confirmed his preferred US corporate structure and company name, within one day Healy Consultants Group PLC prepared and supplied our Client the company incorporation forms for our Client’s e-signature using Hellosign;
- To comply with the Limited Liability Companies Act, Healy Consultants Group PLC provided our Client with a registered agent and legal registered office.
- After email receipt of the signed incorporation documents, Healy Consultants Group PLC submitted a quality complete incorporation application to the Business Registry;
- Within one week, the Business Registry approved the company registration and issued company numbers. Immediately thereafter, Healy Consultants Group PLC filed a complete EIN tax ID application with the IRS;
- Within another six weeks, IRS released an EIN tax ID for the newly-registered Delaware company, legally allowing our Client’s company to conduct business internationally, including signing contracts with customers and issuing sales invoices;
- Following the above Healy Consultants Group PLC emailed our Client the Delaware corporate documents and a template of his Delaware company sales invoice, comprising i) company registration number and ii) city centre business address.
Corporate bank account opening
- With the company registered, Healy Consultants Group PLC submitted the business plan and the initial set of due diligence documents to multiple banks in Chicago. Since our Client had to travel to the United States, Healy Consultants Group PLC secured meetings with two banks. The majority of US banks require our client to have a proof of address in the US. To increase the success of the account opening, Healy Consultants Group PLC provided our Client with a Chicago area office address;
- After our Client met the bank officer in Chicago and signed bank account application forms, the bank issued the account numbers within two days, and sent the debit card to our client’s hotel address. The Internet banking token was sent to the registered company address in Delaware.
Healy Consultants Group PLC couriered our Client a company kit, including i) company incorporation documents ii) unopened bank correspondences, including the Internet banking token and business checks; and iii) a Client feedback survey.
Australian investor secures a readymade Delaware company with Citibank corporate bank account
- In early 2019, an Australian Client contacted Petar from our Healy Consultants Group PLC European office with the goal to register or obtain a new readymade company in one of the global important business hubs. Following initial consultation, both agreed to advance transfer of one of our Delaware readymade solutions with Citibank corporate bank accounts, as cheap and fast way to become operational;
- The Client’s business involves supplying consulting advice and software development for protection of fraud and relevant protective systems, required for any moderately large online business to operate successfully in 2019.
- Petar and his team prepared a detailed proposal in late February and began drafting the needed consent and share-transfer forms to be signed off by our Client and couriered back for cross signature to Singapore for our business owner, Mr. Aidan Healy;
- To transparently outline the steps required to complete the engagement, Healy Consultants Group PLC’s drafted a detailed engagement project plan;
- To increase probability of smooth corporate bank account transfer, Petar and his team prepared a detailed business plan outlining the business activity of our Client – online fraud consulting to institutional agents;
- As usual company policy, Petar supplied weekly detailed engagement status updates to our Maltese Client to ensure all parties are advancing swift company formation;
- The readymade Delaware company was successfully transferred with minimal Client involvement and Petar generated an updated Certificate of Incumbency.
Delaware readymade corporate bank account opening
- Once the company was successfully transferred, Petar and Rashi began the process of transferring the corporate bank account to our Client, which took a total of 4 business weeks. As requested, the Client supplied requested extended due diligence documents including i) latest proof of address for the business owner and their Australian business ii) latest 6-months bank account statements iii) latest identification document copy iv) and proof of personal and business address;
- The bank approved appointment of our Client as new bank signatory and sent our Client an online banking e-certificate directly and independently within two business weeks thereafter allowing him to manage his business banking from Australia.
The Delaware readymade company transfer and bank account signatory update was timely and efficiently completed by Petar and Rashi and their team ensuring the Client can manage his business abroad through a business-friendly solution with a leading bank.
Young entrepreneur set up a company in Delaware
Our Client Mr. Amit Kumar is a young entrepreneur in India dealing with IT services. The company engaged Healy Consultants to help set up a company in Delaware to enable it to more efficiently conduct business in Asia.
Healy Consultants informed the Client on the legal, tax, and accounting obligations of companies in Delaware.
Healy Consultants prepared the corporate structure. This enabled our team to draft the incorporation forms for the Client’s signature. Following the receipt of the signed forms, Healy Consultants submitted the same to the Secretary of State in Delaware. In three days, Healy Consultants received the confirmation of the company being formed as a legal entity along with the incorporation certificate.
Following the company incorporation, Healy Consultants’ applied for employer identification number for the Client’s company which was required for the successful corporate bank account opening.
With the company incorporated and receipt of EIN number, Healy Consultants then assisted our Client opening a corporate bank account with PNC bank in USA. The bank application forms were completed by our Banking team on our Client’s behalf and sent by return courier with business plan created by our Marketing team. Once the signed documents were received, the Banking team submitted the application to PNC. The application was approved without requiring the Client to visit USA at any stage of the account opening process.
To enable our Client to conduct business in USA and Singapore from abroad, Healy Consultants assisted his firm in setting the firm’s merchant accounts, which provided vital support to our Client’s business.
Opening Singapore corporate bank account for Delaware company
Our Client would like to open a Singapore corporate bank account for his venture capitalist firm in Delaware. After understanding the corporate structure and business activity, Healy Consultants Group PLC is confident to open a Singapore corporate bank account for our Client within 8 weeks.
Healy Consultants Group PLC prepared a business plan for our Clients and contacted multiple Singapore banks to secure confirmation of interest. Within 1 week, Healy Consultants Group PLC provided our Client a meeting schedule with DBS Singapore, OCBC Singapore, Standard Chartered Singapore and UOB Singapore.
Corporate bank account and merchant opening
Within 4 weeks after the face-to-face meeting with bankers in Singapore, our Client’s corporate bank account is successfully opened. Thereafter within 1 week, Healy Consultants Group PLC couriered the internet banking token and activation mail to our Client’s preferred address.
Challenges and Solutions
Delaware is a considered a tax shelter for most banks. Prior to onboarding our Client, the banks reverted with multiple additional questions, information and documents. Immediately, Healy Consultants Group PLC will liaise with our Client and provide accurate and detailed answers to prevent any delays in the engagement. In addition, our Firm aggressively negotiates and follows up with the bank officers, ensuring bank account can be opened timely.
Within 1 month, Healy Consultants successfully opened a Singapore corporate bank account for our Client’s Delaware business. We wished our Client all the best in his business!