diff --git a/index.html b/index.html
index e7825c84c..52739204e 100644
--- a/index.html
+++ b/index.html
@@ -276,7 +276,7 @@
       <div ng-controller="ImportController">
         <div data-alert class="alert-box info radius" ng-show="loading">
           <i class="size-21 fi-bitcoin-circle icon-rotate spinner"></i>
-          Importing wallet...
+          {{ importStatus }}
         </div>
         <div ng-init="choosefile=0; pastetext=0" ng-show="!loading">
           <h3>{{title}}</h3>
diff --git a/js/controllers/import.js b/js/controllers/import.js
index c3401862b..4ba9d0d0d 100644
--- a/js/controllers/import.js
+++ b/js/controllers/import.js
@@ -3,10 +3,19 @@
 angular.module('copayApp.controllers').controller('ImportController',
   function($scope, $rootScope, walletFactory, controllerUtils, Passphrase) {
     $scope.title = 'Import a backup';
+    $scope.importStatus = 'Importing wallet - Reading backup...';
+
     var reader = new FileReader();
+
+    var updateStatus = function(status) {
+      $scope.importStatus = status;
+      $scope.$digest();
+    }
+
     var _importBackup = function(encryptedObj) {
       Passphrase.getBase64Async($scope.password, function(passphrase) {
-        walletFactory.import(encryptedObj, passphrase, function(err, w) {
+        updateStatus('Importing wallet - Setting things up...');
+        var w = walletFactory.import(encryptedObj, passphrase, function(err, w) {
           if (err) {
             $scope.loading = false;
             $rootScope.$flashMessage = {
@@ -19,6 +28,10 @@ angular.module('copayApp.controllers').controller('ImportController',
           $rootScope.wallet = w;
           controllerUtils.startNetwork($rootScope.wallet, $scope);
         });
+
+        w.on('updatingIndexes', function(){
+          updateStatus('Importing wallet - We are almost there...');
+        });
       });
     };
 
diff --git a/js/models/core/Wallet.js b/js/models/core/Wallet.js
index 0bfa3dcf4..a87ab10d1 100644
--- a/js/models/core/Wallet.js
+++ b/js/models/core/Wallet.js
@@ -755,6 +755,7 @@ Wallet.prototype.updateIndexes = function(callback) {
     if (changeIndex != -1)
       self.publicKeyRing.indexes.changeIndex = changeIndex + 1;
 
+    self.emit('updatingIndexes');
     start = self.publicKeyRing.indexes.receiveIndex;
     self.indexDiscovery(start, false, 20, function(err, receiveIndex) {
       if (err) return callback(err);
diff --git a/js/models/core/WalletFactory.js b/js/models/core/WalletFactory.js
index 03d59e2ea..35a574ebd 100644
--- a/js/models/core/WalletFactory.js
+++ b/js/models/core/WalletFactory.js
@@ -84,6 +84,7 @@ WalletFactory.prototype.import = function(base64, password, cb) {
     self.log('Indexes updated');
     cb(null, w);
   });
+  return w;
 }
 
 WalletFactory.prototype.read = function(walletId) {
diff --git a/test/test.Wallet.js b/test/test.Wallet.js
index 14a7ee490..17f8b3901 100644
--- a/test/test.Wallet.js
+++ b/test/test.Wallet.js
@@ -743,7 +743,7 @@ describe('Wallet model', function() {
       var spyEmit = sinon.spy(w, 'emit');
       w.updateIndexes(function(err) {
         sinon.assert.callCount(spyStore, 1);
-        sinon.assert.callCount(spyEmit, 1);
+        sinon.assert.callCount(spyEmit, 2);
         done();
       });
     });