Singapore company opens multiple USA entities
Since 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 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.