Seychelles client case studies
Corporate bank account opened for Seychelles entity
- In June 2020, our Client approached Healy Consultants Group PLC to assist with opening a bank account for his Seychelles IBC.
- The Seychelles company had been set up in January 2019 but had been unable to secure a corporate bank account. The Client had provided all the due diligence documents required during company registration and had paid for account opening.
- Healy Consultants Group PLC prepared and emailed our Client a draft business plan for review, input and email return.
- Meanwhile, we also requested the Certificate of Incumbency and Certificate of Good Standing for our Client’s Seychelles entity.
International corporate bank account opening
- Healy Consultants Group PLC approached multiple global banks to secure in writing their interest in welcoming a corporate bank account opening application from our Client.
- We received a welcoming email from a few banks, and the Client chose the bank he preferred to proceed with.
- Healy Consultants Group PLC completed all the required forms and submitted to the bank for review before our Client signed. Once approved, we asked our Client to sign the forms and courier to the bank in Malaysia.
- Unfortunately, the bank in Malaysia put on hold onboarding of all offshore entities indefinitely. We submitted more applications to global banks, together with multiple Malaysia banks.
- Two tier-two banks located in European banks responded positively, and our Client chose the one he preferred to proceed with.
- Healy Consultants Group PLC submitted the application to the preferred bank. The banker then scheduled a call with our Client for KYC and verification purposes.
- After the call, the banker reverted requesting more information and documents, which Healy Consultants Group PLC provided on our Client’s behalf.
- Our Client then signed all the documents and submitted them to the bank. Healy Consultants Group PLC submitted the certificate of good standing and certificate of incumbency for our Client’s Seychelles company.
- Once the bank received all documents and information, the account was opened within a week and our Client was able to log in to internet banking.
- Our Client could now sign contracts, issue invoices, receive funds and pay suppliers through their newly-opened corporate bank account.
- Once the above was complete, Healy Consultants Group PLC requested our Seychelles partner office to prepare the company kit, including all registration documents, and courier it to our Client.
Seychelles IBC licence is renewed
- Our Client’s company, ICG Consulting Inc, was incorporated on 13 May 2019 in the Seychelles as an International Business Company (IBC).
- The company’s main business activity, and the business owner’s area of expertise, is the supply of high quality market research and intelligence business advice to a wide array of industries, from pharmaceuticals and chemicals to mining, and from marketing to IT.
- Our Client required Healy Consultants Group PLC’s assistance to renew his company’s Seychelles IBC licence, prepare and submit a simple annual return, and provide a legal registered office in the Seychelles for another year.
- Ms Priyanggah, the Assistant to Healy Consultants Group PLC’s Chief Financial Officer, prepared an Engagement Advancement Proposal for our Client, and e-mailed this document, along with our Seychelles renewal invoice, to him.
- Once our Financial Controller Ms Sharon had confirmed that the Client had settled the invoice, Priyanggah proceeded to complete i) the Seychelles IBC licence renewal with the Seychelles Business Register and ii) prepare a simple annual return.
- Seychelles IBC licence renewal was completed in one day.
- Priyanggah e-mailed our Client a draft annual return for review, approval and signature. The documents were duly returned by our Client.
- Once the renewal obligations had been completed, Priyanggah sent an Engagement Completion e-mail to our Client, including a Statement of Account confirming that his company had no outstanding government renewal fees to pay.
- Our Senior IT Specialist Venkat followed up with the Client to obtain an online review for Healy Consultants Group PLC.
Market research firm sets up Seychelles company and Mauritius bank account
- In April 2019, our Client settled Healy Consultants Group PLC’s engagement fees to incorporate a company in the Seychelles and open a corporate bank account in Mauritius. The new entity would provide high-end market research and intelligence business consulting services to international clients;
- Our Client decided to incorporate the company in the Seychelles because it is an easy country from which to do business, with low corporate tax rates;
- In addition, our Client required a good quality international corporate bank account with online banking, preferably without having to travel to meet the bank. These requirements led our Client to opening a corporate bank account at an established bank in Mauritius.
- Healy Consultants Group PLC provided a detailed proposal outlining a breakdown of costs and engagement time frame. All fees were agreed up front, so there would be no hidden charges to our Client;
- Based on our Client’s requirements, Healy Consultants Group PLC assisted our Client to register a new entity in the Seychelles. Healy Consultants Group PLC also i) pre-filled incorporation forms for our Client’s signature. Thereafter, Healy Consultants Group PLC assisted our Client to register and secure legal corporate documents including i) Certificate of Incorporation and ii) memorandum and articles of association (M&AA), following company registration;
- Healy Consultants Group PLC supplied weekly detailed engagement status updates on the engagement progress.
Mauritius corporate bank account opening
- Before starting the process, our Client i) settled Healy Consultants Group PLC’s outstanding engagement fees stated in the invoice and ii) provided additional supporting documents required by the bank in Mauritius;
- Our Client also couriered all required due diligence documents to the Mauritian bank to proceed with bank account opening;
- Healy Consultants Group PLC assisted our Client to i) prepare all required documents and ii) follow up with banks until each reverted with account opening approval and released bank account numbers;
- Healy Consultants Group PLC also followed up with the bank, so our Client received Internet banking login/device/password.
In October 2019, Healy Consultants Group PLC completed the engagement by successfully i) registering a Seychelles entity and ii) securing the opening of a Mauritius corporate bank account for our Client.
Software trading company renews Seychelles business licence
Our Client’s company, Softizon, provides software programming, web development and web design to international clients. Softizon was incorporated on 7 October 2016 in the Seychelles as an International Business Company (IBC). Our Client, Mr. Robin Van Kampen, is the sole shareholder and director.
Our Client required Healy Consultants’ assistance to renew his company’s Seychelles IBC licence, as well as submit an audited financial report and annual returns.
Engagement planning and execution
- Once our Client had settled Healy Consultants Group PLC’s Seychelles company renewal invoice, we received funds transfer confirmation from Group Financial Controller Ms. Sharon;
- Ms. Suganthi, a member of Healy Consultants Group PLC’s Accounting and Tax Department (ATD), was assigned to assist our client to complete their Seychelles company’s renewal obligations;
- Seychelles company renewal was completed within one day. Once the renewal obligation was completed, Suganthi sent an Engagement Completion e-mail to our Client. This included a Statement of Account indicating that there were no outstanding renewal fees owed by the company to the Seychelles government.
Healy Consultants Group PLC sent our Client an Engagement Completion e-mail with all required information regarding the Seychelles company renewal.
Nigerian company opens international corporate bank accounts for its’ subsidiaries in the Seychelles and Island of Nevis
Our Client is a full-service trading company providing a broad spectrum of energy solutions including: Trading, Marketing, Risk Management, Distribution, and Logistic support to customers around the world, with a focus on the West African sub region. The company is operating since 2004. Most of the company clients and suppliers are located in UK, Switzerland, France, Nigeria.
- Our Client wanted to open a corporate bank account in one of the European banks. Healy Consultants Group PLC recommended to consider our preferred non-travel banking options;
- 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 client for professional reference. Our Client promptly provided us with the due diligence documents and settled our fees in full.
Corporate bank account opening process
- Healy Consultants Group PLC approached multiple banks, specifically in Luxembourg and Singapore to open discussions and submit a pre-application to secure preliminary interest from various banks for our Clients business;
- Within the next 3 weeks, multiple banks revered multiple times requesting additional due diligence from the companies and its’ UBOs. Healy Consultants Group PLC confirmed interest from multiple banks in Singapore wanting to meeting with our Client to discuss bank account opening;
- Our client travelled to the Singapore to meet with the various banks to i) sign account opening forms, ii) comply with the banks KYC requirements and iii) to select their preferred banking partner in the Singapore;
- Due to numerous factors such as i) the shareholders being Nigerian nationals, ii) the client operating in the oil and gas industry iii) the business being registered in well-known tax heaven jurisdictions and iv) ever tightening bank compliance and policy changes, multiple European banks declined to provide a corporate bank account for our Client;
- Despite the numerous challenges faced, Healy Consultants Group PLC devised a solution to successfully secure the Client with multiple corporate bank accounts for both companies with a highly reputable bank in Singapore within 11 weeks from meeting the banks and additionally secured multi-currency corporate accounts with Mauritius bank for his Island of Nevis company within 8 weeks from signing the bank account opening forms;
- The Client proceeded to deposit the required share capital into the bank accounts to activate the accounts for use. Internet banking packages were sent to our client by the banks via email within another two weeks after the account opening.
Healy Consultants Group PLC sent our Client the engagement completion email with all required information regarding the accounts.
Entrepreneur invests in Seychelles
Seychelles client case studies: Assisting an inventor to setup his energy based venture in Seychelles.
- Mike is a British entrepreneur and inventor who developed a number of renewable energy technologies which he plans to sell to governments and non-government organisations around the world. The renewable energy technologies he developed are particularly relevant to the solar power and water desalination sectors, areas Mike believes offer the greatest potential given global water shortages, environmental pollution and the continued high costs of conventional energy;
- To turn Mike’s technologies into economic reality, he needed a secure global structure which would protect his intellectual properties, enable him to patent his technologies, be tax-efficient and which would also provide a good image to prospective investors and lenders. Mike also planned to build a state-of-the-art demonstration facility in South Africa, which would produce solar-powered geothermic water, as well as set up an offshore wind-based water desalination plant.
Mike contacted Healy Consultants to discuss how we could assist with his venture. For the Seychelles component of the engagement, we described the legal, tax and accounting implications of incorporating in the Seychelles. It was decided that a global corporate structure would be required to handle different aspects of the company’s assets – and that a Seychelles company would be used to hold the intellectual property and apply for technology patents. With this in mind, we sent Mike an e-mail cost proposal, an overview of likely incorporation timeframe and information required by our company in order to proceed. Mike replied with a scanned copy of our Client Engagement Letter, outlining his preferred corporate structure and company name. He also transferred engagement funds to us, prompting our Incorporation Team to begin the engagement in earnest.
- While we were waiting for a courier from Mike containing due diligence, Healy Consultants approached the Seychelles Registrar of Companies (ROC) to check if the preferred company name was available. The ROC responded by e-mail within 2 working days to confirm that the name was available for incorporation and had been reserved. Healy Consultants then obtained a company incorporation application form the Seychelles International Business Authority (SIBA), which included details of the names, nationalities and addresses of directors and shareholders, as well as our registered office address in Seychelles. We also sent due diligence required by SIBA, including passport copies of shareholders and directors, proof of address and bank reference letters, by e-mail to the ROC;
- At the same time, Healy Consultants prepared pre-incorporation documents, including the memorandum and articles of the proposed company, a statutory declaration by an officer of the company and consent of the persons to be appointed director. These were couriered to Mike for his signature and return to us, which was achieved within one week. Ten days after submitting the full incorporation application pack to the ROC, Healy Consultants received an e-mailed Certificate of Incorporation for the Seychelles company, confirming that the company had been fully incorporated with the correct corporate structure. Four days later Healy Consultants’ Singapore office received a complete company kit from the SIBA office in Seychelles, including an original Certificate of Incorporation, share certificates, a bound copy of the Memorandum and Articles, and a company seal;
- With the incorporation phase complete, Healy Consultants was tasked to assist in opening a corporate bank account to support the company. We warned Mike that opening a corporate bank account for a Seychelles company in our preferred banking jurisdictions of Hong Kong and Singapore was challenging because the banks require detailed evidence of the company’s activities (including contracts and invoices), and also consider the Seychelles to be a tax haven. With this in mind, we prepared a detailed business plan to accompany the application. The plan outlined exactly what the company would be doing, details on the bank signatory (Mike) and brief financial projections. We were also able to provide a workaround solution on the issue of contracts and invoices to satisfy the bank’s requirements.
The business plan, along with a completed bank account application form, was sent to Mike for his signature and return to us, which he did within one week. We were then in a position to approach the bank, submitting the signed documents and due diligence supplied by Mike at the beginning of the engagement, and lodging a US$2,000 deposit, as required by the bank. The engagement ended when Healy Consultants received notification that the bank account had been approved, and sending in separate sealed envelopes ATM cards and PINs, which were sent to Mike in the UK by secure courier.
Disclaimer: Healy Consultants Group PLC neither has an office nor staff in Mauritius nor is it licensed as a management company under Section 77(1) of the Financial Services Act of 2007 or in any other way by the Financial Services Commission.