Iran client case studies
Japanese listed advertising company establishes a limited liability company in Iran
- Our client is a company founded in Tokyo, Japan in 2010 and is listed since 2014. Currently, the company has approximately 300 employees and owns subsidiaries in Turkey, Iran, India, Hong Kong, Taiwan, Philippines, Thailand, Vietnam, Malaysia, Singapore and Indonesia.
- The company is a global marketing technology firm, which utilizes client’s data to help brands advertise smartly through Native Ads.
- Our Client decided to establish a presence in Iran to venture into the untapped niche market in the region. Having found Healy Consultants Group PLC business website through Google, our Client approached Healy Consultants in July 2017 to determine the optimum corporate structure for their business in Iran.
- Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice, engagement letter and due diligence checklist and a list of our existing and past clients for professional refence.
- Our Client spoke with an existing Japanese client of Healy Consultants Group PLC and after getting a positive reply, he promptly provided us with the due diligence documents and settled our fees in full.
- Thereafter, Healy Consultants Group PLC prepared a detailed engagement project plan mapping out a step by step the engagement process. Healy Consultants also prepared a quality business plan to assist with corporate bank account opening in Iran.
- In the meantime, Healy Consultants Group PLC secure the National ID for the individuals and companies that would act as directors and shareholders in the company and was confirming the available names from our Client’s preferred names list.
- Unfortunately, due to the Iranian culture, our Client’s preferred name combination was not available, and Healy Consultants Group PLC suggested a name that would fit the business activity of our Client.
Subsidiary LLC registration
- Healy Consultants Group PLC firstly confirmed the Clients preferred corporate structure, including the declared share capital and confirmed with the Iran Government authorities that our Client did not require a business regulatory license.
- Healy Consultants Group PLC then prepared the required list of documents and templates and emailed the same to our Client for signature, notarization, attestation and courier return to our Iranian affiliate office.
- Upon receipt of the original attested documents from our Client, Healy Consultants Group PLC submitted the complete quality company registration application. Due to the recent sanctions removal from USA side, there was a 1-month delay in the registration process.
- Additionally, to speed up the process, Healy Consultants Group PLC had to submit a red envelope with the officers of the Companies Registration Office.
- Healy Consultants Group PLC obtained the approval of the Iran authorities, secured the Registration Certificate of the subsidiary.
- We immediately emailed our Client a scan copy of the same and published the notification in the Official Gazette for a circulation of 20 days.
Corporate bank account opening
- Before company registration, Healy Consultants Group PLC opened a temporary bank account to deposit the minimum required share capital and secure the Certificate of Deposit, necessary for company registration application.
- Once the company was successfully registered, we approached multiple Iranian banks to secure in writing their interest for our Client’s business activity and set up an operational corporate bank account.
- Healy Consultants Group PLC then prepared the required bank due diligence, including bank account opening forms. Our Client chose to open the corporate bank account with Saman Bank.
- In spite of Healy Consultants Group PLC’ negotiations to complete the bank account opening process without our Client’s travelling, the bank’s strict KYC requirements constrained our Client to travel to Iran to meet Healy Consultants Group PLC’ preferred bank officer for a one-hour face-to-face interview.
- Within 2 weeks thereafter, Saman Bank compliance department approved the multicurrency corporate bank account. The bank then directly emailed our Client corporate bank account numbers within 1 week, and the Client collected the banking details directly from the bank branch during his next trip to Iran.
- Once the company registration was successfully finished, Healy Consultants Group PLC assisted our Client to lease physical office space, which is required for tax, VAT and Social Security registrations.
- We provided our Client with a comparison table between suitable office spaces and their lease agreement proposals. Once the Client decided on their preferred provider, they sent us the signed lease agreement copy which allowed us to proceed with the tax, VAT and Social Security registrations and secure the tax numbers within the following month.
- Once the company was successfully registered, Healy Consultants Group PLC started the process of obtaining the employment visa for the director of the newly established Iranian company.
- During the client’s visit to Iran for the bank account opening interview, Healy Consultants Group PLC prepared and submitted the F type visa application package and secured the approval for the same within the following 2 weeks.
- Our Client had to collect the stamp in the passport form the Iranian Embassy in their country of residence and travel to Iran in the following 3 months. Once the Client reached Iran, we prepared and submitted the work and residency permit applications to the immigration and police departments.
- Healy Consultants Group PLC secured the same within the following 1 month, together with the exit visa for the director, which allowed our Client to travel between Iran and his business destinations freely.
- Healy Consultants Group PLC couriered the i) company kit comprising original corporate documents ii) bank correspondence and iii) Client satisfaction survey to our Client’s preferred address.