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.