REQUIREMENTS TO OPEN A CORPORATE ACCOUNT

Transcription

1 REQUIREMENTS TO OPEN A CORPORATE ACCOUNT In order to better serve you and avoid any possible delay in the account opening process for your Bank Account, we kindly ask you to complete and provide the following forms and requirements: APPLICATION FORMS 1. Application for Bank Account - captures company details and needs to be completed thoroughly 2. Due Diligence Consent & Statement of Non Resident Status - to be completed for each said beneficial owner or majority shareholder of the company. 3. Instruction Schedule - authorized Signatories (this section must capture the signatures and signing powers of all parties to the account) 4. Anticipated Activity For New Accounts - highlights expected operational activity on account 5. Online Banking App & Indemnity for Facsimile, & Online Banking Instructions - includes details for provision of online bank and section to insert applicant(s) Personal Identification Code (PIC) in order to verify instructions received 6. Certified Extract of Board 7. Bank Mandate - authorizes The Bank to open bank account and specifies regulations under which the account will be operated 8. Depository Agreement - General Terms & Conditions COMPANY DOCUMENTS 1. Certificate of Incorporation - The original or a certified copy authenticated where the body is incorporated outside 2. Articles and Memorandum of Association or By-Laws 3. Certificate of Good Standing (if company exists for more than one (1) year) 4. Subscribers appointment of the company s director(s) 5. Share Certificate 6. Shareholder/Member Register 7. Power of Attorney - where applicable, authority affecting the account operation given by the directors in relation to the Company 8. Bearer Shares Undertaking (applicable in the case of bearer shares) Letter of Undertaking by Beneficial Owner (attached) Letter of Undertaking by Registered Agent (attached) REQUIREMENTS 1. References - An original reference on the beneficial owner, director(s), and signatories of the account. Reference from a bank (preferred), a practicing attorney or a certified accountant is acceptable. Reference should be recent, prepared on the entity s official stationery and should indicate the following: a period of relationship for at least (2) years; type of relationship conducted; status of relationship. 2. Photo Identification - A clear notarized copy of an identification which bears a picture and signature (preferably a valid passport). This is required for each beneficial owner, director and authorized signatory. 3. Confirmation of Address - A utility bill issued within the past three months with complete residential address beneficial owner, director(s), and signatories of the account. P.O. Box address is not accepted. Important Notes to Consider If the company is not registered in Belize, all corporate documents should be certified and translated to English where necessary. Certifier must be a licensed, practicing notary public or attorney at law. The certifier should sign the copy document printing his name clearly underneath and state his position or capacity. Contact information (address, telephone, and facsimile number) should also be provided. Initial Deposit - the minimum deposit required to open an account is as follows. Note the minimums should be maintained at all times. USD Accounts: $25,000 minimum balance at all times EUR Accounts: 25,000 minimum balance at all times Other Currencies: $25,000 USD equivalent minimum balance at all times Restrictions: CHOICE BANK LIMITED DOES NOT ENTERTAIN ANY BUSINESS DIRECTLY OR INDIRECTLY AFFILIATED TO GAMBLING AND/OR GAMING. RESTRICTED, HIGH RISK COUNTRIES ARE: CUBA, IRAN, SUDAN, NORTH KOREA AND SYRIA. (Please note that this list is updated periodically when required based on assessed risk, including but not limited to fraud experience and OFAC list update.) UNDER NO CIRCUMSTANCE IS ANYONE PERMITTED TO USE THE NAME OF CHOICE BANK LIMITED NOR ANY OF ITS CORRESPONDENTS ON THEIR WEB PAGE TO GIVE INSTRUCTIONS TO RELAY PAYMENTS TO THEIR ACCOUNTS HELD WITH US. THIS IS CONSIDERED A SERIOUS VIOLATION THAT WILL RESULT IN THE TERMINATION OF THE ACCOUNT. Paradise Point Building, Corner Hutson St & Marine Parade Blvd Requirements for Corporate Bank Account Revised: Page 1

2 CORPORATE ACCOUNT CHECKLIST Please tick the relevant boxes to indicate to us which forms/documents you have enclosed: 1. Application form Bank Mandate Certified Extract of Board Instruction Schedule Authorized Signatories Due Diligence Consent & Statement of Non Resident Status Depository Agreement - General Terms & Conditions Online Banking & Indemnity for Facsimile, & Online Banking Instructions Anticipated Activity for New Accounts Certificate of Incorporation Certificate of Good Standing Memorandum and Articles of Association Confirmation of Directors Evidence of Licensed Activity Register of Members Identification Documents Information on Company Activities International Verification Form Recent Financial Information or Audited Statements Confirmation of Address Bank Reference(s) Character Reference(s)... Requirements for Corporate Bank Account Revised: Page 2

3 COMPANY SHARES FACT BEARER AND REGISTERED SHARES - THE DIFFERENCES Companies may have the power to issue Bearer Shares and/or Registered Shares. This Fact Sheet is intended to provide you with information on the principal features, benefits, advantages and disadvantages of Registered Shares and Bearer Shares: REGISTERED SHARES 1. Principal Features of Registered Shares Registered Shares are issued to a named individual or company. The name of the individual or company is listed in the local Share Register held with the Registered Agent of the company. The name of the particular individual or company shareholder is stated on the face of each Share Certificate. Registered Shares are transferred only when they are signed on the reverse of the actual share certificate and a Directors resolu tion is passed authorizing the transfer and issuance of new shares to the new stipulated shareholder. With the Directors sanction as indicated by the Directors Resolution, the new shareholder is recorded on the Share Register. 2. Advantages and Benefits of Registered Shares The ownership of Registered Shares is more easily established than the ownership of Bearer Shares. Registered shares belong to the person in whose name they are registered. Mere possession of Registered Shares is not an indicator of ownership. If possession of Registered Shares is illegally obtained, ownership in the Registered Shares does not transfer and could not transfer without the transferor s endorsement and the Directors agree ment to issue new shares as described above. Registered Shares may be registered in the name of a nominee under a trust arrangement between the true shareholder and the nominee shareholder. The name, which appears on the local Share Register and on the face of the Share Certificate is that of the nominee shareholder (perhaps provided by the Registered Agent for the company) and not the name of the actual beneficial owner of the shares. BEARER SHARES 1. Principal Features of Bearer Shares These are shares that are issued to Bearer, rather than to an amed individual or company. The Share Register for the company simply states that those particular shares are issued to Bearer that is, no name appears. The face of the Share Certificate states that the shares are issued to Bearer. Bearer Shares are transferred by the actual delivery of the share certificates without the need for entry of the transfer into the Share Register. Because of the particular concerns regarding the ease of transfer ability of Bearer Shares and consequently the ownership of IBC s, IBC s with the power to issue Bearer Shares or with Bearer Shares actually issued may be restricted in what they may be permitted to do. For example, exempt companies incorporated with the power to issue Bearer Shares cannot own land in certain territories (the Turks and Caicos Islands). 2. Advantages and Benefits of Bearer Shares As the name of the shareholder is not entered on the Share Register maintained by the Registered Agent, there is the possibility of greater anonymity with Bearer Shares than with Registered Shares. The ownership of an IBC with Bearer Shares is easily transferable. 3. Disadvantages of Bearer Shares If possession of Bearer Shares is illegally obtained, the holder of the Bearer Shares can misrepresent themselves as the owner(s) of the IBC and could be treated as the ultimate owner of any account held with us in the name of the IBC. Because of this, Bearer Shares should be held in safe custody at all times. THIS DOCUMENT IS BASED ON OUR UNDERSTANDING OF LEGISLATION AND PRACTICES GENERALLY IN EFFECT IN MOST COUNTRIES. AND MAY CHANGE IN THE FUTURE. WE GIVE NO GUARANTEE THAT THE COMMENTS HEREIN APPLY IN TO ALL THE COUNTRIES OF THE WORLD OR THAT THESE COMMENTS WILL REMAIN ACCURATE IN THE FUTURE. 3. Disadvantages of Registered Shares Transferring Registered Shares can be complex and time consuming. Although the Share Register is not accessible by the public, the name of the owner of the Registered Shares appears on the Share Register maintained by the Registered Agent. Requirements for Corporate Bank Account Revised: Page 3

4 LETTER OF UNDERTAKING BY BENEFICIAL OWNERS TO: Choice Bank Ltd. Paradise Point Building Corner Hutson Street & Marine Parade Blvd Belize City, Belize Central America Date: Re: (Company Name) Dear Sirs: I,, beneficial owner of of (Beneficial Owner s Name) (Company Name) (Address of Beneficial Owner) hereby undertake to notify Choice Bank Ltd., in writing immediately should there be any change in the share ownership of the company. Sincerely, Signed: Print Name: Date: Requirements for Corporate Bank Account Revised: Page 4

5 LETTER OF UNDERTAKING BY REGISTERED AGENT (NAME OF AGENT) TO: Choice Bank Ltd. Paradise Point Building Corner Hutson Street & Marine Parade Blvd Belize City, Belize Central America Date: Re: (Company Name) Dear Sirs:, hereby undertake to notify Choice Bank Ltd. that the following Bearer Share(s) are held in our Custody, at the Physical Address of,, for and on behalf of (Address of Registered Agent) (Name of Company) as per the Laws of Belize. BEARER SHARE #: BEARER SHARE #: AMOUNT OF SHARES: AMOUNT OF SHARES: DATE ON SHARE CERTIFICATE: DATE ON SHARE CERTIFICATE:, also undertakes to advise Choice Bank Ltd., in the event the above mentioned Bearer Share Certificate(s) change hands, or, in the event changes address. Sincerely, Signed: For and on behalf of Print Name: Date: Requirements for Corporate Bank Account Revised: Page 5