USA client case studies in 2023
Singapore company opens multiple USA entitiesSince 2003, Healy Consultants assists Clients with company setup in USA, including i) company registration and provision of company secretary and legal registered office services ii) corporate bank account opening and iii) USA accounting and tax services, if required.
In this case, our Client is a company incorporated in Singapore that provides project delivery services in medical and biopharmaceutical industry. The Client engaged us to register a US corporation in Wyoming, along with branches in the US states of i) Massachusetts ii) California iii) New York and iv) North Carolina.
- In April 2021, our Client settled our USA business setup fees and our Group Financial Controller Ms. Sharon emailed our Client with an updated invoice confirming this.
- I was assigned to assist our Client with the registration of the Wyoming entity for our Client.
- My team and I prepared incorporation forms for our Client’s signature after collecting required due diligence documents. Thereafter, I also sent the Client a detailed email including i) an overview of the USA incorporation project plan and ii) key engagement milestones, including possible challenges during the engagement, and ways to mitigate them.
- I also prepared and presented a draft business plan for our Client’s review and approval. The business plan includes details such as i) our Client’s business activities ii) bank account expectations and iii) projections of incoming and outgoing transfers. The same was submitted to the banks during the account opening applications. A quality business plan increases the likelihood of successful account opening.
Registration of USA entities
- After submitting a quality online incorporation application to the Wyoming Secretary of State, our Client’s Company’s name was approved by the Registrar. Thereafter, the Wyoming entity was registered within one week. A scanned copy of the certificate of incorporation was e-mailed to our Client.
- Within four weeks of the above, an Employee Identification Number (EIN) was assigned to our Client’s Wyoming corporation for tax purposes.
- After the Company was successfully registered, our Client gradually required Healy Consultants Group PLC to open branch offices in i) Massachusetts ii) California iii) New York and iv) North Carolina.
- The procedure included submission of a branch registration applications to Massachusetts, California, New York and North Carolina Secretary of States. The four offices were registered within one to three weeks from application in May, July and October 2021, as per the schedule requested by our Client. All branch registration documents were scanned and e-mailed to our Client.
- At the same time, our Client decided to open a USA bank account in-house, without our firm’s assistance. The bank account opening fees of US$4,950 were offset from the fees for the incorporation of the USA branch offices.
- Our firm also completed state tax registration for the entities which planned to hire staff.
- At the end of the engagement, our Client requested direct communication with the registered agents in each state. Healy Consultants assisted our Client to conduct the transfer.
- Thereafter, we sent our Client confirmation that the engagement was complete. This included the updated engagement summary and paid invoice.
- Healy Consultant’s Business Website Department has also requested a professional reference from our Client.
Croatian software company establishes new company in Delaware
- Our Client’s existing company offers services related to planning, design, consulting, development, implementation and maintenance of information systems;
- In 2019, our Client decided to expand his business internationally by establishing a US footprint to supply quality support to its existing US clientele. Having found Healy Consultants Group PLC through Google and going through our USA webpage, our Client sent us an email;
- After Healy Consultants Group PLC described the advantages of Delaware and other US states, it was mutually agreed to incorporate a Delaware Limited Liability Company and open a corporate bank account with one of the reputable banks in the USA.
- Healy Consultants Group PLC prepared and emailed our Client an Engagement Advancement Proposal, including a formal invoice, engagement letter, 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 PLC prepared i) a detailed engagement project plan mapping out a step-by-step plan to engagement completion and ii) a quality business plan to assist with corporate bank account opening;
- After our Client confirmed his preferred US corporate structure and company name, within one day Healy Consultants Group PLC prepared and supplied our Client the company incorporation forms for our Client’s e-signature using Hellosign;
- To comply with the Limited Liability Companies Act, Healy Consultants Group PLC provided our Client with a registered agent and legal registered office.
- After email receipt of the signed incorporation documents, Healy Consultants Group PLC submitted a quality complete incorporation application to the Business Registry;
- Within one week, the Business Registry approved the company registration and issued company numbers. Immediately thereafter, Healy Consultants Group PLC filed a complete EIN tax ID application with the IRS;
- Within another six weeks, IRS released an EIN tax ID for the newly-registered Delaware company, legally allowing our Client’s company to conduct business internationally, including signing contracts with customers and issuing sales invoices;
- Following the above Healy Consultants Group PLC emailed our Client the Delaware corporate documents and a template of his Delaware company sales invoice, comprising i) company registration number and ii) city centre business address.
Corporate bank account opening
- With the company registered, Healy Consultants Group PLC submitted the business plan and the initial set of due diligence documents to multiple banks in Chicago. Since our Client had to travel to the United States, Healy Consultants Group PLC secured meetings with two banks. The majority of US banks require our client to have a proof of address in the US. To increase the success of the account opening, Healy Consultants Group PLC provided our Client with a Chicago area office address;
- After our Client met the bank officer in Chicago and signed bank account application forms, the bank issued the account numbers within two days, and sent the debit card to our client’s hotel address. The Internet banking token was sent to the registered company address in Delaware.
Healy Consultants Group PLC couriered our Client a company kit, including i) company incorporation documents ii) unopened bank correspondences, including the Internet banking token and business checks; and iii) a Client feedback survey.
Australian investor secures a readymade Delaware company with a large US corporate bank account
- In early 2019, an Australian Client contacted Petar from our Healy Consultants Group PLC European office with the goal to register or obtain a new readymade company in one of the global important business hubs. Following initial consultation, both agreed to advance transfer of one of our Delaware readymade solutions with a large US corporate bank account, as cheap and fast way to become operational;
- The Client’s business involves supplying consulting advice and software development for protection of fraud and relevant protective systems, required for any moderately large online business to operate successfully in 2019.
- Petar and his team prepared a detailed proposal in late February and began drafting the needed consent and share-transfer forms to be signed off by our Client and couriered back for cross signature to Singapore for our business owner, Mr. Aidan Healy;
- To transparently outline the steps required to complete the engagement, Healy Consultants Group PLC’s drafted a detailed engagement project plan;
- To increase probability of smooth corporate bank account transfer, Petar and his team prepared a detailed business plan outlining the business activity of our Client – online fraud consulting to institutional agents;
- As usual company policy, Petar supplied weekly detailed engagement status updates to our Maltese Client to ensure all parties are advancing swift company formation;
- The readymade Delaware company was successfully transferred with minimal Client involvement and Petar generated an updated Certificate of Incumbency.
Delaware readymade corporate bank account opening
- Once the company was successfully transferred, Petar and Rashi began the process of transferring the corporate bank account to our Client, which took a total of 4 business weeks. As requested, the Client supplied requested extended due diligence documents including i) latest proof of address for the business owner and their Australian business ii) latest 6-months bank account statements iii) latest identification document copy iv) and proof of personal and business address;
- The bank approved appointment of our Client as new bank signatory and sent our Client an online banking e-certificate directly and independently within two business weeks thereafter allowing him to manage his business banking from Australia.
The Delaware readymade company transfer and bank account signatory update was timely and efficiently completed by Petar and Rashi and their team ensuring the Client can manage his business abroad through a business-friendly solution with a leading bank.
Young entrepreneur set up a company in Delaware
Our Client Mr. Amit Kumar is a young entrepreneur in India dealing with IT services. The company engaged Healy Consultants to help set up a company in Delaware to enable it to more efficiently conduct business in Asia.
Healy Consultants informed the Client on the legal, tax, and accounting obligations of companies in Delaware.
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 submitted the same to the Secretary of State in Delaware. In three days, Healy Consultants received the confirmation of the company being formed as a legal entity along with the incorporation certificate.
Following the company incorporation, Healy Consultants’ applied for employer identification number for the Client’s company which was required for the successful corporate bank account opening.
With the company incorporated and receipt of EIN number, Healy Consultants then assisted our Client opening a corporate bank account with a local bank in USA. The bank application forms were completed by our Banking team on our Client’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 to the local bank. The application was approved without requiring the Client to visit USA at any stage of the account opening process.
To enable our Client to conduct business in USA and Singapore from abroad, Healy Consultants assisted his firm in setting the firm’s merchant accounts, which provided vital support to our Client’s business.
Opening Singapore corporate bank account for Delaware company
Our Client would like to open a Singapore corporate bank account for his venture capitalist firm in Delaware. After understanding the corporate structure and business activity, Healy Consultants Group PLC is confident to open a Singapore corporate bank account for our Client within 8 weeks.
Healy Consultants Group PLC prepared a business plan for our Clients and contacted multiple Singapore banks to secure confirmation of interest. Within 1 week, Healy Consultants Group PLC provided our Client a meeting schedule with DBS Singapore, OCBC Singapore, Standard Chartered Singapore and UOB Singapore.
Corporate bank account and merchant opening
Within 4 weeks after the face-to-face meeting with bankers in Singapore, our Client’s corporate bank account is successfully opened. Thereafter within 1 week, Healy Consultants Group PLC couriered the internet banking token and activation mail to our Client’s preferred address.
Challenges and Solutions
Delaware is a considered a tax shelter for most banks. Prior to onboarding our Client, the banks reverted with multiple additional questions, information and documents. Immediately, Healy Consultants Group PLC will liaise with our Client and provide accurate and detailed answers to prevent any delays in the engagement. In addition, our Firm aggressively negotiates and follows up with the bank officers, ensuring bank account can be opened timely.
Within 1 month, Healy Consultants successfully opened a Singapore corporate bank account for our Client’s Delaware business. We wished our Client all the best in his business!
UK marketing consultancy registers Delaware subsidiary and open USA bank account.
- In September 2021, our UK Client approached us to i) register a Delaware company and ii) open a USA corporate bank account. Our Client provides international marketing, business development and advertising consultancy services.
- After a brief email and phone exchange was done, our Client settled Healy Consultants Group PLC’s Delaware company incorporation fees. These fees include i) our time to incorporate the Delaware entity ii) tax registrations iii) bank account opening and iv) registered legal address and provision of local company secretary.
- The Client engaged us on 15 September 2021. We agreed a payment installment plan for the engagement. Upon payment of the first installment, we sent our Client a receipt, and we were then able to begin the engagement.
- Immediately thereafter, we conducted a video call to agree i) the optimum corporate structure and ii) simple, practical strategies to legally minimize international tax and iii) and corporate bank account opening strategy and iv) engagement deadlines and mile stones and v) the advantages of a Fast Nominee Solution and vi) potential engagement challenges.
- Simultaneously, our Client and Staff discussed i) doing business in the USA and ii) state taxes and iii) permanent establishment and nexus and iv) taxable income and v) annual personal income tax obligations and vi) sales taxes and vii) other business matters.
- I e-mailed our Client a detailed engagement project plan outlining i) total expected Delaware incorporation fees and bank account opening fees ii) documents required to progress the incorporation and bank account opening process iii) a breakdown of weekly and monthly deliverables iv) an estimated timeline to complete the engagement and v) any expected engagement problems and solutions.
- Following completion of the above, I crafted a detailed engagement project plan, to help our multinational Clients visualise the engagement over the coming months. As a result, our Clients can prepare the necessary documents so that our team can complete the engagement in a timely manner.
- Simultaneously, our UK Client supplied us the required Know Your Customer due diligence documents.
- My Staff and I were now ready to project manage the USA engagement.
Delaware company incorporation
- Within one day, I confirmed with the Delaware Registry whether our Client’s preferred company name was available.
- Our Client confirmed the corporate structure of the Delaware entity, including shareholders and directors, enabling us to initiate company set up.
- Within one week, the Delaware Registry approved the company registration and issued company numbers. This means our Client’s company could legally conduct business internationally, including signing contracts with customers and issuing sales invoices.
- We then emailed our Client the Delaware corporate documents including i) Certificate of Incorporation, ii) Statement of Authorised Person and iii) template of his Delaware company sales invoice.
- It took about two weeks in total to incorporate the company.
- After immediately securing the company numbers, Healy Consultants Group PLC applied for a Tax ID registration for our Client’s business with the US Internal Revenue Service (IRS).
- Due to Covid-19 and an internal systems upgrade, IRS was not accepting expedited service requests. The department typically takes 45 working days to process Tax IDs for businesses with non-USA owners. Furthermore, USA banks only review a bank account opening application for a USA business once the Tax ID has been allocated.
- In the meantime, we continued to aggressively follow-up for our Client’s allocation after submission and manged to secure the Tax ID within one week.
- Throughout the engagement, I supplied our UK Client with a weekly detailed engagement status update including i) quality deliverables and ii) problems and solutions.
- During the company registration process, our Staff and UK Client agreed the USA corporate bank account opening strategy, including securing an exemption from travel to the USA.
- Immediately thereafter, my Staff and I approached multiple USA banks to secure a welcome email from a bank officer; inviting our Client to submit an accurate and complete corporate bank account opening application.
Delaware corporate bank account opening
- To increase the probability of successful corporate bank account approvals, my team and I prepared a detailed business plan to submit to interested banks. This business plan included i) details on the company’s core activities ii) financial projections iii) a market analysis and iv) corporate structure.
- To avoid engagement delays, we prepared the business plan before we had received the company tax ID number.
- I e-mailed the business plan to my Client for signature and return to me.
- I then prepared complete bank account opening forms and submitted them to at least 10 different banks in the USA, with a view to receiving their confirmation that they welcome an application from my Client’s company.
- I shared with our Client a list of USA banks that had been contacted and had shown interest in onboarding their business.
- We received preliminary interest from one bank, and I was able to arrange for the Client to have a call with the bank officer.
- The Christmas 2021 holidays slowed the application. However, once the holidays had finished, I completed the bank’s account opening application and sent it to my Client for review.
- Because of Covid restrictions on travel, I was able to get the bank to agree that i) my Client need not travel to meet the bank officer and ii) original notarized documents were not required.
- Within eight weeks, the bank emailed corporate bank account numbers directly to our Client.
- Within two weeks of receiving the account numbers, the bank activated our Client’s internet banking. Our Client could now access their bank account remotely from anywhere in the world.
- Following engagement completion, Healy Consultants Group PLC couriered a full company kit to our Client, including i) a Delaware certificate of incorporation and ii) Delaware LLC M&AA and iii) any banking documents in our possession.
- Simultaneously, I emailed our Client a proforma USA sales invoice on our Client company headed stationery; complying with USA commercial law including i) company name and number and ii) corporate tax number and iii) legal registered office address and iv) multi-currency corporate bank account numbers.
- For Staff learning purposes, our UK Client supplied us engagement feedback.
- Our Business Website Department also requested a professional reference from our Client as well as an online review.
- Annually thereafter, Healy Consultants Group PLC in-house Accounting and Tax Department assists our Client timely accurately and completely discharge their USA legal, accounting and tax obligations.