Delaware client case studies
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!