UK client case studies
Engaging in UK bullion trade for an Canadian Client
- Our Canadian Client is a leading provider of bullion supply in the Americas, with turnover of more than 100 million per year;
- Having broad experience and background in the fluctuating bullion market, our Client operates a globally recognized online platform for easy, transparent and efficient bullion purchase from reputable sources and sale, now gaining popularity in Europe and globally;
- The United Kingdom as a market represents a great opportunity fo our Client. The country was chosen for an incorporation destination, because the Client already enjoys steady partner base amounting to few million pounds sterling per year. A local company and a bank account will further support these growing business needs;
- Because of the way the Canadian company is structured, our Client’s four beneficial owners prefer to retain full 100% control of the new company and remain as sole directors, without local presence in UK. Preferably, the Client wishes to open a corporate bank account with a UK pound clearing bank, without personal travel.
- Over a long conference call on Skype, Petar Chakarov (click link) described in detail the steps required to register a new business in UK and the implications of the local tax obligations that will burden our Client’s business;
- Furthermore, Petar described additional professional services that our Client may need during the engagement, including specific licensing for bullion trade, actual office premises and travel in relation to corporate bank account setup;
- During the call, Mr. Aidan Healy, the managing director of Healy Consultants Group PLC, further described that the UK banks currently impose difficult compliance requirements and considerations for foreign investors looking to open a corporate bank account without any local representation;
- Following the positive conference call and references from previous Clients, our Canadian Client agreed to advance and managed to sign on every page Healy Consultants’ client engagement letter;
- Within three business weeks, our Client supplied Healy Consultants most of the required due diligence in a scanned form, signed and certified by a notary public;
- Now that our Client formally engaged Healy Consultants and supplied the bulk of the requested due diligence, within a week, Petar began to plan and prepare a detailed project plan to support timely completion of the engagement;
- In order to increase the quality of deliverables and to negate risks of errors and engagement delays, all weekly update emails are reviewed by our senior management in our head office in Singapore.
- Immediately after fee settlement and due diligence collection, Petar began to prepare the required company structure documents and reserve company name with the UK Companies House;
- Thereafter, following name reservation, Petar began to prepare initial UK company application forms required to be signed by the foreign directors and shareholders, resident in Canada, and couriered back to UK for processing;
- Following receipt of the completed and signed company application forms, Petar timely and efficiently registered within a week a new limited company in UK for our Client. Thus, the client can immediately begin to enter into contractual agreements with his UK and global partners.
- Our Client requires to become registered for UK tax. Petar and his accounting team begin preparation of the required forms for this process and supply to our Canadian Client for signature and courier return;
- As part of the engagement, Petar supplied a legal registered address in UK for our Client, paid in advance by the Client for one year. Following this period, during our renewal, the legal address service will be extended for one more year.
- Following the conclusion of the UK company formation process, as a next step, Petar began close communication with our portfolio of UK banking contacts and managed to obtain confirmation of interest in writing from two banks. As part of the due diligence process, our Client is required to provide detailed personal identification documents and proof of address of the four directors based in Canada;
- Within 4 business weeks, our Client obtained approval from the bank’s compliance department, and managed to receive corporate bank account numbers;
- Online banking in English is activated within two business weeks and security (token) devises were emailed to our Client shortly thereafter.