Singapore shelf company/turnkey solutions in 2021
Within two days, Healy Consultants can provide our Client i) a company name and number ii) a Singaporean company address iii) an international corporate bank account number and iv) a tax number. This solution is attractive to Clients that need a Singaporean corporate vehicle on short notice, to close a deal or sign a sales contract.
Healy Consultants’ fees
The average Singapore shelf company costs US$16,610, which includes i) a Singapore-resident director for one year ii) share transfers between the existing and new shareholders iii) a corporate bank account with internet banking activated iv) all government fees and v) a virtual office address for 12 months.
Corporate bank account considerations
- There is a 25% probability the new bank signatory will need to travel to meet the bank. As always, Healy Consultants will aggressively negotiate a travel exemption for our Client;
- Healy Consultants will provide full disclosure to international banks re i) the change in company business ii) the expected bank inflows and outflows iii) change of shareholders and directors and iv) change of beneficial owners. The banks’ internal Legal and Compliance Department need to complete their detailed due diligence procedures;
- The name of the already approved corporate bank account is that of the existing ready-made company. It is acceptable to change the company name and business activity, and keep the same corporate bank account number. Consequently, our Client is not forced to use the existing name of the shelf company for their customers;
- Healy Consultants will only change the bank signatory after 100% of Client due diligence documentation is received by courier. Only after the sole bank signatory is legally changed to our Client, can you remit funds into the corporate bank account;
- Realistically, our Clients’ will be able to log into e-banking within 7 weeks from the time Healy Consultants supplies the corporate bank account number, as outlined in the following table:
Task Time Comments Our Client signs the bank forms to appoint themselves as sole bank signatory and courier returns to Healy Consultants Singapore office. Week 1 Our Client will need to visit their local bank branch to witness their signature. Healy Consultants will provide full disclosure to international banks re i) the change in company business ii) the expected bank inflows and outflows iii) change of shareholders and directors and iv) change of beneficial owners. The banks’ internal Legal and Compliance Department need to complete their detailed due diligence procedures. Week 2 Depending on our Client business and nationality, there is a 25% probability the bank will reject the appointment of the new bank signatory. The bank legally approves the new bank signatory. Depending on our Client’s nationality and the nature of their business, the banks may take up to 4 weeks to approve and change the new bank signatory of the existing corporate bank account. Week 4 The bank Legal and Compliance Department complete their internal detailed due diligence and mail Healy Consultants a formal letter confirming our Client is the sole bank signatory. The bank couriers the new e-banking tokens to Healy Consultants office we immediately activate internet banking on our Clients' behalf. Week 6 It takes two weeks for the bank system to generate the new passwords and tokens for the new bank signatory. Usually our Clients' asks us the activate on their behalf. Healy Consultants activates e-banking and sends a courier to our Client preferred address. Week 7 It usually takes 4 days for a courier to reach our Client. Usually our Client rings us to guide them to login to e-banking to insert their own preferred usernames and passwords. Healy Consultants legally changes the company name (if required). Our Client will need to sign bank forms and courier return to us. Week 9 Healy Consultants informs the bank to change the company name on the corporate bank account. Healy Consultants informs the bank of the new company business activity, including expected cash inflows and outflows. Our Client will need to sign bank forms. Week 11 Healy Consultants informs the bank of the new shareholders and directors and beneficial owners. Healy Consultants appoints our Clients' preferred shareholders and directors to the shelf company. Week 13 We will email our Client and the bank an extract of the Singapore public register. Healy Consultants couriers our Client a complete company kit comprising original corporate documents. Week 14 The Client engagement is complete.
Engagement steps delivery dates
|1.||Healy Consultants Compliance Team receives the required corporate and personal due diligence information from our Client;||1|
|2.||Our Client signs Healy Consultants engagement letter and returns the original to our Singapore Head Office. Our Client settles our fees;||1|
|3.||Healy Consultants provides our Client i) a company name and number ii) a company office address and tax id number iii) a Singapore corporate bank account number and iv) a tax number. Our Client can inform customers and suppliers;||1|
|4.||Our Client signs all bank forms re i) the change in company business ii) the expected bank inflows and outflows iii) change of shareholders and directors and iv) change of beneficial owners;||1|
|5.||Simultaneously, our Client signs all legal forms to appoint the new company shareholders and directors; and change the business name if required;||1|
|6.||The new bank signatory will need to travel to their local bank branch to witness their signature on the bank forms;||1|
|7.||Our Client courier returns the originals signed documents to Healy Consultants Singapore office;||2|
|8.||Healy Consultants submits a complete quality application to the bank, so the internal Legal and Compliance Department complete their detailed due diligence procedures;||2|
|9.||The bank reverts to Healy Consultants or our Client for additional information to approve the new bank signatory;||3|
|10.||The bank approves the appointment of the new bank signatory and will courier new internet banking documents (login, password etc) to our Client. Healy Consultants is no longer a bank signature to this corporate bank account;||5|
Healy Consultants will courier the following to our Client:
|12.||Our Client receives a courier from the bank comprising new internet banking information. Our Client activates the e-banking and views corporate bank account activity.||7|
Frequently asked questions
What is a turnkey company in Singapore?A turnkey company is a ready-made company with an existing, approved bank account. Whereas starting this process afresh would take weeks because banks take a few weeks to approve the corporate bank account, the turnkey solution allows for an immediate start to your business.
Why should I opt for a ready-made company in Singapore?A turnkey solution is the best option if you need to start your operations in Singapore immediately. This is because it removes the waiting times incorporating the company and getting approval for a bank account.
What are the costs related to provision of complete turnkey solutions in Singapore?Healy Consultants’ fees for Singapore company turnkey solutions are US$14,610. This fee includes i) provision of a shelf LLC ii) company secretary services and a legal registered office for 12 months iii) a Singapore resident director iv) a Hong Kong corporate bank account and v) corporate structure changes including the appointment of new directors, shareholders and bank signatories.