Ireland client case studies in 2022
Mongolian investor establishes an Irish holding company for global investmentsOur client, a Mongolian seasoned entrepreneur wished to establish a holding company in Ireland after consultations with his lawyers. The holding company was to be utilized for investments in bio-pharmacy, biotech and manufacturing.
Following our initial phone discussion with our Client on i) their intended use of the holding company ii) proposed corporate structure and iii) our engagement fees and timelines, our Client confirmed their interested to proceed with the setup.
- Our Client completed, signed and emailed a scan copy of our engagement letter and settled the first instalment for Ireland company setup and bank account opening.
- Healy Consultants Group PLC advised our Client on the legal requirements including requirement for a registered address, tax number and company secretary. Our Team sent the proposed corporate structure to our Client for approval.
- The Client then provided the due diligence documents in line with our Firm’s compliance and KYC process requirements.
- Healy Consultants Group PLC drafted a detailed project plan mapping out the step-by-step process of Irish company incorporation, tax registration and bank account opening.
- We also drafted a detailed business plan for the new holding company outlining the proposed structure, potential suppliers and customers and the intended business activity of our Client in Europe.
- Healy Consultants Group PLC submits the proposed company names to Companies Registration Office (CRO) for consideration. Unfortunately, all the names provided by our Client were rejected and we reverted to the Client for additional names. Our team then proceeded to reserve our Client’s company name.
- In accordance with Irish Company Law, we appointed our Client’s partner based in Spain as the director who is ordinarily the European Economic Area (EEA).
- Healy Consultants Group PLC emailed our Client the legal forms for company incorporation for signature by each shareholder and director and requested them to email return to us. Thereafter, we submitted the formal application for incorporation to CRO.
- Within 5 business days, we secured the certificate of incorporation from CRO and issued the same to our Client together with the i) share certificates and ii) constitution, for signatures and email return. The Client then settled our second fee instalment.
- During company incorporation, Healy Consultants Group PLC simultaneously contacted multiple global banks to secure their interest in our Client’s business. Fortunately, a reputable American bank expressed interest in welcoming an application from our Client.
- Following company incorporation, our banking team prepared the necessary bank forms including a board resolution appointing bank signatories and emailed to our Client for signatures and email return.
- Thereafter, Healy Consultants Group PLC arranged an online meeting with the Client and the bank to discuss the Client’s intended business and to complete their KYC process. Following which the bank proceeded to finalize their due diligence process and advance account opening.
- Within 3 weeks the bank approved the USD bank account and requested the client to inject the minimum deposit as agreed in their online meeting discussion.
- Healy Consultants Group PLC also prepared the tax registration forms and emailed our Client for review for accuracy and signatures. Thereafter our team submitted the tax registration application to the Irish Revenue Department.
- Within 3 weeks, Healy Consultants Group PLC secured the tax registration number and email the tax certificate to our Client.
- Healy Consultants Group PLC’s the collated all corporate documents including i) Certificate of Registration ii) Constitution and Share Certificates iii) Tax Certificate, and emailed the same to our Client.
International corporate bank account opening
- In October 2020, our Client approached Healy Consultants Group PLC to assist with setting up a corporate bank account for their Ireland entity.
- Once we received all the due diligence documents, the signed engagement letter and payment of all our fees, we proceeded with the engagement.
- Healy Consultants Group PLC prepared a draft business plan detailing our Client business activity, financial projections and proposed banking transactions.
- We sent this to our Client for review and input (if any) and email return.
- Once the Client confirmed all details were correct, we sent the Business Plan for the directors’ e-signature.
International corporate bank account opening
- Healy Consultants Group PLC approached multiple Irish and global banks to secure in writing their interest in welcoming a corporate bank account opening application from our Client.
- We received a welcome email from a few banks, and the Client chose the bank he preferred to proceed with.
- Healy Consultants Group PLC completed and submitted all pre-approval documents to multiple banks for review and approval.
- Two banks located in Ireland and Macedonia responded positively, and our Client chose to proceed with both of them.
- Healy Consultants Group PLC submitted the applications to all the banks. The bankers then scheduled calls with our Client for KYC and verification process.
- Unfortunately, the bank in Ireland decided not to proceed with the onboarding process as neither the director nor shareholder were resident in Ireland.
- After a further call with the bank in Macedonia, the bankers reverted requesting more information and documents. At this point our Client decided not to proceed with this bank because of the delays from the bank.
- We approached more banks and received a welcome email from a bank in Puerto Rico.
- Healy Consultants Group PLC submitted a quality application to this bank. The banker then scheduled calls with our Client for KYC and verification process.
- This process was smooth, and the client then received internet banking instructions from the bank in order to set up their online banking portal.
- Our Client could now sign contracts, issue invoices, receive funds and pay suppliers through their newly-opened corporate bank accounts.
Introducing innovative education software solutions for young families in Ireland
- Our Client is innovative-driven entrepreneur interested in provision of quality mobile app for young children and families looking to expand their educational horizons while playing i) interactive puzzles, and ii) games;
- With experience and background in the sector, our Client expects her mobile app to become trending and popular among young families;
- Our Client decides that an Ireland company dealing with the software and content creation is the perfect global structure to operate such IT business. Our Client remains positive for the image of the company that Ireland creates and expects to score a number of lucrative business deals with local content creators;
- Our Client also wished to retain 100% control of the company in limited liability structure;
- Our Client currently lives in the UK, and consequently can always visit a branch of an Irish bank operating in the UK if required to verify her signatures.
- During a conference call via Skype, Petar in detail described the steps required to register a new business in Ireland and advised our Client of Healy Consultant’s services and associated professional fees;
- Mr. Aidan Healy, the managing director of Healy Consultants, further described during the call that while Ireland is not a difficult place to do business, nowadays banks require proof of business globally and may request our Client to personally visit a branch of their bank in order to verify her signature;
- Following the conference call, our Client sent us a signed and stamped Healy Consultants’ client engagement letter and begin provision of most required due diligence in a scanned form;
- Our Client chose Pay Pal as preferred method of fee payment, and provided Petar immediately with Pay Pal transfer slip;
- Now that our Client formally engaged Healy Consultants, Petar began to plan and prepare a detailed project plan for our Client. Our team on the ground will submit quality applications to the Irish business registry while Petar began communication with a national bank in order to obtain confirmation of Interest;
- In the same time our senior management team based in Singapore oversees the deliverables and updates our Client to ensure our Client received weekly updates with multiple engagement deliverables.
- Immediately after fee settlement, Petar provided our Client with a detailed company structure table for approval. Following approval over Skype, Petar began to prepare initial A1 company application forms which need to be signed or e-signed by our Client. Because Healy Consultants provides local resident Ireland director, Mr. Healy will need to sign off the A1 forms as well;
- Following completion of the same, Petar submits quality company setup application and successfully registers our Client’s business in Ireland.
- Our Client advised she will require tax registration, and Healy Consultants prepared the relevant form required for completion of the same.
- Having the company registered successfully, Healy Consultants’ Banking Team prepared and completed a set of corporate bank account opening forms with the national bank in Ireland. As part of our complete company setup service, our Client received a detailed business plan describing the company’s activities and reasons for setting up in Ireland, while not operating from Ireland. Our business plan includes also brief on the expected cash flows, target markets and expected debit card requirements;
- Unfortunately, all corporate bank account opening forms need to be submitted in original. Petar obtained Mr. Healy’s signature as resident director, and immediately after, he couriered the complete banking set to our Client’s preferred address;
- Following submission to the bank, our Client obtained corporate IBAN numbers within 3 weeks and managed to log in the online banking and initiate payments a week later.
Multi-national Client sets up a business in Ireland
Our Client is a company specialized in creating, manufacturing and distributing the best blends and richest essential oils worldwide. Healy Consultants Group PLC already set up several companies for our Client. Our Client decided a company in Ireland would allow them serve the European market efficiently.
Before Healy Consultants Group PLC commenced Irish business set up, our Client i) signed our engagement letter and ii) provided the required due diligence (click here). Thereafter Healy Consultants Group PLC prepared a detailed project plan that mapped out step by step the 5 week Irish engagement.
While agreeing the optimum corporate structure, Healy Consultants Group PLC informed our Client re i) legally minimizing international tax and ii) every Irish LLC must appoint a resident director who is either a EU citizen or a foreign national with a valid residency permit. Our Client could not supply a resident director. Consequently, Healy Consultants Group PLC provided our Client an Irish passive nominee resident director. Our nominees do not play an active role in the business.
The process of incorporation was quick and straightforward and within 1 week we provided our Client with i) a certificate of registration, ii) a lease/agreement for an Irish company city center business address iii) the Memorandum and Articles of Associations iv) share certificates and v) the registers of director and shareholders.
Corporate bank account
After discussing the different banking options, our Client chose to open a corporate bank account in Germany and London. We communicated with our preferred bank officers to agree the multi-currency corporate bank account opening strategy. Thereafter we filled the corporate bank account forms with the information we had on hand and sent them over to our Client for review, signature and courier return; The bank also requested us to notarize the Irish company documents. Healy Consultants Group PLC also prepared a detailed business plan to optimize the probability of successful corporate bank account approval.
Within 3 weeks, the bank provided our Client directly the corporate bank account number and within 2 additional weeks, the banks couriered the complete welcome package to our Client’s preferred address in USA. The welcome package included the internet banking tokens and ATM cards.
Healy Consultants Group PLC successfully completed the engagement one week ahead of schedule. We couriered a quality complete company kit to our USA Client preferred address, including a Client questionnaire.
Following completion of the above, our Client appointed Healy Consultants Group PLC to complete monthly bookkeeping reporting to the Board of Directors. We also timely complete our Client’s annual legal, accounting and tax obligations.