Singapore client case studies in 2024
Since 2003, Healy Consultants Group assists multi-national Clients’ with Singaporean business set up. Annually thereafter, our in-house Accounting and Tax Department helps our Clients’ timely accurately and completely discharge their Singaporean legal, accounting, audit and tax obligations.
The case studies on this web page will help you understand how we assisted multi-national Clients’ over the past years.
-
New business set ups
-
Company setup in Singapore and corporate bank account opening
Background
- In December 2020, our Client approached Healy Consultants Group to assist with setting up a Singapore non-resident entity and opening a corporate bank account.
- The company setup process was quite straightforward once we received all the due diligence documents required for company registration, the signed the engagement letter and payment for the first instalment of our fees.
Engagement planning
- We prepared and emailed our legal company registration forms for review and input (if any) and email return to us.
- Once the Client confirmed all his details were correct, we sent the forms for all parties to e-sign including incorporation forms, nominee agreement and UBO declaration forms.
Company incorporation
- Once all documents were signed, we submitted them to ACRA in Singapore and registered the company.
- Within a week, the Singapore entity was registered, and we emailed our Client the Certificate of Incorporation, Constitution and Business Profile documents.
- We simultaneously prepared the business plan and emailed the document to our Client for review, input and signature.
International corporate bank account opening
- Healy Consultants Group approached multiple 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 his preferred bank.
- Healy Consultants Group completed and submitted all pre-approval documents to multiple banks for review and approval.
- Three banks located in USA and Hong Kong responded positively, and our Client chose to proceed with all of them.
- Healy Consultants Group submitted the applications to all the banks. The bankers then scheduled calls with our Client for KYC and verification purposes.
- After the calls, the bankers reverted requesting more information and documents, which the Client was required to sign and email return directly to the bankers for review before couriering all originals to the banks.
- Our Client then signed all the documents and submitted them to the banks. Healy Consultants Group couriered the notarised corporate documents for our Client’s Singapore company.
- Within three months of the start of the account opening process, and once the banks received all documents and information, the accounts were opened within 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 accounts.
Engagement completion
- Once the above was complete, Healy Consultants Group prepared the company kit including all registration documents and couriered to our Client.
-
Telecoms import/re-export firm sets up Singapore operation
Background
- Our Client approached us in 2018 with a view to setting up a company to import electronic telecommunications equipment from China and re-exporting the equipment to Europe and the US;
- After discussing the options, our Client decided to incorporate an offshore company in Singapore, and open a corporate bank account in Hong Kong;
- The Client chose a Singapore company due to the ease of doing business in the jurisdiction;
- The Client chose a corporate bank account in Hong Kong because he wanted a high quality account with good online banking;
- In November 2018, our Client settled Healy Consultants Group’s engagement fees for the above structure.
Engagement planning
- Healy Consultants Group provided a detailed proposal, outlining the breakdown of costs and engagement time frame. All fees were agreed upfront so there would be no hidden charges to, or surprises for, our Client;
- Based on our Client’s requirements, Healy Consultants Group assisted with the registration of the new Singapore entity, pre-filling incorporation forms for our Client’s signature;
- Our team then assisted our Client to submit documents to the Singapore regulatory authorities;
- Following Singapore company registration, Healy Consultants received, on behalf of our Client, legal corporate documents including i) the Certificate of Incorporation and ii) Memorandum and Articles of Association;
- Healy Consultants Group supplied weekly detailed engagement status updates to our Client throughout the company incorporation process.
International corporate bank account opening
- Before starting the process to open an international corporate bank account, our Client i) settled Healy Consultants Group’s outstanding engagement fees and ii) provided additional supporting documents required to proceed with Hong Kong bank account opening;
- Our Corporate Banking team gave our Client several Hong Kong options to consider, including both local and international banks;
- Our Client travelled to Hong Kong, taking all required due diligence documents for face-to-face know your client (KYC) meetings with 3 reputable banks in Hong Kong;
- Initially, the Hong Kong banks declined to onboard our Client. Therefore, Healy Consultants Group assisted our Client to i) prepare additional documents to satisfy the banks and ii) follow up with the banks;
- Because Hong Kong banks had initially declined onboarding our Client, as a back up solution and with our Client’s permission, we approached banks in Malaysia;
- Healy Consultants Group secured confirmation of interest from an international bank in Malaysia to onboard our Client’s Singapore entity. Healy Consultants Group provided required documents to the bank and our Client travelled to Malaysia for a face-to-face Know Your Client meeting with the bank officer;
- Four weeks after our Client’s visit, Healy Consultants Group secured bank approval for the Malaysia account;
- We followed up with the bank, and our Client, to confirm the latter had received the Internet banking login / device / password;
- In the meantime, our team received confirmation that a local bank in Hong Kong had agreed to onboard our Client, and our team followed up with the bank to revert with corporate bank account approval and release of bank account numbers;
Engagement completion
In March 2020, Healy Consultants Group completed the engagement by successfully i) registering a Singapore entity and ii) opening a Hong Kong corporate bank account for our Client.
-
Lean Hub Asia Pte Ltd
Background
- Our client, Mr. Jean Francois Laugier, who is based in Australia, had desired to start-up a new business in Singapore to provide consulting services to companies seeking to grow and build brand recognition without increasing costs. The service provided by the firm includes human resource development, corporate social responsibility, cloud enterprise resource planning and green technology.
- Therefore, he approached Healy Consultants Group in 2014 to start-up his new business in Singapore. Lean Hub Asia Pte Ltd was incorporated on 20-10-2014 and Mr. Jean is the director and shareholder of company.
Engagement Planning
Healy Consultants Group prepared and emailed client an engagement advancement proposal and invoice for the agreed services. Thereafter, Healy Consultants Group prepared and emailed client a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan.
Accounting and Tax Obligations
- Assigned ATD team member will provide accounting and tax services, once received confirmation of fund transfer from Healy Consultants’ Group Financial Controller Ms. Sharon indicated that the client paid for the proposed fee;
- We send a detailed email requesting some document such as bank statement, trial balance and invoices during the accounting period from our client in order to prepare draft financial statement;
- We emailed the draft financial statement for client to review and approve after reviewed and approved by Mr. Sharma (Head of Accounting and Tax Department) for quality control purpose;
- Once client approved with the accounting and tax figures in draft financial statement, we will send the same via hello sign (click link) for client’s e-signature;
- Only after we received the signed financial statement, we will file annual return and corporate tax return for our client’s company.
Engagement Completion
- After completion on above, we will send out a summary of obligation to client indicated that we have completed accounting and tax obligation for client’s company for their acknowledgement;
- Thereafter, Mr. Petar (Client Engagements Manager) emailed client to secure a professional reference re engagements.
-
Establishing Singapore green coffee bean trading company
Background
- In 2019, our Client approached Healy Consultants Group to set up a Singapore company and open a Singapore multi-currency corporate bank account;
- The Singapore company is a green coffee trading company based in South East Asia with customers based worldwide. The Singapore company would act as a headquarter and with representative office in Vietnam. The core business activity of the company would be importing, processing, trading and exporting green coffee bean;
- Due to urgency of booking sales, issuing invoices, and signing client contracts our Client requested Healy Consultants Group to source already registered clean dormant shelf company.
Engagement planning
- Before starting the process, our Client i) settled the invoice and ii) provided complete due diligence documents and signed our Client Engagement Letter;
- Healy Consultants Group provided our Client with i) corporate documents of the clean dormant shelf company, ii) confirmation of annual tax return of the company, and iii) detailed proposal outlining costs breakdown, time frame, and accounting and tax liabilities. All fees were agreed upfront so there would be no hidden charges to our Client;
- Healy Consultants Group sent draft business plan and corporate structure change forms of the shelf company for our Client review, input and email return. Healy Consultants Group also supplied weekly detailed engagement status updates on country progress.
Company registration process
Upon confirmation of the corporate structure, Healy Consultants Group filed the corporate structure changed documents with ACRA and provided the complete updated set of corporate documents, and without the need our Client to travel to Singapore. Healy Consultants Group then proceeded to contact multiple Singapore banks to secure a formal interest to submit the corporate bank account opening application forms.
Singapore corporate bank account opening
- Within 1 week from the company corporate structure change, Healy Consultants Group contacted multiple Singapore banks and secured confirmation of interest to submit formal application forms. Singapore banks requested to meet the company director and bank signatory in person for the KYC verification purposes. Our Client dedicated 1 business day trip to meet the Singapore bank officers. Healy Consultants Group met our Client in the airport and applied company’s travel policy, all bank meetings we arranged at Healy Consultants Group’s Singapore office;
- Our Client submitted quality corporate bank account opening applications with major Singapore banks. Within 4 weeks, Healy Consultants Group’s secured multiple Singapore corporate bank account numbers for our Client’s Singapore company. Following 2 weeks, Healy Consultants Group received bank cheque books and e-banking tokens and couriered the same to our Client’s preferred address.
Conclusion
Healy Consultants Group successfully effectively completed the Singapore company setup and secured multiple Singapore corporate bank account within 8 weeks. Thereafter, we mailed the Client complete company kit including i) a complete Client file; ii) corporate documents; iii) a Client feedback survey and iv) arranged a separate courier of corporate bank account e-banking tokens Switzerland to our Client’s preferred address. Throughout the engagement, Healy Consultants Group has aggressively and skillfully negotiated with multiple banks. We timely responded to all unforeseeable challenges raised from international banks.
-
Engineering, procurement, and construction (EPC) business incorporation in Singapore
Background
Our Client engaged Healy Consultants Group to assist with incorporation of Engineering consulting company in Singapore together with a bank account opening in a trusted local bank. On top of this Client request assistance with issuing an Employment Pass for an operational director of his new company.
Engagement Planning:
Based on a discussion with the Client, our firm suggested to incorporate Limited Liability Company as a most efficient and optimal solution.
Additionally, we discussed a list of banks our team will be contacting during account opening process.
Immediately thereafter our Client Relationship Managers started to prepare a quality Detailed Project Plan.
Company incorporation:
After receipt of all Due Diligence documents our CRO team reserved a company name and incorporated a business entity. During the application process, the application had been selected for a random ACRA review. However, CRO team managed to secure an approval from ACRA within 1 week following submission.
Corporate bank account opening:
Following company incorporation our team prepared a high-quality Business Plan which later helped to secure higher level of interest from local banks. As agreed during planning stage, Healy Consultants Group concentrated on tier 1 and tier 2 local banks to secure a better option for our Client.
Within 2 months our team secured 2 bank account for our Client in prestigious local banks.
During the engagement, the banks reverted multiple times asking Healy Consultants Group to provide additional documents, such as i) rental agreement for an office in Singapore ii) proof of address of Ultimate Beneficial Owners iii) documents confirming a business activity in Singapore (letter of intention, sales agreements, bank statement of a mother company).
Employment Pass application:
CRO team prepared a high-quality application to MOM. As per local requirements, a position should be advertised at Jobs Bank to residents for at least 2 weeks period. However, this requirement had been waived due to the exemption as per MOM guideline.
The Employment Pass had been secured successfully 4 weeks after the application had been submitted.
During review stage MOM reverted multiple times requested for additional documents. During the engagement CRO team worked closely with the Client and his main customer in Singapore to prepare a letter confirming importance of the applicant for a Singapore engagement.
Other support services:
- Following positive feedback, our Client decided to engage us for a Russian company incorporation service;
- Our Client’s operational director engaged Healy Consultants Group to secure a Dependent Pass for his family member.
-
Software and blockchain development consultancy Firm for agricultural companies
Background
- Our Client is a UK based consultancy company. Our Client specializes in on development of data generating software technology for agricultural companies based on blockchain technology;
- Healy Consultants Group was suggested by our Client’s existing business network and banking relations;
- Our Client required to set up a separate international company to mitigate risks and uncertainty involved with Brexit. The business activity of the new company to be involved in software and blockchain technology development services for agricultural companies. After initial phone call and skype discussion, our Client and Healy Consultants Group agreed on Singapore company setup and opening an international corporate bank account;
- Our Client couriered complete due diligence documents to Healy Consultants Group’s Singapore office and settled the first fee instalment to commence the engagement;
Engagement Planning
- After detailed discussion with our Client and thorough study of their business profile, Healy Consultants Group drafted a detailed project plan outlining the steps of the engagement and estimated completion timelines to incorporate Singapore legally tax-exempt entity and secure corporate bank account;
- Our team drafted a quality business plan detail explaining i) the business activities of the company ii) expected turnover and banking transactions, and iii) management background of the company. Thereafter, we provided our Client with a business plan and the project plan for their approval.
Corporate bank account opening process
- Upon the confirmation of the business plan and receipt of the complete due diligence documents from our Client, our corporate banking team approached multiple banks to gauge their interest to onboard our Client’s company. For 2 weeks, our corporate banking team aggressively negotiated with multiple banks and secured a preliminary interest from a bank in a reputable European jurisdiction;
- Healy Consultants Group closely liaised with the bank to assist our Client to prepare a set of corporate bank account opening package including i) corporate documents; ii) quality corporate bank account opening application forms; and iii) KYC documents of our Client.
Corporate bank account approval
- Within 2 weeks from the submission of the quality corporate bank account opening documents, Healy Consultants Group secured an crypto-currency friendly corporate bank account without the need for our Client to travel to Europe;
- Thereafter, Healy Consultants assisted our Client with activating internet banking for their bank account;
Conclusion
- Healy Consultants Group successfully complete the Singapore company setup with cryptocurrency friendly corporate bank account engagement within 3 months. Thereafter, we emailed the Client i) a complete Client file; ii) unopened bank correspondence; and iii) a Client feedback survey.
-
Registration of business and trademarks in Singapore
Background
Since 2017, our Client has grown its startup business in Europe. The Client decided to expand his business to APAC and after detailed discussion with Healy Consultants Group managers decided to setup the business in Singapore.
Engagement Planning
Our Firm confirmed that a Limited Liability Company is best suited for our Client’s business needs.
Healy Consultants Group agreed with our Client to open a Singapore corporate bank account with a top institution that offers competitive pricing and excellent online banking facilities, usable everywhere in the world.
Healy Consultants Group drafted a detailed business plan outlining the tasks and estimated completion time. Thereafter, we emailed our Client the business plan, corporate structure and project plan for their confirmation. However, the Client decided to postpone account opening and did not proceed further with the same.
LLC Setup
In May 2019, our Client confirmed and couriered us all requested documents and Healy Consultants Group prepared the incorporations for signature.
Within two weeks of receipt of documents, the company was successfully incorporated after getting approved by the Accounting and Corporate Regulatory Authority of Singapore. Healy Consultants Group emailed the Certificate of Incorporation as well as other incorporation documents to our Client.
Trademark registration services
Healy Consultants Group had prepared 2 trademark registration applications for the trademark name and logo. Chose trademark registration classes and submitted the application to IPOS.
Challenges and Solutions
IPOS reverted with one trademark issue related to the word meaning in another language. However, Healy Consultants Group officers managed to resolve the situation and proceeded without delaying the timeline.
Conclusion
Within less than 10 months, Healy Consultants Group was able to provide our Client with all a Singapore LLC company and two trademarks.
We are proud to assist our Client to expand his business into APAC and we wish him all the best in their business expansion.
-
Registration of an e-commerce business in Singapore
Background
Since 2016, our Client has grown his business to be a leading retail e-commerce business in South Africa. The Client decided to expand his business to APAC and after detailed discussion with Healy Consultants Group managers decided to setup the business in Singapore.
Engagement Planning
Our Firm confirmed that a Limited Liability Company is best suited for our Client’s business needs.
Healy Consultants Group agreed with our Client to open a Singapore corporate bank account with a top institution that offers competitive pricing and excellent online banking facilities, usable everywhere in the world.
Healy Consultants Group drafted a detailed business plan outlining the tasks and estimated completion time. Thereafter, we emailed our Client the business plan, corporate structure and project plan for their confirmation.
LLC Setup
In January 2019, our Client confirmed and couriered us all requested documents and Healy Consultants Group prepared the incorporations for signature.
Within two weeks of receipt of documents, the company was successfully incorporated after getting approved by the Accounting and Corporate Regulatory Authority of Singapore. Healy Consultants Group emailed the Certificate of Incorporation as well as other incorporation documents to our Client.
Corporate bank account opening
As Healy Consultants Group has always maintained excellent relationship with Singapore banks, we managed to schedule bank meetings with the local and international banks. The meetings were scheduled within a two-day span as our Client will only be in Singapore during that period.
The meeting was held in our Singapore Head Office and the interviews went smoothly. Within one week, the bank confirmed that they are able to board our Client’s business.
Challenges and Solutions
The company’s director and shareholder of South African business are different individuals and they are all bank signatories. Healy Consultants Group predicted that this may cause complications during the process of opening corporate bank account.
Before bank meetings, Healy Consultants Group briefed our Client to bring proofs to show that they are family members. By explaining to the three banks that this company was a family business, it greatly reduced the complications involved, resulting in the bank willing to board the business within a week.
Conclusion
Within less than 2 months, Healy Consultants Group was able to provide our Client with all a Singapore LLC company and a Singapore corporate bank account, with minimal delays and complications involved.
We are proud to assist our Client to expand his business into APAC and we wish him all the best in their business expansion.
-
Registration of an IT Consultancy Company in Singapore
Background
- In 2015, one of European Clients contacted us for the registration of a Singapore company. This business would offer IT consultancy services to Singapore and Asian customers;
- Our Client also made the special request of obtaining an employment pass. Consequently, our Client and Healy Consultants Group agreed to register a company in Singapore, with a local corporate bank account.
Engagement planning
- While we notified our Client the location of the account triggered local taxation, it also maximized the probability of EP approval as our Client committed to invest a recommended amount of US$50,000 in the City-State;
- We also finalized the corporate structure of the entity, which would include our Client as sole shareholder and director, as well as our managing director Aidan Healy as (professional passive) resident director, as required by Singapore regulations.
Singapore private limited company setup
- The company was registered within one business day, with no specific request from the company registrar;
- We supplied our Client with company numbers (locally known as the UEN in Singapore), a certificate of incorporation and an extract of commercial record.
Corporate bank account opening
- While our Client initially preferred to open his corporate bank account with the branch of a Swiss bank, the first feedback received from this bank convinced us the account opening process would be challenging with this institution;
- To timely complete the engagement, we suggested our Client to opt instead for a Singapore bank. He agreed and attended a skype KYC meeting, after which we secured corporate bank account numbers within five days;
- Our Client then transferred his initial investment and supplied us with bank statements confirming the same, enabling us to declare the company capital as fully paid up.
Employment permit approval
Challenges we faced
- The EP application of our Client faced the following challenges, which we all solved:
- Degree equivalence – our Client is the holder of a doctorate, the equivalent of a PhD. MOM required us to provide grade transcripts. Fortunately, our Client had kept these documents obtained during his student years;
- Evidence of customers in Singapore – MOM requested our Client to demonstrate he could reasonably expect to have customers in Singapore and Asia. We assisted our Client to gather the same and successfully negotiated with MOM to minimize such requests.
- After 3 months, we finally obtained a letter of in principle approval, valid for six months. Our Client visited Singapore and subsequently obtained his Employment Pass.
Conclusion
- Today, our European Client has an operational business in Singapore and has managed to expand his customer base in Asia;
- We are proud of having assisted our Client to realize the same and we hope to be able to assist more customers with the experience we gained during this project.
-
Oil and gas consultancy company in South East Asia
Background
Our Clients, Paul and Dyah engaged Healy Consultants to incorporate an energy consultancy company in Singapore. Paul is from Portugal and is an expert in the oil and gas industry, while Dyah is an Indonesian with over 15 years’ experience working with various governmental departments. They jointly own several successful business ventures in various industries including energy, furniture and coffee.
They were concerned about Indonesian government’s inefficiency, and thus wished to establish a business in Singapore instead. Also, they like the banking facilities in Singapore, compared to Indonesian bank.
Engagement planning
Based on their discussion over the phone, our relationship director, recommended a Singapore limited liability company with a corporate bank account in Singapore to facilitate international transactions. The corporate structure is straightforward with Paul and Dyah as the shareholders and international director. In the same afternoon, Karen also sent them a detailed proposal outlining costs breakdown, time frame, and accounting and tax liabilities.
Company incorporation
The next day, Paul and Dyah visited our Singapore head office for a one hour meeting. During the meeting, they settled our engagement fees, provided required due diligence documents and signed legal incorporation forms. Immediately after, the team at Healy Consultants submitted their application to the Accounting and Corporate Regulatory Authority of Singapore (ACRA), and within a week, the company was fully incorporated as a legal entity in Singapore.
Corporate bank account
Thanks to our excellent relationship with Singapore banks, Healy Consultants managed to arrange for our Clients to meet relationship managers from two reputable Singapore based banks given such a short notice. After the meeting at our office was concluded, one of our client relationship officers accompanied the Clients to the bank for interview. Since we understood the bank well, the interview went smoothly. We gave them what they required and helped our Clients answered all questions. Paul and Dyah were happy with the experience, as they did not need 2 bank accounts for the company.
However, we still advised them to just attend the meeting to maximize the likelihood of account approval since oil and gas consultancy activity might be considered high risk by the banks. They agreed and went through a similar interview process, which took roughly half an hour.
Two weeks later, Healy Consultants received account approval and bank details from one of the banks. The bank mails and internet tokens were couriered to Healy Consultants Singapore office.
Employment visa
Paul and Dyah also expressed that they wanted to apply for employment passes in Singapore to manage their business, a task which Healy Consultants were glad to assist them with. After they completed our comprehensive employment visa information form, we prepared and submitted the complete applications to the Singapore Ministry of Manpower (MOM) to apply for their passes.
Approximately 3 weeks after the first submission, MOM contacted Healy Consultants and requested for additional documents including business plan, registered office agreement, manpower projection, job description and business proofs. This unfortunately delayed the engagement by another 2 weeks to prepare, sign and re-submit the applications.
Finally, after about 1 month since the first submission, MOM approved the applications. However, now, Dyah needed to change her name, nationality and identification information because she just recently changed her passport. After she emailed us evidence from the U.S Embassy in Indonesia, Healy Consultants completed the change within 1 week at no additional charges to our Clients.
Client’s details:
Name: Paul Santos and Dyah Marfianty
Directors of Akribeia EPG Pte Ltd -
Introducing new solar power technologies
Background
Dr. Bihler is a German entrepreneur involved in the marketing and manufacturing of renewable energy components and technologies, see www.micram.de. Dr. Bihler recognised the huge potential for establishing a renewable energy base in Asia. At the heart of his ambitious strategy was a US$150 million solar manufacturing facility, which would be built in Singapore and Dr Bihler engaged Healy Consultants to help him turn his ambitions into reality. Healy Consultants worked closely with Dr Bihler, i) engineering a secure global corporate structure ii) liasing with the Singapore Economic Development Board (EDB) with a view to securing grants and loans to build the solar facility iii) providing virtual office services and iv) providing accounting and tax and audit support services in Singapore.
Engagement planning
The engagement began when our Client approached Healy Consultants and outlined his plans to establish a solar manufacturing facility in Asia. After discussing the various accounting, tax and legal issues of different jurisdictions in Asia, it was agreed that Singapore would be an ideal location in which to set up such a business. Singapore actively encourages hi-tech, innovative industries and is also an excellent base from which to provide consulting services in the fields of microelectronics and photovoltaics, Dr Bihler’s specialist interests.
Company incorporation
The first step in the process was to contact the Accounting and Corporate Regulatory Authority Singapore (ACRA) to check whether our Client’s preferred company name, Singapore Thinfilm Photovoltaics Technologies Pte Ltd, was available for incorporation. It was agreed that Aidan Healy, the managing director of Healy Consultants, would be the company’s resident director, to satisfy Singapore corporate law. Upon receipt of a courier containing signed documents from Dr Bihler, Healy Consultants prepared an incorporation application containing corporate documents as well as due diligence on Dr Bihler, and submitted this to ACRA. Soon after, Healy Consultants received e-mail notification that Singapore Thinfilm Photovoltaics Technologies Pte Ltd had been incorporated with the corporate structure as agreed with our Client.
Corporate bank account
Healy Consultants submitted a complete bank account application to a leading Singapore retail bank, including an application form and business plan describing the company’s activities and a brief market analysis. We received account opening approval from the bank within two weeks, enabling Singapore Thinfilm Technologies Pte Ltd to begin invoicing Clients.
Introduction to the Singapore EDB
Dr Bihler was eager to speak to the EDB in Singapore to explore the possibility of receiving a grant or loan to build the solar facility. Healy Consultants introduced him to the Investment Team at the EDB, and helped conduct negotiations on his behalf when he was unable to attend meetings in Singapore. Within two months, the EDB approved the building of a €100 million solar plant in Singapore.
Virtual office services
Dr Bihler’s engaged Healy Consultants to provide a Singapore virtual office service, including telephone answering, fax and mail forwarding for Singapore Thinfilm Photovoltaics Technologies Pte Ltd. The virtual office allows Dr Bihler to more efficiently conduct business in Singapore from his Germany headquarters. After 12 months, Dr. Bihler reserved office space within our premises to house his server and files as a place to work when he visits Singapore.
Accounting and tax services
Healy Consultants efficiently and effectively completes the accounting, audit, legal and tax obligations for Singapore Thinfilm Photovoltaics Technologies Pte Ltd. There is minimum involvement required from Dr. Bihler. Following the anniversary of company incorporation, Healy Consultants’ Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants emails a set of financial statements and tax return to Dr Bihler for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is provided to our local audit Firm for sign off. Finally, Healy Consultants dispatched a courier to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits.
In addition to the above engagement, Healy Consultants had previously incorporated another Singapore company, Micram Trading Pte Ltd, as the Asian branch of Dr Bihler’s business in trading with intellectual property (www.micram.de) for microelectronic manufacturing industries.
Corporate finance
Healy Consultants assisted Dr. Bihler raise finance for the building of a €100 million solar plant in Singapore. To begin with, our Firm approached Asian retail and investment banks for project finance. However, Healy Consultants Clients eventually provided the most cost effective funding for the solar project, in the form of private equity.
Dr. Bihler plans to list his Singapore company on the local small company stock exchange. The Catalist Exchange in Singapore (previously the SESDAQ) is a sponsor supervised listing platform for fast growing local and international companies with limited quantitative listing criteria.
-
Global commodity trader sets up Singapore Base
Background
Nigerian commodities trader Akpan is an ambitious, wealthy individual who wanted to expand his international business horizons and set up an operational base in Asia. For strategic reasons, Akpan decided Singapore would be the most suitable Asian headquarters. Having discovered Healy Consultants via a Google search, Akpan contacted us by e-mail to find out how we could assist him fulfill his international business objectives.
Engagement planning
Akpan visited our Singapore office, where he was able to outline in greater detail his strategic objectives. Akpan signed our Client Engagement Letter and confirmed the corporate structure for the Singapore company, including Aidan Healy, Healy Consultants managing director, acting as the Singapore resident director to comply with Singapore company law. We also requested personal due diligence from Akpan, as part of our standard ‘Know your Customer’ procedures. Upon his return to Nigeria following our meeting, Akpan collected all the required due diligence, and couriered a complete pack to us within one week.
Company incorporation
Healy Consultants submitted pre-incorporation documents (signed by Akpan) to the Accounting and Corporate Regulatory Authority of Singapore (ACRA). These included Memorandum and Articles of Association and consent to act as shareholder and director. A Certificate of Incorporation confirming the incorporation of Standtall Capital Pte Ltd as a legal entity was received within three days.
Corporate banking
Akpan requested Healy Consultants’ assistance to open a corporate bank account at an international bank in Hong Kong. Since our Client was in Nigeria, it was decided that Aidan (as a company director) would represent the company at a bank interview in Hong Kong, thereby sparing Akpan the inconvenience of traveling to Hong Kong. Healy Consultants completed the bank account application, and couriered it to Akpan (as the sole account signatory) in Nigeria for his signature, which also needed to be witnessed by an the bank officer in Lagos. This process went smoothly and we received a courier again within one week. Meanwhile, we drafted a business plan to submit to the bank in Hong Kong, including information on Standtall Capital Pte Ltd’s activities, as well as shareholders, directors and bank signatory details. This was included in a comprehensive account opening pack, comprising the signed account opening forms and corporate and personal due diligence, which was then couriered to Hong Kong. Healy Consultants submitted the application pack to the bank, along with the bank’s minimum required deposit of US$2,000. Account approval was received two weeks after submitting the application, when we received account numbers. Two weeks later, and in separate envelopes and mailings, Healy Consultants received Internet banking passwords and PIN numbers, allowing Akpan to conduct financial transactions online. We also received passwords and PIN numbers for the corporate ATM card. These items were kept safe for Akpan’s collection.
Virtual office services
To enable him to efficiently operate in Asia, Akpan engaged Healy Consultants to provide a legal office address in Singapore, to put on Client invoices and correspondence, as well as provide a mail forwarding and phone message service.
Entrepreneur visa (EntrePass)
Healy Consultants prepared a detailed business plan for Standtall Capital Pte Ltd, including an in-depth analysis of market conditions, the company’s operational and marketing strategies, and financial projections. Concurrently, Akpan obtained his educational certificates (required as part of the application to the Singapore Ministry of Manpower. We submitted the visa application to the MOM and received a Letter of Approval five weeks later, confirming that a two-year EntrePass was ready for collection. This was done during one of Akpan’s visits to Singapore.
Other support services
These include:
- Application to register Standtall Capital Pte Ltd with the Inland Revenue Service of Singapore (IRAS), which was approved;
- Application for GST exemption for the company, which was achieved successfully.
-
IT company establishes Singapore regional headquarters
Background
ANTZ Consulting (www.antzconsulting.com) is a highly successful Melbourne, Australia-based IT consulting company providing Enterprise Value Modeling services to global Clients. Services offered include organizational performance consulting services such as coaching and team-building, project management and advice on using systems such as SAP.
As part of a wide-ranging expansion strategy, and to better serve its Clients in the Asia Pacific, the company chose to set up a regional headquarters in Singapore with Healy Consultants’ professional assistance.
Engagement planning
ANTZ Consulting approached Healy Consultants with a view to setting up a regional headquarters in Singapore, including incorporating a Singapore company. Since a Singapore company legally requires a resident director, it was decided that Aidan Healy, managing director of Healy Consultants, would fulfill that statutory role. With costs agreed, our Client signed Healy Consultants’ Client Engagement Letter, confirming the corporate structure required and supplying due diligence required by us.
Company incorporation
Healy Consultants prepared corporate documents for the new Singapore company, ANTZ Consulting Pte Ltd, which were signed by our Client in Australia and returned to our Singapore office. The signed documents were submitted to the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which subsequently issued a Certificate of Incorporation confirming the legal incorporation of ANTZ Consulting Pte Ltd.
Support services
Our Client requested Healy Consultants assistance in applying for Singapore Employment Passes for three expatriate staff it wished to recruit. To support the applications, Healy Consultants prepared a detailed business plan outlining the company’s activities and its marketing and operational strategy for Singapore. Along with a signed Employment Pass application form, the business plan was submitted to the Singapore Ministry of Manpower (MOM), the applications being approved within four weeks.
Accounting and tax support
Our Client requested our assistance to register ANTZ Consulting Pte Ltd for Singapore goods and sales tax (GST), as per its statutory obligations under GST law.
-
German security specialist achieves Asia objectives
Background
Mr. Hahn is the chief executive of a successful global office security firm located in Düsseldorf, Germany. The Firm customises, delivers and installs state-of-the-art security equipment including close circuit television (CCTV) surveillance cameras, motion sensors, alarms and associated networks. Increased demand for hi-end security systems in Asia prompted our Client to investigate the possibility of setting up a regional headquarters in Asia to penetrate local markets, minimise the company’s international tax exposure and present a good image to regional customers. However, Mr. Hahn wished to remain resident in Germany.
Engagement planning
Mr. Hahn spelt out these objectives in a detailed e-mail to Healy Consultants. This was followed by a telephone conversation during which Aidan Healy, managing director of Healy Consultants, explained the tax and legal implications of the different corporate structures available to Mr. Hahn in Asia. It soon emerged that a Singapore company would fulfill most objectives, particularly given the strong market potential for security systems Firms in Singapore. On this basis, and with costs settled by telegraphic transfer, Mr Hahn signed our Client Engagement Letter, outlining his preferred corporate structure. Furthermore, he provided required due diligence, including a notarised passport copy, proof of residential address, resume and bank reference letter. At this stage it was agreed that Aidan Healy would act as the Singapore-resident director, a statutory requirement to satisfy the Singapore Companies Act of 1963.
Company incorporation
Healy Consultants reserved the Client’s preferred company name with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). Corporate documents, including Memorandum and Articles of Association and Consent to Act as Director and Shareholder, were prepared and couriered to Germany for Mr Hahn’s signature and return to us. Upon receipt, we submitted the signed documents to ACRA, which issued a Certificate of Incorporation the following day. This, along with a scanned printout of the BizFile register showing the company’s structure, were e-mailed to Mr. Hahn as proof that his Singapore company was a legal entity.
Corporate banking
Following incorporation Healy Consultants assisted Mr. Hahn to open a Hong Kong corporate bank account, thereby legitimately ensuring that the Singapore company is 100% tax-exempt (provided there is no income in Singapore or Hong Kong).
Healy Consultants completed a bank account application form, and a business plan detailing the company’s activities, Clients, suppliers, financial projections and a one-page market analysis. The application and business plan were e-mailed to Mr. Hahn for his signature and return to Singapore. Upon receipt, Healy Consultants visited the bank in Hong Kong to submit the application pack on Mr Hahn’s behalf. Account opening approval was received within two weeks.
Support services
To further support Mr. Hahn’s Asian operations, Healy Consultants provides a full virtual office service, comprising telephone answering and mail forwarding, thereby enabling Mr. Hahn’s Firm to portray a strong local presence in Asia.
-
IT specialist expands into Asia Pacific
Background
Mr Vladusic is the manager of a software development company based in Split, Croatia. The company specialises in developing software and systems for information management and storage. The company has expanded since its inception, and today produces a wide range of enterprise storage products, including hardware disk arrays and storage management software. To date, the vast bulk of its Clients have been in Europe. Mr Vladusic contacted Healy Consultants
to explore ways of expanding their business into new, overseas markets, particularly in the Asia Pacific. His ultimate intention would be to relocate his company headquarters to a more tax-efficient jurisdiction which would also provide a ready market for his company.Engagement planning
Mr Vladusic sent Healy Consultants an e-mail outlining his requirements and objectives, and followed this up with a telephone call during which Healy Consultants provided comparisons of Asian jurisdictions. It emerged during the conversation that Singapore would be the ideal location for Mr Vladusic’s global headquarters (the Client had also been interested in Dubai). Mr Vladusic was, in particular, keen to explore the possibility of securing financial assistance from the Singapore government to encourage his company to relocate to Singapore. With costs agreed, Mr Vladusic signed our Client Engagement Letter and confirmed the corporate structure for the Singapore company, including Aidan Healy acting as the Singapore resident director, as per local statutory requirements. We also requested and received personal due diligence from Mr Vladusic, including passport copy, proof of address, bank reference letter and resume.
Company incorporation
Healy Consultants approached the Accounting and Corporate Regulatory Authority of Singapore (ACRA) with the structure as agreed by Mr Vladusic. ACRA e-mailed a Certificate of Incorporation confirming the company’s registration, and Healy Consultants also obtained a printout of the BizFile, the public register confirming the company’s legal structure. Copies of these documents were submitted to Mr Vladusic.
Corporate banking
To enable the company to start invoicing Clients and make funds transfers, the new company required assistance with opening a corporate bank account in Singapore. Healy Consultants completed a bank application form on Mr. Vladusic’s behalf, as well as preparing a business plan outlining the company’s activities, financial projections and a brief market analysis. These were both couriered to Mr Vladusic in Croatia for his signature and return to us. Once Healy Consultants had received the signed documents, we submitted them, along with information about the bank signatories, to the bank for processing. As resident director, Aidan Healy represented the company at a bank interview, although he would not be a signatory to the bank account. Within two weeks, Healy Consultants received approval for the Singapore corporate bank account. Over the course of the following two weeks we received (in sealed, separate envelopes) Internet banking and ATM card PIN numbers, which we kept safely for Mr Vladusic’s collection when he next visited Singapore.
Entrepreneur visa (EntrePass)
To help Mr Vladusic obtain a visa enabling him to live and work in Singapore, Healy Consultants prepared a detailed business plan for submission to the Ministry of Manpower (MOM). Unlike the bank account business plan, the EntrePass business plan contains in-depth analysis of market conditions, the operational and marketing strategies for the company, as well as comprehensive financial projections. Simultaneously, Mr. Vladusic obtained his educational certificates that would be required as part of the application (these had to be translated from Croatian into English, which delayed the application procedure). The signed business plan, along with an MOM application form, were submitted to the MOM, and within a week we had received written confirmation that they had received it. Four weeks later, we received an In-Principle Approval Letter from the MOM confirming that the application had been successful and that the EntrePass was available for collection from the MOM. At this stage of the engagement, Mr Vladusic traveled to Singapore, where he was accompanied to the MOM by Healy Consultants’ staff to collect the EntrePass.
Other support services
These included:
- Introducing Mr Vladusic to Michael, a real estate agent who assists our Clients to find quality office and residential accommodation in Singapore;
- Assistance in furnishing the office using a preferred office retailer in Singapore, which supplied high quality office furniture and they delivered and fitted desks, chairs and filing cabinets to the office. All IT equipment was purchased from an IT retailer in Singapore and installed in the office by their staff.
Accounting and tax support
Healy Consultants efficiently and effectively completes the accounting, legal and tax obligations for Mr Vladusic’s Singapore company. Following the anniversary of company incorporation, Healy Consultants Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants sends a complete tax return to our Client for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is couriered to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits.
-
Pharmaceutical R&D firm incorporated
Background
Our Client Dr Keller is an Israel-based engineer involved in pharmaceutical research and development (R&D). As well as being an academic, Dr Keller is an ambitious entrepreneur who wanted to establish a pharmaceutical research facility in Asia.
Our Client chose Asia as a base for his facility because i) R&D facilities in Asia have lower operating costs than in Israel or Europe ii) Asia has a large pool of qualified R&D experts and iii) some governments in Asia offer financial incentives to R&D firms.
During his initial correspondence with Healy Consultants
, Dr Keller expressed his interest in setting up an R&D facility in India, which offers significant cost and labour advantages. However, Dr Keller was also open to alternative strategies and as such convened a detailed telephone conversation with Aidan Healy, managing director of Healy Consultants. It was agreed that Healy Consultants would conduct research for Dr Keller on the optimum location for the facility, and we requested a retainer fee of US$2,000 for the same.Our staff researched available government grants and operating costs in several different Asian locations, preparing a table of options to enable Dr Keller to make an informed decision.
It quickly emerged that Singapore would be the ideal location, since it has i) a flourishing pharmaceutical and biomedical research community ii) a well developed economy and legal system which protects intellectual property rights and iii) a respected education system which supplies talented research scientists to the local market.
Engagement planning
Dr Keller confirmed the scope of the engagement in an e-mail to Aidan. In addition to a Singapore company, he required i) Singapore resident director services (to be provided by Aidan) ii) a Singapore corporate bank account iii) assistance to obtain a Singapore Entrepreneur Visa iv) assistance with staff recruitment and v) assistance with tax and accounting functions, including tax returns, on an ongoing basis.
With costs agreed, Dr Keller signed Healy Consultants’ Client Engagement Letter, and supplied required due diligence.
Company incorporation
The first step in the engagement was to e-mail Dr Keller Singapore incorporation forms for his signature and return to us.
We then conducted a company name check at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which was approved immediately. This enabled our team to legally register the company in Singapore. The following day we received an e-mailed Certificate of Incorporation from ACRA, confirming that Dr Keller’s company was a legal entity.
At this stage, we prepared a full company kit for Dr Keller containing i) original Certificate of Incorporation from ACRA ii) bound copies of the Memorandum and Articles of Association iii) a print out from the Singapore public register showing directors’ and shareholders’ information and company secretary and registered office details and iv) original government receipts showing incorporation fees paid.
Corporate banking
Healy Consultants prepared a Singapore corporate bank account application and detailed business plan outlining the company’s R&D activities, allowing us to open the account without Dr Keller having to travel from Israel. These documents were sent to him for his signature and return to us.
Furthermore, we requested that Dr Keller visit his local bank branch in Tel Aviv, where the Singapore account application form was signed in the presence of a bank officer, who certified his signature.
Upon receipt of signed documents from Dr Keller, we submitted an account application pack to the Singapore bank containing i) signed bank application ii) corporate documents for his company iii) signed business plan and iv) bank due diligence (including notarised passport copies and bank reference letter. Healy Consultants submitted the application pack to the bank, and Aidan (as the Singapore resident director) attended an interview on the company’s behalf to explain why it required a Singapore corporate account.
Two weeks later, we received an account number. In the following two weeks, we also received (in sealed envelopes) Internet banking passwords and PINs, a corporate ATM card and PINs.
Healy Consultants prepared a complete pack for Dr Keller comprising i) original company documents ii) unopened bank correspondence iii) sealed bank cheque books and internet tokens and iv) a customer feedback survey, and these were kept safely in Singapore for his collection.
Entrepreneur visa
To enable Dr Keller to live and work in Singapore, we assisted him obtain a Singapore Entrepreneur Visa (EntrePass). Our staff completed an EntrePass application form, and drafted a detailed business plan (separate to the bank application) providing details about Dr Keller and his Singapore operations, including marketing strategies and financial projections. Simultaneously, Dr Keller obtained educational certificates from Israel and the US to complete the application pack, which was submitted to the Singapore Ministry of Manpower (MOM). Within four weeks, Dr Keller’s EntrePass was approved, allowing him to travel to Singapore and begin building his business.
Staff recruitment
Prior to Dr Keller relocating fully to Singapore, Healy Consultants placed staff recruitment adverts on his behalf in the Straits Times newspaper. Several applications were received by us, and, as per Dr Keller’s request we short-listed five high caliber candidates for interview during Dr Keller’s visit to Singapore.
Healy Consultants and Dr Keller have developed a close working relationship over the course of the engagement and we have been asked to manage his tax and accounting obligations going forward.
-
-
Singaporean crypto-currency business
-
Russian blockchain/cryptocurrency expert establishes legally tax-exempt company
Background
- Our Client offers consulting services to global clients seeking expertise on cryptocurrencies, smart contracts, blockchain research and analysis, and related fields. The company also offers software development, electronics design and related services;
- In 2018, our Client decided to establish a Singapore presence to better serve international clients. Having learned more about our Singapore capabilities through a Google search, our Client sent us an email;
- Following discussions with our Client about his business intentions, we recommended a legally tax-exempt Singapore company and international bank account in Europe.
Engagement planning
- Our team prepared and emailed our Client an Engagement Advancement Proposal, including i) a formal invoice ii) engagement letter iii) due diligence checklist and iv) a list of our existing and past Clients for professional reference;
- Our Client promptly provided us with due diligence documents and settled our complete invoice. Thereafter, we prepared i) a detailed Engagement Project Plan mapping out steps to engagement completion and ii) a quality business plan to assist with corporate bank account opening;
- Within one day we confirmed the company name availability with the Register, and then prepared and supplied our Client with company incorporation forms for his e-signature;
- To comply with Singapore law, Healy Consultants Group agreed to act as our Client’s i) company secretary and legal registered office and ii) resident director.
Company registration
- After email receipt of the signed incorporation documents, our team submitted a quality, complete incorporation application to the Singapore Accounting and Corporate Regulatory Authority (ACRA). We confirmed with the government that no special regulatory licence was required for our Client’s international crypto-related business;
- Within one week, the Singapore Companies Registry approved the company registration, and issued company numbers. Our Client’s company was, at this stage, legally allowed to conduct business internationally, including signing contracts with customers and issuing sales invoices;
- We then emailed our Client Singapore corporate documents and a template of his Singapore company sales invoice, comprising i) company registration number and ii) city centre business address.
Corporate bank account opening
- With company registration complete, we submitted the quality business plan and initial set of due diligence documents to multiple banks in Europe. Our team secured one bank in-principle approval for account opening, and the bank did not request our Client to travel. However, to speed the process our Client decided to travel to Andorra to meet the bank officer;
- Our Client signed bank account application forms and attested incorporation documents at the Russian embassy in Singapore, and couriered all original documents to the Andorra bank;
- The Andorran bank spent a significant amount of time reviewing the Client’s due diligence. To secure back-up options in case this account was rejected, we contacted multiple other payment service providers;
- Within two weeks, we supplied the account numbers from our Client’s preferred payment services provider;
- Unfortunately, after one year of communicating and reviewing our Client’s legalised documents, the legal department of the Andorran bank rejected onboarding our Client, without disclosing any reason.
Engagement completion
- Healy Consultants Group couriered our Client a company kit, including i) company incorporation documents ii) unopened bank correspondence and iii) a Client feedback survey.
-
Singapore cryptocurrency solution
Background
Our Client contacted Healy Consultants Group to set up a business focusing on i) proprietary trading ii) digital assets algorithmic trading and iii) strategies development.
Engagement Planning
Healy Consultants Group recommended our Client to proceed with our Singapore cryptocurrency solution, which is to register a Singapore offshore company and open an international crypto-friendly corporate bank account. By leveraging on Singapore’s reputation as Asia’s fintech hub, our Client will have a higher probability of successfully opening a multicurrency corporate bank account. Once our Client agreed with this low-cost and practical strategy, we prepared a detailed project plan, mapping each step and timeline of the engagement.
LLC Setup
Within one week of receiving the required documents, Healy Consultants Group successfully registered a limited liability company in Singapore. Thereafter, we sent our Client the corporate documents including Certificate of Incorporation, Memorandum & Articles of Association and Register of Directors/Shareholders.
Crypto-friendly corporate bank account opening
After the company is registered, Healy Consultants Group contacted our global banking contacts to secure confirmation of interest to board our Client’s crypto business. Within 2 weeks, Healy Consultants Group secured four banks which welcomed an application.
Challenges and Solutions
Our Client preferred to explore other banking options that were available. We immediately contacted other global banks and within 1 week, we secured another two banks which confirmed interest to board our Client’s business.
Opening a crypto-friendly corporate bank account is challenging and time-consuming. However, Healy Consultants Group’s expertise in this field allowed our Client to enjoy a seamless process.
Conclusion
We wish our Client and his team all the best in their cryptocurrency business and look forward to working with them again.
-
-
Singaporean subsidiary registration
-
Singapore LLC setup for Hong Kong group
Background
In November 2020 our Client, a Hong Kong company providing software support for live market data services, engaged our Firm to project-manage their expansion into Singapore. Their goal was to incorporate a company and open a local corporate bank account, so they could conduct business in Singapore.
Engagement planning
- Our Client’s priority was to fast secure company numbers, so we chose to register the company as a Private Limited Company (also commonly known as an LLC).
- Singapore has a residency requirement of one local director. To meet this legal requirement, Our Client chose to appoint one of Healy Consultants Group’s staff as a nominee local resident director.
- We also supplied a detailed project plan to our Client, mapping each step of the process until engagement completion.
Company setup
- After agreeing the above, our team immediately proceeded with the engagement, and secured the certificate of incorporation and completed the tax registration of the Singapore company within one week.
- We then submitted the corporate documents to our Client, so they could legally conduct their business in Singapore.
Corporate bank account opening
- Singapore banks require at least one director / shareholder to be present in Singapore for a face-to-face meeting before opening the corporate multi-currency account.
- Our Client agreed to action our recommended strategy of using a nominee to visit the shortlisted banks’ branches on their behalf, and secure corporate bank account numbers. The nominee is not a bank signatory, thus minimising risk to both our Client and the nominee.
- We thereafter secured a multi-currency bank account, and forwarded the e-banking passwords and login details to our Client.
Conclusion
- Business setup in Singapore is straightforward if you know how. The relative complexity of banking rules, however, makes professional, tailored advice crucial.
- The appointment of foreign bank signatories also requires personal travel to Singapore, which is currently unfeasible due to international travel restrictions. Our team still successfully managed to appoint our Client by using a nominee representative, as well as providing notarised documents requested by the banks, thereby enabling our Client to run their business operations without travel.
- Kindly contact us to enquire about our services, we will be happy to assist.
-
UAE PR and communications company establishes Singapore subsidiary
Background
- Our client, an Azerbaijani entrepreneur, approached Healy Consultants Group to advise on the best location to establish an international tax-exempt company to invoice his international clients;
- After an initial phone call with our experts, our Client requested a meeting to discuss further the options provided by Healy Consultants Group;
- During the meeting the Client settled for a Singapore tax-exempt company, and commissioned Healy Consultants Group to establish the entity;
- Our Client also engaged our services to i) open a multicurrency corporate bank account in Western Europe, preferably Switzerland and ii) to provide a Singapore nominee resident director, in accordance with Singapore Companies Act;
Engagement Planning
- Our Client signed Healy Consultants Group’s engagement letter and provided scan copies of due diligence documents, as per our compliance requirements;
- Healy Consultants Group prepared the i) draft corporate structure document and ii) Singapore virtual office agreement, and sent it for our Client’s review and approval;
- Healy Consultants Group also prepared and emailed our Client a detailed project plan and draft business plan for the proposed entity for our Client’s review, input and signature;
Singapore company incorporation
- Healy Consultants Group prepared the i) Singapore company incorporation documents ii) nominee director indemnity agreement and iii) Ultimate Beneficial Owner declaration, and sent for our Client’s review and e-signature;
- Healy Consultants Group incorporation team conducted a name search with ACRA to determine the availability of our Client’s preferred company name and confirmed availability within one day;
- Upon receipt of the signed documents, Healy Consultants Group compiled and submitted a quality company incorporation application with the Singapore Accounting and Corporate Regulatory Authority (ACRA);
- Within three days, Healy Consultants Group received approval from ACRA and proceeded to download i) the certificate of incorporation ii) company Bizfile showing company officers and iii) company constitution (M&AA), and emailed the same to our Client;
Europe multicurrency corporate bank account
- Healy Consultants Group contacted multiple banks in Switzerland to secure their interest in onboarding our Client’s business;
- Within two weeks, a Swiss bank confirmed they would be willing to consider an application from our Client. Healy Consultants Group provided the bank with all our Client due diligence documents for review and consideration;
- Over a five-week period, the bank’s compliance officer reverted multiple times to Healy Consultants Group requesting i) CPA certified corporate and personal documents and ii) information about the Client’s business;
- The bank confirmed the bank compliance officer had given pre-approval for the client and i) opened a temporary IBAN for the client to inject the initial deposit of CHF10,000 (as per bank policy) and ii) conducted a Skype verification call with our Client;
- The bank also requested Healy Consultants Group to courier all the signed and certified documentation from the Singapore company and UAE parent company, and the UBO;
- After six weeks the bank’s compliance approved the corporate account for our Client’s Singapore company and i) emailed our Client the bank account details and ii) couriered to our Client’s Dubai address the internet banking token;
Asia corporate bank account
- After the Swiss bank account was opened, our Client reverted to Healy Consultants Group requesting a back-up corporate account for his business;
- Healy Consultants Group contacted 10 banks in Europe and in Asia for alternative banking options. Within two weeks, we secured interest from a Portuguese bank and an international bank in Malaysia;
- Healy Consultants Group banking team submitted applications to both banking institutions and simultaneously advanced corporate account opening applications with them;
- Within two weeks, the international bank i) provided bank account opening forms for our Client’s review, signature and ii) requested all company and personal documents be signed and stamped by our Client;
- Upon receipt of the scan copies of the above documents and within three weeks, the international bank approved the corporate account for the Singapore company and emailed the bank details directly to our Client;
- Upon initial minimum deposit injection into the corporate account, the bank activated the internet banking and mailed our Client the online banking token;
Engagement completion
- To comply with Singapore Government legal requirements, Healy Consultants Group emailed our Client a sample tax invoice;
- Our Client settled the outstanding fees due to Healy Consultants Group and emailed our accounting team the transfer slip;
- Healy Consultants Group prepared all the corporate documents including certificate of incorporation, company constitution (M&AA) and nominee director agreements, and couriered the same to our Client’s address in Dubai.
-
USA engineering consulting company registers Singapore subsidiary
Background
- Our Client is an industry-leading Process Safety Management (PSM) provider based in the USA. Since opening in 2007, the company has become a trusted process safety adviser to the world’s leading companies. Our Client’s experience includes PSM projects at nine of the top ten United States refiners, as well as multiple chemical plants and pharmaceutical sites;
- In 2018, the company decided to expand its business into the Asian market. The company approached Healy Consultants Group to establish a local Singapore subsidiary.
Engagement Planning
- Before Healy Consultants Group began the engagement, our team contacted the Singapore professional engineers board to verify whether there was any license requirement for our Client’s intended business activity. Thereafter, Healy Consultants Group immediately prepared i) a detailed Engagement Project Plan mapping out every step of the project as well as ii) a Business Plan to support a smooth corporate bank account opening process.
Singapore subsidiary set up
- Upon receipt of all the required KYC documents, Healy Consultants Group’s Compliance Team agreed to proceed with Singapore company incorporation;
- The project manager checked the availability of our Client’s proposed company name;
- Within three days, Healy Consultants Group registered the Singapore company and provided the Client with corporate documents including i) Certificate of incorporation ii) Business profile and iii) Memorandum and Articles of Association;
- Thereafter, our Client was legally allowed to recruit local employees and issue invoices from the newly-established Singapore company.
Singapore bank account opening
- Upon company incorporation, Healy Consultants Group secured confirmations to onboard the Client’s business from three reputable Singapore banks;
- As it was mandatory for our Client to attend a face-to-face interview, Healy Consultants Group immediately actioned our travel policy;
- Our Client travelled to Singapore and met the bank officers. The interviews went smoothly and, within one week, one of the banks opened a corporate bank account for the new Singapore entity;
- Consequently, our Client had access to internet banking within three weeks of the corporate bank account being opened.
Conclusion
- With a detailed project plan and a comprehensive business plan, Healy Consultants Group successfully provided quality deliverables to our Client in a timely manner;
- We wish our Client all the best with their business.
-
Registration of a Singapore subsidiary for online and mobile business
Background
- Our Client approached Healy Consultants Group to assist with registration a subsidiary of his Hong Kong company in Singapore. The company’s main business nature is online and mobile business activities. In addition, the company will sell company stocks from Hong Kong, Singapore and various mutual funds.
Engagement planning
- Healy Consultants Group confirms that the company can be registered within one week upon receiving all required KYC documents. Our Firm will provide the KYC documents of the nominee resident director which will be appointed. In addition, our Client confirms to leverage on Healy Consultants Group’s network of Singapore banks and open a local corporate bank account.
Setting up of a Singapore subsidiary
- Upon receiving all required KYC documents, Healy Consultants Group registered our Client’s Singapore company within one week. In addition, our legal team provided nominee director agreement to ensure that the nominee has no decision-making power in the company.
Singapore corporate bank account opening
- Within three days, Healy Consultants Group arranged multiple meetings with reputable Singapore banks for our Client. Our Client travelled to Singapore for the bank meetings and the bank account was successfully opened in 4 weeks.
Challenges and Solutions
- The director and shareholder of the Singapore company required that the Singapore corporate bank account was opened without travel. Despite aggressive negotiations, Singapore banks were reluctant to give in. This is due to the strict onboarding requirements and AML/CFT process of local banks. Healy Consultants Group arranged all bank meetings to be held in two days, so our Client does not have to be overseas for too long a period.
Conclusion
- Healy Consultants Group provided our Client with a Singapore subsidiary and a corporate bank account with a reputable bank. We are proud to assist our Client with his overseas expansion and wish him all the best in future endeavors.
-
Online marketing company
Background
Our Client is a globally operated company specializing in online marketing consultancy. The company provides technical support for digital marketing campaigns (website optimization software). Having offices in London, New York and Sydney, our Client approached Healy Consultants requesting to establish a subsidiary and to open a bank account in Singapore.
Engagement planning
Before Healy Consultants started working on the engagement, we prepared a quality detailed project plan which identified the scope, goals, deliverables and deadlines of the project.
Company incorporation
Healy Consultants prepared the incorporation forms according to the company regulation act. After checking whether the company name could be registered, the new company was incorporated with the Accounting and Corporate Regulatory Authority in Singapore (ACRA). Thereafter, all the corporate documents were sent to the Client.
Employment Pass application
Once the corporate bank account had been opened, Healy consultants prepared and submitted the quality prepared EP application for employees of the new incorporated company. Over the following 3 weeks, Ministry of Manpower approved the application and our Client started legally working in Singapore.
Conclusion
To support our Client, Healy Consultants was focusing on planning and organizing the project and on achieving the results. Our team efficiently uses available resources, understood their responsibilities and the expected deliverables and completed project on time.
-
A Spanish manufacturer of safety and security glass and metal framing systems based in UAE establishes an LLC in Singapore
Background
- Our client specializes in research, development and manufacturing of premium safety and security glass and metal framing systems. In addition to the manufacturing, our client directly markets, offers sales, maintenance and installation services for all their products;
- Having found Healy Consultants Group business website through Google, our Client rang us in May 2018 to determine if our Firm could assist the engagement and complete the engagement before September. After expert analysis and deliberations with Kunal Fabiani, and a personal meeting both in Singapore and Dubai, our Client decided to proceed and engage Healy Consultants Group for their business setup.
Engagement planning
- Healy Consultants Group prepared and emailed our Client an engagement advancement proposal including a formal invoice and engagement letter with the agreed services during the personal meeting. Additionally, Kunal agreed to add value to the engagement and reserve a “.com.sg” domain for our client at no additional cost. Thereafter, Healy Consultants Group prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan to assist with corporate bank account opening in Singapore.
Company registration
- Healy Consultants Group reserved the preferred company name with the Singapore Companies Registrar, ACRA, and completed i) the application forms for company incorporation (Form 24, Form 45 & Form 49), ii) director declarations and consent and iii) emailed the same to our Client for signature and email return together with corporate due diligence documents;
- Upon receipt of the e-signed documents from our Client, Healy Consultants Group submitted the complete quality LLC registration application with the ACRA. Within 3 days of application submission, Healy Consultants Group obtained ACRA approval and immediately emailed our Client a scan copy of the Certificate of Registration and BizFile.
Corporate bank account opening
- With the company registration now complete, Healy Consultants Group approached numerous Singapore based banks including local and international banks to secure interest in onboarding our clients Singapore entity. Within a week, Healy Consultants Group confirmed interest from multiple banks in welcoming an application from the client’s business and requested a KYC face to face meeting with the client in order to advance the account opening application;
- Due to a delay in the client’s ability to travel, the bank account meetings took place 2 months later. After meeting with each bank’s relationship officer, understanding each offering and signing the bank account forms. Our client selected a Singapore bank as their preferred banking partner. Within 2 weeks, the bank confirmed our clients account had been successfully opened. Thee bank couriered the online banking tokens to Healy Consultants Group’s Singapore office address (our clients legal registered office).
Engagement completion
- Upon receipt of the online banking tokens received in Singapore, the same was couriered back to Healy Consultants Group’s Dubai office where the tokens where compiled with the rest of the client’s company kit and then couriered to the client, completing the engagement.
-
Registration of an appliance trading company in Singapore
Background
- Since 1975, our Client has been a leading supplier of appliance parts and accessories for all major appliances such as air conditioners, dehumidifiers, dishwashers, etc. They maintain the largest inventory stock of appliance parts, supplies and accessories in the states of Rhode Island and Maine;
- In 2018, our Client contacted Healy Consultants Group to project-manage their expansion into Singapore due to great business performances over the years.
Engagement planning
- Our Firm confirmed that a Limited Liability Company is best suited for our Client’s business needs;
- Healy Consultants Group agreed with our Client to open a Singapore corporate bank account with a top institution that offers competitive pricing and excellent online banking facilities, usable everywhere in the world;
- Healy Consultants Group drafted a detailed business plan outlining the tasks and estimated completion time. Thereafter, we emailed our Client the business plan, corporate structure and project plan for their confirmation.
Singapore LLC setup
- In May 2018, our Client confirmed and couriered us all requested documents and Healy Consultants Group prepared the incorporations for signature;
- Within two weeks of receipt of documents, the company was successfully incorporated after getting approved by the Accounting and Corporate Regulatory Authority of Singapore. Healy Consultants Group emailed the Certificate of Incorporation as well as other incorporation documents to our Client.
Corporate bank account opening
- As Healy Consultants Group has always maintained excellent relationship with Singapore banks, we managed to schedule bank meetings with local and international banks. The meetings were scheduled within a three-day span as our Client will only be in Singapore during that period;
- The meeting was held in our Singapore Head Office and the interviews went smoothly. Within one week, the bank confirmed that they can board our Client’s business.
Challenges we faced and solutions
- The company’s director and shareholders are different individuals and they are all bank signatories. Healy Consultants Group predicted that this may cause complications during the process of opening corporate bank account;
- Before bank meetings, Healy Consultants Group briefed our Client to bring proofs to show that they are family members. By explaining to the three banks that this company was a family business, it greatly reduced the complications involved, resulting in the Singapore bank willing to board the business within a week.
Conclusion
- Within three months, Healy Consultants Group was able to provide our Client with all a Singapore LLC company and a Singapore corporate bank account, with minimal delays and complications involved;
- We are proud to assist our Client to expand his business into Southeast Asia and we wish them all the best in their business expansion.
-
UK-Based business advisory expands into Asia
Background
ABMV Ltd is UK-based international business advisory and accountancy firm with affiliations worldwide. It is the back office to, and affiliate of, Optio Community, a collection of Client-focused consulting companies who provide efficient and value-added products and services to individual contractors around the world. Healy Consultants was engaged to incorporate a Singapore company to serve as a strategic gateway into the Australia, New Zealand, India and other Asia Pacific markets. Since then, Healy Consultants has developed and maintained an excellent working relationship with both ABMV and Optio, providing a range of corporate support services to assist the international consulting business.
Engagement planning
The engagement started when Andy Myers, managing director of ABMV Ltd, contacted Healy Consultants with a view to starting a company in Asia as part of a regional business expansion strategy. Healy Consultants’ managing director Aidan Healy explained to Andy the accounting, tax and legal implications of incorporating and running a company in different Asian jurisdictions, and it became clear that a Singapore company would likely fulfill the Client’s strategic business objectives. On this basis, our experts worked with Andy to engineer the best corporate structure, including shareholders and directors. To fulfill the company’s statutory obligations, it was agreed that Aidan Healy would be the resident director and company secretary.
Company incorporation
Healy Consultants prepared corporate documents for Andy’s signature, including a Board of Directors’ Resolution, Consent to act as Director and Memorandum and Articles of Association. These were couriered to Andy and returned swiftly to our Singapore office. Furthermore, the Client provided due diligence required by Healy Consultants’ Compliance Team, including a notarised passport copy, bank reference letter, resume and proof of residential address. Corporate documents were submitted to the Accounting and Regulatory Authority of Singapore (ACRA), which responded with an e-mailed Certificate of Incorporation confirming the legal existence of Andy’s new company, Four Points Resourcing Pte Ltd.
Corporate banking
Following incorporation, Healy Consultants approached an international bank in Singapore to open a multi currency corporate bank account for Four Points Resourcing Pte Ltd. To achieve this, we completed a bank account application form, which was couriered to the bank signatories for signature and return to our office in Singapore. Upon return, we submitted a complete application pack to the bank, including the signed application form, the company’s corporate documents and due diligence on the bank signatories. As resident Singapore director, Aidan Healy attended a bank interview on behalf of the company, explaining to the bank officer why Four Points Resourcing Pte Ltd required a Singapore account, and also provided an overview of the company’s global activities and plans in Asia. Within four working days, Healy Consultants received a bank account number for Andy’s company, which was forwarded to the Client immediately.
Accounting and tax support
On behalf of Four Points Resourcing Pte Ltd Healy Consultants completed annual statutory tax returns to the Inland Revenue Authority of Singapore (IRAS). We receive a sample trial balance from our Client, together with e-mail copies of invoices and bank statements. Then, our Accounting Department prepares a tax computation, together with supporting tax notes and a complete package is then couriered to the IRAS.
-
Specialised risk management company expands Asia business
Background
Dubai-based Unity Resources Group is a leading provider of consultancy, training and critical support services to organisations operating in complex, unpredictable environments. The company approached Healy Consultants to help it expand its business throughout Asia and the Middle East.
Engagement planning
During a meeting at Healy Consultants’ Singapore office Healy Consultants explained to the Client the accounting, tax and legal issues associated with operating a company in different Asian jurisdictions. Singapore emerged as the jurisdiction whose advantages and statutory obligations best met Unity Resources Group’s needs. Having decided on Singapore, we worked closely with our Client to decide the best structure for the company, including shareholders and directors.
Company incorporation
Healy Consultants performed a company name check for Unity Resources (Singapore) Pte Ltd at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), and formally incorporated the company with the agreed corporate structure. The Certificate of Incorporation was then received, confirming the company as a legal entity.
In addition to incorporating Unity Resources Pte Ltd, Healy Consultants also assisted our Client to establish Security Solutions Asia Ltd, a specialist consultancy with offices in Hong Kong and Jakarta, providing a comprehensive range of services to Clients throughout Asia Pacific.
Corporate banking
Following incorporation of Unity Resources Pte Ltd, Healy Consultants opened a Hong Kong corporate bank account. To achieve this, we completed and submitted an application form and detailed business plan, which outlined the company’s products and services, as well as financial projections.
Support services
Healy Consultants provides ongoing logistical support in Singapore for Unity Resources (Singapore) Pte Ltd, including liasing with the United Arab Emirates (UAE) embassy in Singapore to certify corporate documents. Furthermore, we provide a Singapore virtual office service which includes telephone answering and mail-forwarding, thereby enabling the company to conduct business more efficiently in Singapore and Asia.
-
Media company flourishes in Asia
Background
OLV Limited is a thriving media and business solutions company with high-end projects throughout the Asia Pacific and Middle East. The company engaged Healy Consultants to help set up a company in Singapore to enable it to more efficiently conduct business in Asia.
Engagement planning
Healy Consultants informed the Client on the legal, tax and accounting obligations of companies in Singapore.
Company incorporation
Healy Consultants checked the availability of the company name at the Accounting and Corporate Regulatory Authority of Singapore (ACRA) which was quickly approved. This enabled our team to formally incorporate the company and the Certificate of Incorporation, confirming the company as a legal entity, was received via email.
Corporate banking
With the company incorporated, Healy Consultants then assisted OLV Limited in opening a corporate bank account with an international bank in Singapore. The bank application forms were completed by our Banking team on OLV Limited’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 . The application was approved without requiring the Client to visit Singapore at any stage of the account opening process.
Support services
To enable OLV Limited to conduct business in Singapore from abroad, Healy Consultants supplied full Virtual Office in Singapore, which provided vital support to OLV Limited’s business, including office address, meeting rooms, as well as a telephone and e-mail answering service.
-
Telecom consultant moves into Asia Pacific
Background
Andrew Del Rio is a successful American businessman with many years of experience in the telecommunications industry. Together with four colleagues, Andrew runs a thriving telecommunications consultancy INOG-PS (www.inog-ps.com), headquartered in the USA. To better meet the needs of its growing Client base in Asia Pacific and Australasia, INOG-PS engaged Healy Consultants to establish a Singapore subsidiary to act as a regional headquarters.
Engagement planning
Andrew outlined his business objectives to Healy Consultants. We were able to offer a broad-based strategy which would enable INOG-PS to best meet these objectives, including engineering the optimum corporate structure and opening a multi currency corporate bank account to facilitate international financial transactions. With costs agreed, our Client signed Healy Consultants’ Client Engagement Letter, confirming the corporate structure required and supplying due diligence required by us.
Company incorporation
Healy Consultants approached the Accounting and Corporate Regulatory Authority of Singapore (ACRA) with the agreed structure. Healy Consultants prepared corporate documents for the new Singapore company, INOG-PS Pte Ltd, including Memorandum and Articles of Association and consent to act as shareholder and director, which were sent to Andrew and his colleagues for signature and return to our Singapore office. The signed documents were submitted to the ACRA, which subsequently issued a Certificate of Incorporation confirming the legal incorporation of INOG-PS Pte Ltd.
Corporate banking
Andrew requested Healy Consultants assistance in opening i) a multi-currency bank account with a reputable local bank in Singapore (to allow the company to trade immediately) and ii) a multi-currency corporate bank account with an international bank in Hong Kong (to support the company’s long-term strategy in Asia). Healy Consultants completed bank application forms and prepared a detailed business plan, outlining the company’s activities, financial projections and a one-page analysis of the Asian telecommunications market. These documents were then couriered to the US for Andrew’s signature and return to us. This completed, a complete pack was submitted to the banks. Shortly thereafter, Healy Consultants received the approval for the Singapore corporate account and the Hong Kong corporate account.
Support services
To support INOG-PS Pte Ltd’s regional operations, Healy Consultants provided a full virtual office in Singapore to efficiently handle the company’s Asia Pacific correspondence. The virtual office included telephone answering and mail forwarding.
-
Setting up of business in Singapore
Background
Our client Mr. Abhishek Lal is a young entrepreneur in Mozambique dealing in wood export services from Mozambique to China and Hong Kong. His company has been able to build a base of stable buyers in all the three major timber importing hubs of China- Shatian/ Guangzhou/ Donguan, Shanghai and Zang Jia Gang.
The company engaged Healy Consultants
to help set up a company in Singapore to enable it to more efficiently conduct business in Asia.Engagement planning
Mr. Abhishek sent an email to Healy Consultants outlining his requirements and objectives, and followed this up with a telephone call during which Healy Consultants provided comparisons of Asian jurisdictions. It emerged during the conversation that Singapore would be the ideal location for Mr. Abhishek (the Client had also been interested in another Asian jurisdiction).
Healy Consultants recommended Abhishek to set up the Singapore Company initially with a simple corporate structure by appointing himself as the International director and sole shareholder and include his partner Mr. Raghav in the company after the successful opening of the corporate bank account in Hong Kong.
The reason for this recommendation was the Global banks are tightening the corporate bank account opening procedures, their internal compliance departments are becoming thorough due diligence of Clients. Thus, making it more difficult and complicated to open a corporate bank account for a newly set up entity.
With costs agreed, Mr. Abhishek signed our Client Engagement Letter and confirmed the corporate structure for the Singapore Company, including Aidan Healy acting as the Singapore resident director, as per local statutory requirements. We also requested and received personal due diligence from Mr. Abhishek and his partner, including passport copies, proof of addresses, bank reference letters and resumes.
Company incorporation
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 incorporated the company with ACRA. In one day, Healy Consultants received the confirmation of the company being formed as a legal entity along with the incorporation certificate.
Corporate banking
With the company incorporated, Healy Consultants then assisted our client opening a corporate bank account in Hong Kong. Since, the Hong Kong banks had changed their banking regulations and required Abhishek to travel Healy Consultants arranged his meeting with three international banks with no additional costs. Our Hong Kong representative accompanied him in all the meetings. All three corporate bank accounts were opened successfully within a month.
Following the opening of the corporate bank account, Healy Consultants appointed his partner as the other director and the shareholder of their Singapore company.
Accounting and tax support
Healy Consultants efficiently and effectively completes the accounting, legal and tax obligations for Mr Abhishek’s Singapore company. Following the anniversary of company incorporation, Healy Consultants Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants sends a complete tax return to our Client for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is couriered to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits.
-
-
Singaporean financial services companies
-
Singapore Stored Value Facility company registered
Background
- Our Client is an international payment provider specialising in electronic wallets. The company decided to expand its business into Asia;
- After understanding the intended business activity, Healy Consultants Group advised our Client to set up a Singapore Stored Value Facility (SVF) company;
- Our Client decided to engage Healy Consultants Group to project manage the setting up of the Singapore SVF.
Engagement Planning
- Due to the Client’s high risk profile, Healy Consultants Group’s Compliance Department carefully reviewed the due diligence documents and business background;
- Following confirmation to proceed from the Compliance Department, our Project Management team prepared a detailed Project Plan that included engagement stages, scopes and objectives.
Company incorporation
- Prior to company registration, Healy Consultants Group prepared the incorporation forms for our Client’s signature;
- Within one week of receipt of the documents from the Client, the Project Manager reserved the company name and successfully incorporated the company with the Accounting and Corporate Regulatory Authority of Singapore (ACRA);
- Healy Consultants Group emailed the corporate documents to our Client.
SVF license exemption
- In order to obtain SVF status for our Client’s company, Healy Consultants Group prepared and submitted the completed PSOA – NO2 form to the Monetary Authority of Singapore (MAS);
- MAS reverted several times requesting additional information on the Singapore entity and its business activity;
- Healy Consultants Group immediately liaised with our Client and provided the additional supporting document to the MAS;
- After three weeks, MAS approved SVF license exemption approval for our Client;
- Immediately thereafter, Healy Consultants Group assisted our Client to prepare a legal memorandum.
Engagement Completion
- After engagement completion, we sent our Client a Summary of Obligations from his side;
- We also informed the Client about the new licensing regulations for the SVF businesses and explained the payment providers licence procedures;
- To finalise the project, Healy Consultants Group couriered i) company kit and ii) legal opinion for the SVF company, to the Client.
Conclusion
- Healy Consultants Group assisted our Client at every stage of this interesting SVF project, and provided the Client with quality deliverables without delay or complication.
-
Stored Value Facility company
Background
Our Client is an international financial service provider that offers different financial solutions for its customers such as emoney and SVF services. In order to expand the business in Asia, the company engaged Healy Consultants Group for a Singapore subsidiary incorporation and Stored Value Facility license exemption.
Engagement Planning
Before starting the project, Healy Consultants’ team carefully reviewed the KYC documents including the company’s background and business activity description and created a detailed project plan. Beside the project’s stages, scopes and objectives, the plan included potential challenges and solutions.
Company incorporation
Once all the documents were reviewed by the compliance department, we prepared all the necessary incorporation forms, sent them to the Client for electronic signature, and submitted them to the ACRA (a government entity that registers companies).
SFV exemption
To comply with the Monetary Authority of Singapore requirements, we prepared and submitted the quality PSOA-NO2 Form along with a package of required documents. A SVF exemption was accepted by the MAS within 3 weeks after providing the application. To finalize the project, we assisted our Client with a legal memorandum for the SFV business.
Conclusion
As a corporate service provider specialist, Healy Consultants Group supported our Client in every stage of the project. After the project has been completed, the client confirmed that the results met his objectives and expectations.
-
Stored Value Facility company
Background
Our Client is the financial services company that specializes in online payments services for corporate and retail customers. Client reached out to Healy Consultants Group in order to secure Stored Value Facility status in Singapore.
Engagement planning
Every project Healy Consultants’ team starts from detailed project planning. After carefully research regarding SFV business activity, we prepared a quality detailed project plan that included the scope, goals, deliverables and deadlines of the project.
Company incorporation
After the incorporation forms were signed, Healy Consultants Group project management team applied for the company name and, thereafter incorporated the company with the Accounting and Corporate Regulatory Authority in Singapore (ACRA). After all the registration procedures were completed, the corporate documents were sent to the Client.
SFV exemption
Once the company was incorporated in order to secure an exemption for SVF activities, Healy consultants Group PLC prepared and submitted the quality PSOA-NO2 Form A to Monetary Authority of Singapore. Within 3 weeks our Client started legally conduct SVF business.
Conclusion
Throughout the engagement, Healy Consultants Group has been supporting our Client by focusing on planning and organizing the project and on achieving the results. Our team efficiently used available resources, recognized the responsibilities and expected deliverables and completed project on time.
-
-
Singaporean holding company registration
-
USA company expands into Asia with Singapore holding company
Background
- In 2019, Healy Consultants Group advised our Client, a USA-listed company, to expand in Asia.
- To simplify business setup, we recommended to register a non-resident Singapore company to hold the shares of the other entities registered in multiple Asian jurisdictions, such as Thailand, Philippines and Korea.
- To legally minimise Singapore corporation tax, we also recommended our Client’s company open a US$ corporate bank account overseas.
- In early June 2020, our Client agreed with the above recommendations and settled Healy Consultants Group’s engagement fees for such setup.
Engagement planning
- Our team provided a detailed project plan outlining i) engagement process ii) expected timelines and iii) foreseeable challenges and solutions during the engagement.
Singapore company registration
- Registration of the Singapore entity was initially put on hold due to the resignation of our Client’s preferred director. Another staff member was appointed as director and temporary shareholder of the business in the summer of 2020.
- After registration of the entity with ACRA, we provided a Certificate of Incorporation and other corporate documents to our Client.
Corporate bank account opening
- We initially approached Malaysian and Indonesian banks to secure an invitation to submit a formal application for corporate bank account opening. However, all banks approached declined the request, or requested a significant amount of KYC (know your client) documentation.
- In line with our guaranteed corporate bank account policy, we did not give up.
- After liaising with our Client, we decided to approach the Australian branch of a top-tier USA bank, with which our Client already had an existing banking relationship.
- The corporate bank account was secured with this bank without travel. Thanks to our Client’s pre-existing relationship, the bank also agreed for all forms to be signed electronically! No wet signature required.
Engagement completion
- Our Client received online tokens and passwords and integrated the bank account with their existing banking systems. From that date onwards, our Client was able to use the holding company to finance their Asian operations, in a tax-efficient manner.
- See this page for more information on important considerations to register a holding company.
-
Registration of a Singapore Holding Company in renewable energy industry
Background
- In 2018, our Client contacted Healy Consultants Group to assist in setting up a Singapore Holding Company in the field of electric vehicle battery and renewable energy;
- The company planned to open foreign branches in the same sector. Additionally, the Client would prefer to open a multi-currency corporate bank account in Europe, preferably Switzerland.
Engagement Planning
- Our Firm recommended setting up a Singapore offshore LLC for our Client;
- Additionally, Healy Consultants Group explained to our Client that we have good banking relationships with top banks in jurisdictions such as Switzerland, Cyprus, Malta and Liechtenstein;
- Healy Consultants Group prepared a detailed business plan for submission to European banks to confirm their interest to board our Client’s business.
LLC Setup
- One week after our Client submitted the required due diligence documents, the company was successfully incorporated;
- Healy Consultants Group received the incorporation documents such as certificate of incorporation, register of members/directors and constitution.
Corporate bank account opening
- As our Client was in Switzerland during mid-September for a business trip, he requested to Healy Consultants Group to arrange a bank meeting with a Switzerland bank;
- Through our excellent relationship with many European banks, Healy Consultants Group managed to arrange a bank meeting with an international bank in Switzerland;
- The meeting went well and within two weeks, the bank supplied our Client with bank account numbers.
Challenges and Solutions
- Initially, the international bank was unwilling to board the Client’s business due to the policy of non-holding companies service;
- We had multiple phone calls with the bank officer and provided additional due diligence documents required by the bank’s compliance team. Healy Consultants Group skillfully and aggressively negotiated with the bank officer and came to an agreement. The bank would be willing to open a corporate bank account if our Client set up a trading company;
- Consequently, the bank agreed to proceed and Healy Consultants Group successfully secured the bank account numbers for our Client.
Conclusion
- Within 10 weeks, Healy Consultants Group supplied our Client with a Singapore offshore company and a corporate bank account in his preferred jurisdiction.
-
Holding company set up in Singapore
Background
Our Client contacted Healy Consultants initially for the formation of a holding company in a tax neutral asian jurisdiction. The entity was to be used as a special purpose vehicle (SPV) to pool funds between Canadian and French investors in the Indian IT industry, and specifically in a first subsidiary based out of Mumbai.
Engagement planning
While our Firm confirmed that the optimal type of business entity for such purpose would be an LLC, we also informed our Client that tax neutral companies are currently suffering from a poor reputation with the Indian tax authority, creating uncertainties for the future repatriation of dividends outside of India. We consequently suggested our Client to consider registering a holding company in either Singapore or Hong Kong.
Our Client finally opted for the formation of a company in Singapore, due to the ability of issuing shares with no par value and the presence of branches of several Indian banks in Singapore.
Company formation
After receipt of due diligence documents from the four shareholders, we submitted a complete application for the registration of a Singapore private limited company, which was approved by the Accounting and Corporate Regulatory Authority of Singapore. We emailed the certificate of incorporation and the extract of commercial registrar to our Client.
Corporate bank account opening
While we initially planned to open a corporate bank account with a Singapore bank, we finally agreed with our Client to focus instead on a leading Indian bank in Singapore. The bank quickly welcomed a formal application, which was submitted in person by Aidan Healy at the bank’s Cecil Street branch without our Client travelling.
As often done by Singapore banks when the bank signatories are not present in Singapore, The international however requested our Clients to provide recent proofs of address and evidence of holding activities by the subsidiary. We assisted our Client to meet these requests and the corporate bank account was then approved over the following weeks, which also directly couriered the bank tokens to the signatories’ overseas addresses.
Engagement completion
We couriered a company kit to our Client and received excellent feedback with regards to the services provided by Healy Consultants. For more information on this engagement and/or to obtain the contact details of our Client, please contract our French Director of our Clients Engagements Department, Mr. Simon Guidecoq.
-
Global communications group establishes holding company
Background
Assemble Communications is a well-established Internet-based telecommunications company headquartered in the US. As part of Assemble Communications’ ambitious global expansion plans, the company wished to set up a company in Singapore.
Engagement planning
Healy Consultants was engaged to assist Assemble Communications achieve its regional strategic objectives. As such, we outlined in detail the relocation costs and Singapore business set-up procedures, as well as the legal and tax obligations. The Client confirmed the corporate structure, which would make the Singapore company, Assemble Communications Global Pte Ltd, the holding company for the Group.
Company incorporation
To formally incorporate Assemble Communications Global Pte Ltd, Healy Consultants’ incorporation team approached the Singapore Accounting and Corporate Regulatory Authority (ACRA). The Certificate of Incorporation was received via e-mail, thereby confirming it as a legal Singapore entity.
Corporate banking
Following incorporation, Healy Consultants approached an international bank in Singapore to open a corporate bank account for Assemble Communications Pte Ltd, submitting a full set of corporate documents and a business plan highlighting the company’s activities. As the Client was based in the US it was a major advantage to them that their directors were not required to travel to Singapore for the bank account application. We received account opening approval from the bank shortly thereafter, enabling Assemble Communications Pte Ltd to begin invoicing international Clients.
Virtual office services
Healy Consultants provides a Singapore virtual office service, including telephone answering and mail forwarding, enabling the company to operate more efficiently during Asia business hours.
-
-
Singaporean multi-currency corporate bank accounts
-
Singapore corporate account opening for a Pharmaceuticals company
Background
- In 2018, our Client approached Healy Consultants Group to open a corporate bank account for their Singapore Company. The mother company was incorporated in 2014 and was engaged in the trading in the field of tea, medicines and chemicals for textile industry.
Engagement planning
- We provided our Client with a detailed proposal outlining costs breakdown, time frame, and accounting and tax liabilities. All fees were agreed upfront so there would be no hidden charges to our Client;
- Healy Consultants Group sent a draft business plan for our Client review, input and email return; Healy Consultants Group supplied weekly detailed engagement status updates on country progress;
- Based on our Clients’ requirements, Healy Consultants Group contacted multiple banks in i) Ireland ii) Czech Republic iii) Canada iv) Australia v) Switzerland and vi) Latvia for the initial introduction of our Client’s business and their need for a non-resident multi-currency corporate bank account.
Corporate bank account opening
- Before starting the process, our Client i) settled the invoice; and ii) provided the completed and signed engagement letter;
- Since this is an existing Client, we needed updated due diligence documents including i) latest proof of address ii) latest 6-months bank account statements iii) latest passport copy iv) sales and purchase invoices as supporting documents to show the business’s clients and suppliers and v) business contracts as proof of ongoing business;
- Based on our recommendation, our Client decided to proceed with an international bank in Ireland for account opening.
Ireland corporate bank account opening
- Healy Consultants Group completed the bank account opening forms and emailed to our Client for signature. The bank in Ireland requested for a legal opinion letter for our Client’s company because this is not an Irish incorporated company. Healy Consultants Group secured the same for our Client;
- The bank reverted requesting for additional documents due to the nature of our Client’s business. The information required included i) rationale for the account in Ireland given the company, directors and UBO are non–resident ii) a list of trading partners in Uzbekistan iii) documentary evidence of the source of US$80,000,000 coming into the account and iv) documentation evidence of the source of funds which will be going through the accounts. Healy Consultants Group liaised with the Client to timely supply the same to the bank;
- Unfortunately, the bank’s Legal and Compliance Department rejected our Client’s bank account opening application. The reason given was that it is unwilling to deal with any non-Irish company that has dealings with Russia;
- Immediately thereafter, we discussed the situation with our Client and reassured them, we would not give up, without providing them a quality banking solution. Healy Consultants Group and the Client agreed to pursue Singapore banks. For the same, Healy Consultants Group transparently advised the Client of disadvantages of Singapore bank account opening: i) travel requirement and ii) the 17% tax on money remitted into the account.
Singapore corporate bank account opening
- Once our Client agreed to pursue Singapore banks, Healy Consultants Group prepared a detailed comparison table of remittance charges between two reputable local banks in Singapore;
- Our Client requested to proceed with one of the banks. Within 1 week, Healy Consultants Group exchanged KYC documents with the Bank officer and liaised with the Client to arrange a meeting at our Singapore office;
- In August, our Client travelled to Singapore to meet the bank officer. During the meeting, our Client and bank officer discussed the i) potential business activity of the company; ii) details of expected incoming and outgoing transactions; and iii) KYC on the directors, shareholders and UBOs;
- Within 1 week after the bank meeting, the Singapore bank account opening application was approved, and the bank account numbers were emailed directly to our Client. Within 2 weeks thereafter, our Clients also received the internet banking tokens at their Indian address.
Engagement completion
- Once the above was complete, Healy Consultants Group couriered our Client a complete company kit, including i) unopened bank correspondences; ii) additional engagement related documents; and iii) Healy Consultants Group’s feedback survey.
-
-
Singaporean LLC transfer-in
-
Transfer-in of a Singaporean company to Healy Consultants
In October 2021, an American businessman contacted our firm with a view to starting several different ventures, and requesting details of how we could assist and some idea of cost structures for them.After multiple email communications and phone discussions with the Client, where we understood more about his business, he decided to transfer-in his existing Singapore company to Healy Consultants Group. His intention was to streamline and simplify his various business ventures and structure.
In December 2021, we agreed that Healy Consultants Group would take over the maintenance of his Singapore company and supply him with i) a new passive nominee resident director and ii) a legal registered address in Singapore. Our firm iii) was also appointed as company secretary and iv) assisted with discharge of our Client’s annual accounting and tax obligations.
Engagement planning
- We prepared and emailed our Client an Engagement Advancement Proposal including a i) a formal invoice ii) our Client engagement letter iii) our due diligence checklist and iv) a list of our existing and past Clients for our Client to use as professional references.
- Our Client promptly provided us with the due diligence documents and settled our complete invoice.
Singapore company transfer-in steps
- Within three working days of receiving the above documents, I prepared our in-house Singapore transfer-in forms including i) Singapore virtual office agreement and ii) UBO declaration forms, for our Client’s review and e-signature. In addition, we provided iii) our nominee director agreement, which included terms confirming that the nominee has no decision-making powers in the company.
- Simultaneously, we communicated with our Client’s existing corporate services provider to i) secure scans of the latest corporate documents, including past Financial Statements submitted to the government ii) collect the company stamp and other original documents and iii) collect board resolutions of resignation of current resident directors.
- We received these items from the corporate services provider within a week, and then submitted the company transfer-in application to the Singapore Accounting & Corporate Regulatory Authority (ACRA).
- We then immediately shared with our Client a complete set of updated corporate documents provided by ACRA, showing the company’s new i) passive nominee resident director ii) legal registered address and iii) company secretary details. This confirmed that our Client’s company had been successfully transferred-in to Healy Consultants Group.
Singapore company accounting and tax obligations
- Once the transfer-in was complete, our Client was introduced to our Singapore in-house Accounting Department, who was instructed to prepare Financial Statements and discharge our Client’s annual Singapore accounting and tax obligations.
Engagement completion
- Healy Consultants Group supplied our Client a complete set of electronic corporate documents.
- We also assisted our Client to supply the (now previous) corporate service provider with the latest i) Bizfile and ii) minutes to reflect the changes.
- We requested our Client complete our Client Feedback Survey and provide us with an online review.
-
Singapore trading company transfers-in several services to Healy Consultants
Background
- In 2015 an Argentinian businessman visited our Singapore headquarters to enquire about registering a company in Singapore;
- After visiting multiple competitors, he decided to use the services of another company to set up his import/export entity, because their fees were significantly lower;
- In April 2020, the same individual contacted us again requesting our help to de-register his Singapore entity and register a new sister company in Europe;
- After a long, fruitful discussion, we understood that the reason for his request was that he found his Singapore service provider unreliable and provision of services poor. The time difference between Singapore and Argentina did not help;
- Our team explained that there was no need to de-register the Singapore entity and spend time and resources setting up a new entity;
- Instead, it was decided that Healy Consultants Group would take over maintenance of his Singapore company and supply our Client with i) a new passive nominee resident director and ii) a legal registered address. Our firm was iii) also appointed as company secretary and iv) assisted with discharge of our Client’s annual accounting and tax obligations. To reduce the time difference with Argentina, it was mutually agreed to have his engagement project managed from Healy Consultants’ Dubai office.
Engagement planning
- We prepared and emailed our Client an Engagement Advancement Proposal including a formal invoice, our e-engagement letter, the 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 prepared a detailed Engagement Project Plan mapping out a step-by-step plan to engagement completion;
- Healy Consultants Group supplied our Client with the due diligence package for the Singapore resident director, for our Client’s records.
Company transfer in
- Within three working days Healy Consultants Group prepared the Singapore transfer-in forms including i) virtual office agreements and ii) UBO declaration forms, for our Client’s review and e-signature;
- One week later, we i) communicated with the current service provider and ii) secured scans of the latest corporate documents, including past Financial Statements submitted to the government iii) collected the company stamp and other original documents and iv) submitted the company transfer-in application to the Singapore Accounting & Corporate Regulatory Authority (ACRA);
- Upon completion, we immediately shared with our Client a complete set of updated corporate documents, showing the company’s new i) passive nominee resident director ii) legal registered address and iii) company secretary;
- Upon completion, our Client was introduced to our Dubai in-house Accounting Department who helped prepare Financial Statements and discharged our Client’s annual accounting and tax obligations.
Engagement completion
- Healy Consultants Group ensured our Client had a complete set of electronic company documents;
- We requested our Client complete our Client Feedback Survey and review us online;
- Our Client promptly supplied us with a positive review.
-
-
Annual accounting and tax for active companies
-
Singapore company providing seminars on property education
Background
In 2014, our Australian Client incorporated a Singaporean LLC through Healy Consultants Group. The company’s primary business activity is conducting property education seminars. Our Client generated revenue from i) property education seminars, ii) asset protection legal assistance, and iii) building property educational apps for the iPhone and Android platforms.
Since 2015, our in-house Accounting and Tax Department timely accurately and completely discharge his Singaporean annual legal, accounting and tax obligations. Including i) annual return filing, ii) annual company secretarial service, iii) accounting and tax obligations, and iv) annual registered office services for the financial year 2020.
Engagement planning for 2021 financial statements
- In June 2020, Healy Consultants Group emailed our Client a detailed project plan (click link), outlining i) total expected engagement fees and ii) total engagement period and iii) the weekly and monthly deliverables and iv) expected engagement problems and solutions.
- The above document will help our Client plan the date they will complete the renewal of their Singapore company and legally be able to continue conducting business in Singapore. This document also minimizes engagement surprises.
Accounting and tax obligations 2020
- Once Healy Consultants Group received payment from the Client, our Accounting and TAX Department (ATD) sent out a detailed email to our Client, including engagement summary and requesting documents required to complete the annual filings and services.
- The requested supporting documents include i) trial balance and ii) bank statements. Within 2 months after the financial year end, our client drop boxed the above-mentioned supporting documents for our reference.
- Immediately thereafter, my team and I start drafting the financial statement for our Client’s Singapore entity. While drafting the financial statements, my team and I reached out to our Client for additional supporting documents and information and clarification.
- To ensure the Accounting and TAX Department (ATD) provides a quality deliverable, the draft financial statement will be sent to the Senior Accountant for the first review.
- Thereafter, within 2 weeks once reviewed by Senior Accountant, the draft financial statement will be sent to our Senior Manager and Business Owner respectively, for second and final review.
- Throughout the period of the engagement, my team and I supplied weekly detailed engagement status updates to our Client, providing an overview of engagement progress, as well as problems and solutions (if any).
- After the draft financial statement was reviewed and approved internally, my team and I finalized and forwarded the document to our client for review and approval.
- Within 1 weeks, our Client reverted with confirmation the financial statement were accurate and complete. My team and I then sent the document to our Client for e-signature.
- Within 2 weeks after the document is e-signed, our in-house Accounting and Tax Department submitted the financial statement and tax computation with ACRA and IRAS.
Engagement Completion
- Once the above was completed, Healy Consultants accounting team sent a summary of obligations to the Client including:
- signed financial statement FYE 2020
- Singaporean Government acknowledgement of legal annual return submission
- Singaporean Government acknowledgement of corporation tax return submission
- An updated sales invoice with our latest notes, reflecting recent fees payment
- Request professional references with client
- Client satisfaction questionnaire
- Record a video with IT department
-
A Singapore Company Accounting and Tax Obligations 2019 (ASAP Studio Pte Ltd)
Background
ASAP Studio Pte. Ltd. was incorporated in Singapore in 2017, with its registered office in Singapore. It is a voice agency and audio production studio that provides voice recordings for TV, radio and web commercial products to other voice agencies and advertising companies. Our client, Ms Irma Yordanova, Director of ASAP Studio Pte. Ltd., has over 15 years’ experience in the broadcasting and media industry. Pavel Nikolov, Director of ASAP Studio Pte. Ltd., co-founded ASAP Studio Ltd Bulgaria with Ms. Yordanova in 2004 and has been working with her ever since. Having found Healy Consultants, she approached Healy Consultants in 2017 to expand her business in Singapore.
Engagement Planning
Healy Consultants Group prepared and emailed our Client an engagement advancement proposal including a formal invoice for the agreed services. Thereafter, Healy Consultants Group prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan.
Accounting and Tax Obligations 2019
- Once we received payment from the clients, we send a detailed email including an overview of the project plan and requesting the documents required to complete the accounting and tax obligations. After the client sends all the required documents such as bank statements and sales invoices during the accounting period, the Healy Consultants Group accounting team began the accounting and tax process;
- Healy Consultants accounting team will draft a financial statement and obtain the client’s approval. Once the client approved with the accounting and tax figures, we will send it for their signature through HelloSign;
- Once the financial statement was signed, the Healy Consultants accounting team will file the Annual Return. Immediately thereafter will file Corporate Income Tax Return.
Engagement Completion
Once the above was completed, the Healy Consultants accounting team will send a summary of obligation to the client attached with i) Signed financial statement, ii) Annual return form and iii) Tax return form for their acknowledgment.
-
A Singapore Company Accounting and Tax Obligations 2019
Background
- Our client based in Turkmenistan, runs his successful international business and management consulting firm, specializing in human resources services such as staff recruitment in Asia, payroll services in China, Japan, Korea, and Taiwan, and immigration visas to North Asian countries. He desired to expand his business in Singapore to provide lower prices services to his clients from the USA and the EU;
- Having found Healy Consultants, he approached Healy Consultants in 2015. In an e-mail with Healy Consultants, our Client outlined his business strategy, which is to locate in Singapore to capture a significant share of the growing demand for consulting service.
Engagement Planning
- Healy Consultants Group prepared and emailed our Client an engagement advancement proposal including a formal invoice for the agreed services. Thereafter, Healy Consultants Group prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan.
Accounting and Tax Obligations 2019
- Once we received payment from the clients, we send a detailed email including an overview of the project plan and requesting the documents required to complete the accounting and tax obligations. After the client sends all the required documents such as bank statements and sales invoices during the accounting period, the Healy Consultants Group accounting team began the accounting and tax process;
- Healy Consultants accounting team will draft a financial statement and obtain the client’s approval. Once the client approved with the accounting and tax figures, we will send it for their signature through HelloSign;
- Once the financial statement was signed, the Healy Consultants accounting team will file the Annual Return. Immediately thereafter will file Corporate Income Tax Return.
Engagement Completion
- Once the above was completed, the Healy Consultants accounting team will send a summary of obligation to the client attached with i) Signed financial statement, ii) Annual return form and iii) Tax return form for their acknowledgment.
-
-
Annual renewal of dormant companies
-
Annual legal, accounting and tax obligations of a Singaporean LLC in 2021
Background
- In the second quarter of 2021, our Client engaged Healy Consultants Group for our Singapore annual company renewal services, including i) completing account and tax obligations for a dormant entity ii) registered office and company secretary iii) filing of the Annual Return to the Accounting and Corporate Regulatory Authority (ACRA) in Singapore and iv) assistance with manpower declarations to the Singapore Ministry of Manpower (MOM).
- Our client, based in Australia, runs an investment holding company in Singapore. Currently, the company provides financial support to companies involved in child healthcare in China.
- Since the beginning of the financial year, our Client’s company has been dormant and generated no dividend or interest income.
Engagement Planning
- In early 2021 our Client settled our renewal fees.
- Within a week, this engagement was assigned to Elmira, our in-house accounting and tax expert based in Singapore.
- Elmira verified all accounting and tax obligations for this Client and informed the Client about all upcoming deadlines, as well as the main milestones of this engagement to clearly define an action plan for the upcoming months and set Client expectations.
Accounting and Tax Obligations
- Firstly, Elmira verified and confirmed with our Client via email that the company was dormant during the financial year.
- Upon confirmation of dormancy, Elmira prepared dormant financial statements, which were reviewed by Nik Zhukov (Head of the Accounting and Tax Team) and Aidan Healy (Business Owner). After several improvements, the financial statements were sent to our Client for final review and approval.
- To minimise local legal, compliance, accounting and tax obligations, the Healy Consultants team i) secured a waiver to file income tax returns with the Inland Revenue Authority of Singapore (IRAS) and ii) dispensed the Annual General Meetings requirement with ACRA.
- On 12 August 2021, our Client approved and signed the financial statements.
- Our accounting team then filed i) the annual returns with ACRA and ii) corporate income tax returns with IRAS one month before the deadline.
Engagement completion
- Our team sent a Summary of Obligations email to our Client on 22 September 2021, confirming completion of the legal, compliance, accounting, and tax obligations for the financial year end 2021. The email included proof of all mandatory filings from the government, confirming completion of the same.
-
Dormant Singapore company accounting and tax obligations 2019
Background
- Client was incorporated in Singapore on 28 March 2018. The company provides online SVF services to international clients. While the e-wallet market is traditionally dominated by Kivi and Money Gram, companies like client are challenging the oligopoly by offering lower fees and better service. The company has been gaining market share quickly.
- The company will provide its Singapore customers with access to an online platform which allow customers to store funds and transfer them from e-wallet to e-wallet. Additionally, the team takes its anti-money laundering, sanctions and fraud prevention requirements seriously and has implemented a risk-based Compliance program to detect and deter such financial crimes activities.
Engagement Planning
- Healy Consultants Group prepared and emailed our Client an engagement advancement proposal including a formal invoice for the agreed services. Thereafter, Healy Consultants Group prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan.
Accounting and Tax Obligations 2019
- Once we received payment from the clients, we send out a detailed email including an overview of the project plan and requesting documents required to complete the accounting and tax obligations. After client forward all important documents such as bank statements and sales invoices during the accounting period, immediately thereafter Healy Consultants Group accounting team began the accounting and tax process.
- Healy Consultants accounting team will draft a financial statement and obtain the client’s approval. Once the client approved with the accounting and tax figures, we will send it for their signature through HelloSign.
- Once the financial statement was signed, Healy Consultants accounting team will file the Annual Return. Immediately thereafter will file Corporate Income Tax Return.
Engagement Completion
- Once the above was completed, Healy Consultants accounting team will send a summary of obligation to the client attached with i) Signed financial statement ii) Annual return form iii) Tax return form iv) paid renewal invoice v) engagement summary for their acknowledgment.
-
-
Singaporean company deregistration
-
Singapore company is struck off
Background
- Our Clients Mr Vijaya Kumar Neelappa and Mr Kiran Vijaya Kumar decided to strike off their Singapore company, Vijaykiran Holdings Private Limited, in 2019. Striking off a Singapore company can be accomplished quickly if it has been dormant since incorporation. Furthermore, it is inexpensive as the Accounting and Regulatory Authority (ACRA) levies no fee for strike-off applications.
Engagement Planning
- Healy Consultants Group prepared and emailed our Client an Engagement Advancement proposal and Invoice for our Singapore company deregistration services;
- Healy Consultants Group emailed the Client regarding confirmation of deregistration of company and request for a bank statement to prove dormancy of the company;
- Thereafter, Healy Consultants Group prepared and emailed client a detailed engagement project plans with updated paid invoice (if fund transfer received).
Accounting and Tax Obligations
- Once Healy Consultants’ Group Financial Controller Sharon Tham confirmed funds transfer from our Client, we assigned an Accounting and Tax Department (ATD) team member to the case to ensure all accounting and tax obligations for the Client’s company were met prior to applying for deregistration;
- The ATD team member prepared a draft financial statement and draft tax computation with nil transaction up to date of cessation, and e-mailed the same to the Client for their review. Once the Client approved the content in the financial statement, we sent the statement by HelloSign for the Client’s signature;
- Having received the signed financial statement, our ATD officer proceeded with the strike-off application.
Singapore Company De-registration
- Our ATD team member first requested our Client to close the corporate bank account. Once this step was completed, the ATD officer filed a tax return submission waiver application (for dormant companies) with IRAS. Once this had been done, we filed a strike-off application through ACRA’s online BizFile service. Fourteen days later, Healy Consultants’ Singapore office (as the Client’s registered office) received a notification from ACRA that the process to strike the company off was in process;
- At this point Healy Consultants Group sent a Summary of Obligations document to the Client confirming that our team had satisfied all accounting and tax, and legal and compliance, obligations on behalf of our Client’s company in respect of the application;
- After 30 days from the date of the ACRA letter, and given that there were no objections, a notice to strike off the company was published in the Government Gazette. Sixty days after publishing the notice, and with no objections being made from any party, the company name was removed from the register.
Engagement Completion
- Healy Consultants Group’s Client Engagements Manager, Petar Chekarov, is responsible for securing professional Client references following an engagement, and is working with Mr Vijaya and Mr Kiran on this case and in this regard.
-
De-registration of an oil and gas service company in Singapore
Background
- Our Client contacted Healy Consultants Group in 2018 to project-manage the de-registration of their Singapore company;
- Our Client specialised in providing various types of maintenance service and solutions for oil and gas industry clients across Asia, to companies such as Mitsubishi Heavy Industries Ltd.
Engagement planning
- Our Client engaged Healy Consultants Group to de-register their company in Singapore because of economic downturn;
- The Singapore company had two international director and two shareholders. Healy Consultants Singapore provided a resident director and a legal registered office for our Client’s Singapore entity, so we did not have to contact any third parties for their deregistration approval;
- We provided our Client with a detailed proposal outlining costs breakdown, time frame, and accounting and tax liabilities. All fees were agreed upfront so there would be no hidden charges to our Client;
- Once we received payment and confirmation from the client to proceed, Healy Consultants Group began the de-registration process;
- We prepared the un-audited annual reports for submission to ACRA and IRAS and ensured that all our clients outstanding annual accounting and tax obligations were completed timely.
Singapore company de-registration
- Once the company status was updated, Healy Consultants Group’s company secretary, whom is also a registered filing agent, submitted an online application to strike off the company;
- On submission of the online application, Healy Consultants Group’s provided a Summary of Obligation to our client with supporting evidence, indicating all the compliance was completed;
- Once the application was approved, ACRA sent a striking off notice to the company’s registered office address and its officers (the directors, company secretary and shareholders) at their address in our records;
- After 30 days from the approval of the striking off application, as there was no objection, ACRA published the name of the soon-to-be struck off company in the Government Gazette. This is known as the First Gazette Notification;
- After 60 days from the First Gazette Notification, as there was no objection, ACRA published the name of the company in the Government Gazette again and the company was struck off the register. This is known as the Final Gazette Notification;
- The entire process took around 4 months since the application submission.
-
-
Other Singaporean engagements
-
Employment contracts drafted for a senior tech exec in Singapore/Indonesia
Background
Our Client approached us in June 2021 requesting our assistance to draft an employment contract for an American citizen who is appointed CEO for two different companies in Singapore and Indonesia. The individual is based in Indonesia. The Client is based in Israel.
After an e-mail and phone exchange with me, our Client settled Healy Consultants Group’s engagement fees and signed our engagement letter. Unfortunately, we were unable to have a face-to-face meeting with our multinational Client because of Covid travel restrictions.
Engagement planning
- Healy Consultants Group emailed our Client a detailed project plan, outlining i) total expected engagement fees ii) total engagement period iii) the weekly and monthly deliverables and iv) expected engagement problems and solutions.
- The detailed project plan helps Client understand the procedures, expected timelines and potential challenges and solutions, for this service.
- In this case, we also explained to our Client considerations related to the labour law and empoyment contracts in Singapore and Indonesia. In addition to standard clauses applicable in both countries, we agreed with our Client any unique terms and conditions which they wanted to include in the contract.
- In the meantime, our Client supplied our in-house Legal and Compliance Department with the required Know Your Customer due diligence documents.
Employment contract drafting – Singapore
- Based on our Client’s feedback, and with the assistance of our in-house Legal and Compliance Department, I prepared an employment contract template for Singapore. While there is no prescribed format for a Singapore employment contract, the document must be prepared in accordance with Singapore labour and employment law.
- Once drafted, our in-house Legal and Compliance Department reviewed the contract and reverted with some amendments and clarifications.
- I then sent the draft contract to our Client for review, and they reverted with some amendments. Once these amendments had been addressed, the final draft was sent to our Client for review, approval and e-signature.
- The final quality deliverable was sent to the Client within one month of the initial communication with our Client.
Employment contract drafting – Indonesia
- Our Client instructed us to include some specific terms and conditions in the draft contract for the CEO position in Indonesia.
- Once we had this detail, we engaged our local law firm in Jakarta to prepare the employment contract draft, in accordance with Indonesian labour and employment law.
- The law firm initially prepared an English version draft which I forwarded to our Client for review.
- The Client reverted with comments, and these comments were communicated to the law firm.
- The Jakarta law firm subsequently reverted with an updated draft which I then forwarded to the Client.
- Our Client reverted that the draft was acceptable.
- As per Indonesian labour law, all employment contracts must also be translated into Bahasa Indonesia if they are in another language. Using our local supplier in Jakarta, we arranged for a professional translation of the document which was again verified for accuracy by the local law firm.
- The English and Indonesian versions of the contract were sent to our Client for e-signature and returned to us.
- As per Indonesian law, the draft employment contract must also be endorsed by a local government office. Our partner in Jakarta arranged for the signed contract to be stamped.
- The final quality deliverable was completed within two months of the initial communication with our Client.
Engagement completion
- The Client confirmed that the candidate had signed the draft employment contract (English and Indonesian).
- I requested a professional reference from our Client, and our team also requested the Client to post an online review.
-
Singapore residence visas successfully renewed
Background
- In 2021, our existing Client approached Healy Consultants Group to renew one Employment Pass (EP) and two Dependent Passes (DP) for their Singapore employee and employee’s dependents. The Singapore company provides mainly Construction Management Services to engineering, procurement and construction businesses in Singapore and the Asia Pacific region.
Engagement planning
- We provided our Client with a detailed proposal outlining costs breakdown and time frame to complete EP and DP renewal. All fees were agreed upfront so there would be no hidden charges for our Client.
- Healy Consultants Group sent a draft document checklist tour Client, outlining all documents to be prepared and submitted as part of the EP/DP renewal applications with the Singapore Ministry of Manpower (MOM). Healy Consultants Group supplied weekly detailed engagement status updates on renewal progress.
- Based on our Client’s requirements, our team collated and prepared all the above documents and information to be included in the EP/DP renewal application forms.
Renewal of Employment Pass (EP) and Dependent Pass (DP)
- Our Client first i) settled our invoice and ii) provided the completed document checklist including all updated information of the EP and DP holders’ personal particulars.
- Our Client also provided the required updated due diligence documents including i) latest passport copy of employment pass and dependent pass holders and ii) latest residential proof of address.
- As this was an existing Client of Healy Consultants Group, all information collated previously for the initial EP and DP applications was used primarily for the draft renewal application forms.
- Only once an EP holder’s renewal application is approved can a DP renewal applications be submitted to the MOM.
- Healy Consultants Group pre-filled draft EP renewal application forms for our Client’s review. Following our Client’s i) feedback and ii) approval on the renewal application forms, we finalised and submitted them to the MOM.
- Unfortunately, the MOM rejected the EP renewal application. The reason given was that there was a significant increase in the employee’s salary compared to the Client’s previous job.
- We agreed with the Client that we would appeal to the MOM, our team transparently advising the Client that, although we would prepare a quality appeal, ultimate power of approval lies with the MOM.
Employment Pass (EP) renewal appeal application
- MOM requested additional documents such as i) job description ii) copy of latest employment contract iii) latest notice of assessment (NOA) from IRAS iv) latest three months’ pay slips v) bank statements showing pass holder’s vi) name vii) bank account number viii) electronic payment of salary and ix) a letter explaining the change in salary compared to the previous employment.
- Healy Consultants Group also assisted our Client to i) collate all required documents and ii) draft an appeal letter clearly indicating the revised information of our Client’s pass holder’s revised salary and reasons for the appeal application.
- Our team submitted the appeal to the MOM, and was advised that a decision would be provided within two months.
- Within two months, MOM approved our Client’s EP renewal. We assisted our Client to complete and sign the declaration form to submit to the MOM.
- Two working days later, the EP was issued by MOM.
Dependent Pass (DP) renewal application
- Our team then immediately prepared and sent draft DP renewal application forms to our Client for review and approval.
- The DP renewal applications were submitted to MOM, and we were advised that the outcome would be provided within three weeks.
- Within three weeks, MOM approved the DP renewals.
- We then assisted our Client to complete and sign the DP declaration forms to be submitted to MOM.
- Within two working days, both DPs were issued by MOM.
Engagement completion
- Healy Consultants Group sent an engagement completion email to the Client including i) issuance of one EP ii) two DPs and ii) our firm’s Client feedback survey.
-
Software development executive migrates to Singapore
Background
Tony is a successful American software development executive with global business interests. He had been based in Tokyo, Japan, where he developed a thriving software consulting business serving large Japanese organisations. For strategic reasons, Tony felt Singapore would be a more suitable global headquarters for his company, which had an increased number of Clients outside Japan. Thus, he approached Healy Consultants with a view to migrating his operational base from Japan to Singapore.
Engagement planning
During a meeting at Healy Consultants’ Singapore office, we outlined to Tony the legal, accounting and tax obligations of relocating to Singapore, including business set up procedures and likely relocation costs. Healy Consultants sent Tony a detailed cost proposal to set up the Singapore company and open a Hong Kong corporate bank account. This structure ensured the company was legally tax-exempt, since: i) the majority of the company’s business would be done outside Singapore; ii) profits earned by Tony’s company in Singapore would not exceed the S$100,000 income tax threshold in Singapore; and iii) the company’s income would not be remitted to Singapore. The proposal included a detailed engagement project plan, thereby ensuring that Tony would have no unwanted surprises. The engagement started with Tony confirming the corporate structure (he wished to be the sole shareholder, with Healy Consultants acting as the Singapore resident director and company secretary, to fulfill statutory requirements). Tony also signed Healy Consultants’ Client Engagement Letter, provided necessary due diligence, and settled our engagement fees.
Company incorporation
Healy Consultants performed a company name check at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which was approved immediately, enabling our team to formally incorporate the company with the agreed corporate structure. Incorporating a company in Singapore is quick, and an e-mailed Certificate of Incorporation was received the next day confirming the company as a legal entity. With the company now fully incorporated, Healy Consultants staff started post incorporation procedures. This included preparing a complete company kit for Tony containing the original Certificate of Incorporation, bound, original versions of the Memorandum and Articles of Association, a print out of the BizFile, showing directors and shareholders information and company secretary and registered office details, and receipts showing all fees paid.
Corporate banking
With incorporation complete, Healy Consultants’ next task was to open a Hong Kong corporate bank account, without Tony traveling to Hong Kong. We completed a corporate bank account application form and a detailed business plan to accompany the application, outlining the company’s activities and why it required a Hong Kong corporate bank account. Since Tony was spending increased amounts of time in Singapore, our staff were able to accompany him to the Singapore branch of his Hong Kong bank, where he signed the corporate bank account application in the presence of a bank officer, who certified his signature. Tony also signed the application form and business plan. Thereafter, our staff sent a courier pack to Hong Kong, including the bank application, corporate documents, business plan and bank due diligence. The pack was then submitted to the Hong Kong bank by our local staff. Two weeks after submitting the corporate bank account application, Healy Consultants received a corporate bank account number for the company. In the following two weeks, we also received (in sealed envelopes) the Internet banking passwords and PIN numbers, a corporate ATM card and PIN numbers. Immediately thereafter, Healy Consultants prepared a pack for Tony comprising i) original company documents ii) unopened bank correspondence iii) sealed bank cheque books and internet tokens and iv) a customer feedback survey, for his collection from our Singapore office.
Entrepreneur visa
To enable Tony and his family to work and live in Singapore, Healy Consultants was engaged to help him obtain a Singapore Entrepreneur Visa (EntrePass). We completed an application form from the Singapore Ministry of Manpower (MOM), and drafted a detailed business plan (different too the bank account business plan) giving details about Tony and his new Singapore company, including operational and marketing strategies, and financial projections. At the same time, Tony obtained his educational certificates from the US (as required by the MOM). The EntrePass application pack was submitted to the MOM, and written confirmation that the application had been received was obtained one week later. Four weeks later, we received EntrePass approval, and our staff accompanied Tony to the MOM to collect the pass. Following this, Healy Consultants applied for Dependents’ Passes for his wife and young child, which was granted two weeks later. Other support services provided to Tony included:
- Assistance in locating a suitable primary school for Tony’s daughter – Healy Consultants drew up a list of international schools, detailing their fees and waiting lists, to enable him to make an informed decision;
- Application for a personal bank account and Visa credit card – Healy Consultants completed an application form and the account was open within one week;
- Website design services – Healy Consultants delivered a fully-functional website to Tony within two weeks of his request;
- Six months after obtaining his EntrePass, Tony requested Healy Consultants’ assistance to obtain Singapore Permanent Residence (PR) status for himself, including completing an application form and preparing a detailed business plan.
Marshall Islands company formation
In a separate part of this engagement, our Client engaged Healy Consultants to incorporate a holding company in the Marshall Islands. Healy Consultants has an excellent relationship with the Marshall Islands government, in particular with Annie, the regional government representative in Hong Kong. With the company set up with the corporate structure as agreed by our Client, our Banking Team was asked to assist with the opening of two corporate bank accounts for the company, one at an international bank in Hong Kong and the other at a Swiss bank. As with the process of bank account opening in Hong Kong, our Banking Team prepared bank applications, which our Client signed in Singapore. Our Marketing Team also prepared a Business Plan for the Marshall Islands company, which was submitted to the banks along with the application forms, corporate documents and due diligence. Bank approval has been granted for both corporate accounts, which was achieved without our Client needing to visit either Hong Kong or Switzerland.
Accounting and tax support
Annually, Healy Consultants efficiently and effectively completes Tony’s Singapore company accounting, legal and tax obligations. Following the anniversary of company incorporation, Healy Consultants Accounting Department obtains a simple trial balance from our Client, together with e-mail copies of invoices and bank statements. Immediately thereafter, Healy Consultants sends a complete tax return to Tony for his signature. Upon return of the same, our Accounting Department prepares a tax computation, together with supporting tax notes. A complete package is couriered to the Inland Revenue Authority of Singapore (IRAS), who reply within two months with a tax assessment, usually stating legal tax exemption on corporate profits. Healy Consultants has also assisted Tony to submit tax returns to the Japan Tax Office and the US Inland Revenue Service (IRS).
-
Iraqi businessman relocates to Singapore
Background
Mustafa is a successful advertising executive who founded a media agency (Blank Creative) with operations in Dubai and Baghdad, Iraq.
Mustafa decided to relocate his global business, as well as his wife and two year old daughter, from his native Iraq to Singapore, and approached Healy Consultants to help him achieve his goals. Healy Consultants worked closely with Mustafa over the last 18 months, project managing the migration of his business and his family and enabling Mustafa to concentrate on running his business successfully from Singapore.Engagement planning
The engagement began when Healy Consultants received due diligence from our Client. This proved challenging, as Mustafa was in Baghdad and communications with Iraq were badly affected by the insecurity in the country. However, thanks to the cooperation of the Client, we received signed documents within one week.
Company incorporation
Our Singapore incorporation team approached the Singapore Accounting and Corporate Regulatory Authority (ACRA) to formally incorporate the company Blank Creative Pte Ltd with the agreed corporate structure. The Certificate of Incorporation confirming Blank Creative Pte Ltd as a legal entity was received within a week.
Corporate banking
Healy Consultants approached an international bank in Singapore to open a corporate bank account for Blank Creative Pte Ltd, submitting a full set of corporate documents as well as personal due diligence on Mustafa. This was made more challenging by the fact that Iraq is a blacklisted country for international banks, and we were expecting the bank to request for additional due diligence to satisfy their internal requirements. As the resident director of Blank Creative Pte Ltd, Aidan Healy represented the company at a bank interview, explaining why the company had been set up in Singapore, and why it required a corporate bank account in Singapore. We received account opening approval from the bank within one week, enabling Mustafa’s Singapore company to begin invoicing Clients.
Entrepreneur visa/dependents’ pass
The next step was to apply for a Singapore employment pass and residence visa for Mustafa, to enable him to live and work in Singapore. Until that point, Mustafa and his family visited Singapore on Social Visit Passes, which required monthly renewal. Healy Consultants prepared a detailed business plan and SWOT analysis of Blank Creative Pte Ltd, including a detailed market analysis of the business, information on operational and marketing strategies, as well as projected financials for the company. In addition to the business plan and completed employment visa application, the Ministry of Manpower (MOM) required copies of Mustafa’s educational certificates. These were in Arabic, so Mustafa had them translated and notarised in Baghdad before sending them to our Singapore office by courier. A complete visa application was submitted directly to the MOM, and four weeks later we received notification that the application was approved. Healy Consultants then applied for Dependant’s Passes for Mustafa’s wife and daughter, to enable them to legally reside in Singapore.
Singapore broadcasting license
Mustafa requested Healy Consultants’ assistance in obtaining a satellite TV Broadcasting License in Singapore. We prepared a tailored business plan, outlining the channel’s intended markets and viewership figures. We also completed an application form from the Singapore Media Development Authority (MDA) on behalf of our Client. Approval was granted from the MDA within six weeks.
Other support services
Other support services included:
- Assistance in obtaining an Employment Pass for Ali, a senior Iraqi graphic designer recruited by Blank Creative Pte Ltd;
- Assistance in applying for Singapore Permanent Residence (PR) for Mustafa and his wife;
- Introduction to a property agent in Singapore, with a view to Mustafa purchasing a residential property in the city.
-
Advertising executive relocates from Australia
Background
David is the CEO of a Sydney-based advertising agency with a growing Client base in Asia Pacific. David contacted Healy Consultants
to find out how we could help him buy residential property in Singapore and obtain a Singapore employment pass, in anticipation of his company’s headquarters relocation to Singapore. Due to his work and travel commitments, David felt unable to devote sufficient time to the tasks required, so engaged Healy Consultants to ensure the engagement’s success.Engagement planning
David visited our Singapore head office to explain his requirements and budget – a modern bungalow with a garden close to the city for up to S$5 million (US$3.2 million). Aidan Healy, Healy Consultants’ managing director, explained to David the legal implications for foreigners buying Singapore property, including the rule that foreigners require approval from the Singapore Land Authority (SLA) if they wish to purchase a bungalow. David returned to Sydney having signed our Client Engagement Letter and settling an engagement fee, enabling our Client Relationship Officer, Liz, to begin working with our preferred real estate agent, Michael, and draw up a shortlist of properties for David to view on his next visit to Singapore. Michael is a long-term Singapore resident whose agency caters to wealthy expatriates, and he prepared a detailed, two-day itinerary for David, based on his specifications and budget. Two weeks later, David returned to Singapore to view the short listed properties with Michael. At the end of the tour, David indicated his interest in a two-story bungalow fifteen minutes by taxi from Orchard Road, which Michael explained would require investment approval from the SLA.
Purchasing property
Liz contacted the SLA to apply for permission to purchase the bungalow, completing the SLA’s Form A and submitting it by post, along with an application fee and supporting documents (e.g. a copy of David’s passport) to the SLA in Shenton Way. Liz followed up two days later to ensure that the SLA had received the application, which they confirmed they had and advised that approval would take up to 30 days. Liz communicated this to David. As indicated, Healy Consultants received written approval from the SLA within one month, confirming David was eligible to proceed with the real estate transaction. The next step was for Healy Consultants and our solicitor to prepare the Offer to Purchase documents on David’s behalf, and to deliver them to the property seller’s solicitor. These documents clearly state information such as the price and sales completion date. One week after submitting the Offer to Purchase to the seller, the seller agreed in principal to the sale. On behalf of David, Liz supervised our solicitor’s preparation of a Sales and Purchase Agreement, in coordination with the seller’s solicitor. Drafting the agreement took one week in total (Liz e-mailing drafts of the agreement to David for his comments) until it was mutually acceptable to all parties. Once this was confirmed, Healy Consultants signed the agreement on David’s behalf. Within 14 days of signing the Sales and Purchase Agreement, David was obliged to pay the Inland Revenue Authority of Singapore (IRAS) a stamp fee of 3% of the purchase price. David had remitted sufficient funds to cover this cost at the early stages of the engagement, and Healy Consultants paid the fee on his behalf.
Mortgage acquisition
Next, Liz approached four Singapore banks to secure a mortgage for David. A mortgage officer from each bank visited our Singapore head office to outline what they could offer, and within three days each had e-mailed Liz a mortgage offer. She then prepared a mortgage comparison table and recommendations, emailing both to David. He replied on the same day, indicating his preference for the Mortgage plan. With his instructions, Liz completed the bank’s mortgage application form and couriered it to David for his signature and return to us. David also returned with the courier documents required by the bank to accompany the application. With the signed mortgage application and supporting documents back in Singapore, Liz submitted a complete pack to the bank by post, and followed up by telephone the following day to confirm that the bank had received the pack, which it had. The bank replied to Liz within one week of receiving the application, confirming in writing that the mortgage had been approved, and this was communicated to David in Sydney.
Support services
Throughout the engagement, Healy Consultants has made every effort to minimise any inconvenience to David, as well as work to his exact specifications in sourcing a suitable property. In addition, our team has supervised the solicitors’ preparation of contracts through to the exchange of contract. Other support services included:
- Assistance in the process of applying for a Singapore EntrePass and Dependents’ Passes for his family;
- Locating suitable office space for his agency;
- Assistance in locating a suitable primary school for David’s children. Healy Consultants drew up a list of schools, their fees and waiting lists, to enable him to make an informed decision;
- Healy Consultants also recommended that David apply for Singapore Permanent Residence (PR) status through the Global Investor Programme (GIP) initiative, under which foreign investors can obtain PR if they invest more than S$2 million.
-
German entrepreneur migrates business from Tokyo
Background
Mr. Michael Tepp is a successful information technology (IT) entrepreneur with Clients across Asia. Michael was based in Tokyo, Japan, where he worked offering IT consulting services including the design, development and implementation of a range of Java Server applications for corporations in financial industries and sectors such as Equities Trading, Order Management, Risk Management and Securities Trading.
Michael decided that he wished to relocate to a more business-friendly environment like Singapore to set up his own IT consulting company which would offer software development services to other firms. On this basis, Michael contacted Healy Consultants to find out how we could help him migrate his business operations to Singapore, as well as help him move his family from Japan.
Engagement planning
Michael contacted our Singapore office to discuss the optimum business strategy and begin the engagement. Healy Consultants’ managing director Aidan Healy explained by e-mail the tax advantages of relocating to Singapore, highlighting competitive business advantages. Michael decided to incorporate a new company in Singapore and open a corporate bank account to support it. However, during subsequent communications Michael was able to identify the additional services he would require following company incorporation, and total engagement fees were agreed. With costs and scope of services agreed, Michael signed Healy Consultants’ Client Engagement Letter, which outlined his preferred company structure, including shareholders and directors.
Company incorporation
The first phase of the engagement was to incorporate Michael’s company, Michael Tepp Consulting. To accomplish this, our staff prepared Singapore company incorporation forms which were emailed to Michael in Tokyo with detailed signing instructions for his signature and return to us. It was agreed during early discussions between ourselves and Michael that Aidan would act as the Singapore resident director of the company to fulfill local legal obligations.
Healy Consultants performed a company name check at the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which was approved immediately, enabling our team to legally incorporate the company with the agreed corporate structure. Incorporating a company in Singapore is quick, a Certificate of Incorporation was received within three days confirming Michael Tepp Consulting Pte Ltd as a legal entity. With the company now fully incorporated, Healy Consultants staff started post incorporation procedures. This included preparing i) a complete company kit for Michael containing ii) the original Certificate of Incorporation iii) bound, copies of the Memorandum and Articles of Association iv) a print out of the Singapore public register showing directors and shareholders information and company secretary and registered office details and v) original Government receipts showing incorporation fees paid.
Corporate banking
With incorporation complete, Michael required a multi currency corporate bank account in Singapore to allow him to make online funds transfers. Healy Consultants enjoys excellent relationships with Singapore banks, and our staff opened the account in Michael’s absence.
To achieve this, our staff completed an account application pack, comprising an application form, signed business plan describing the company’s activities and brief market analysis, as well as corporate documents (for example, the Certificate of Incorporation). Healy Consultants submitted the pack to the bank, receiving an account number within one week. In the following week, we also received (in sealed envelopes) Internet banking passwords and PIN numbers, and a corporate ATM card and PIN numbers.
Entrepreneur visa
To enable Michael to live and work in Singapore, we assisted him to obtain a Singapore Entrepreneur Visa (EntrePass). Our staff completed an EntrePass application form, and drafted a detailed business plan providing details about Michael and his Singapore operation, including marketing strategies and financial projections. Simultaneously, Michael obtained educational certificates from Germany to complete the application pack, which was submitted to the Singapore Ministry of Manpower (MOM). Due to an influx of applications at the MOM, Michael’s EntrePass application took longer than normal. However approval from received within 6 weeks, allowing Michael to travel to Singapore and start work.
Upon Michael’s arrival in Singapore, Healy Consultants obtained Dependents’ Passes for his wife and young children within four weeks. Other support services provided to Michael included:
- Singapore office rental
To support his business, Michael leased office space at Healy Consultants’ head office for three weeks to hold Client meetings and work while he located long-term office accommodation in Singapore. - GST registration/exemption
Healy Consultants’ applied for and obtained legal exemption from Singapore goods and services tax (GST) for Michael’s company. - Additional consulting services
Healy Consultants advised Michael on suitable schools in Singapore for his daughter. Upon our recommendations, Michael’s daughter secured a place at a leading international school.
- Singapore office rental
-
-
Conclusion
To engage Healy Consultants Group to project manage your Singaporean business, communicate with us via the contact details below: