How to set Proxy settings for successfuly connecting to HP ALM?

When using a proxy server to connect to the internet, the verification process for the HP ALM setup will fail.
In order to complete the setup successfully click Done, and then -
  1. Select the Proxy tab in the main setup window
  2. Then, select the Proxy Settings button.
  3. Select use a proxy server and complete the relevant definitions
  4. Click on the Test Connection to ensure the proxy server has been defined properly
  5. Re-run the verification process.