Corporate structure of a Singapore turnkey company

1. With such a turnkey solution, in just two days Healy Consultants can provide our Client i) a company name and number ii) a Singaporean company address iii) a HSBC Hong Kong corporate bank account number and iv) a Singapore tax number;
2. Provided no business is done in Singapore, this corporate structure is legally tax exempt in both Singapore and Hong Kong;
3. The HSBC Hong Kong corporate bank account is a multi-currency corporate bank (click link) account; one bank account number with 10 sub-currency accounts in US$, €, £, A$, NZ$, S$, CAD$, RMB, Japanese yen and Swiss franc. Thus minimizing forex costs. Click here to view a demo of the HSBC Hong Kong e-banking;
4. Funds transfer transaction costs are just US$15 on incoming and outgoing funds. The daily transfer limit is US$ 60,000 but can be increased by nominating beneficiaries;
5. A Singapore company looks good to customers, suppliers, investors and banks and can be listed on the SGX or ASX or NYSE;
6. Through its network of 75 double taxation treaties global withholding tax is minimized when extracting funds from international subsidiary companies;
7. A Singapore company does not suffer an annual statutory audit if the shareholders of the Singapore company are individuals;
8. Mr Aidan Healy will be the Singapore resident director to comply with local law;
9. Aidan placed a US$ 1,000 deposit in the corporate bank account to activate the e-banking. Consequently, your HSBC Hong Kong current bank balance will be this amount, less bank charges.

• Accounting and tax considerations

  The primary purpose of the turnkey solution product and service is to help Clients’ immediately close deals and sign sales contracts. A turnkey solution is not designed to facilitate tax avoidance. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants help to clarify your local and international annual tax reporting obligations.

• Corporate bank account considerations

  1. 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;
  2. 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;
  3. 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;
  4. 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;
  5. 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