INTRODUCTION
Elco Bank and Trust Company Limited specialises in the provision of a comprehensive range of financial and corporate services from its office in The Bahamas.
The Company brings together a multi-disciplined team of qualified professionals specialising in Banking, Trust, Accounting, Brokerage and Property matters, thus enabling the Company to offer an unparalleled level of experience and expertise of the broadest spectrum to meet client requirements. The size and structure of our Organisation permits our executives to deal with all client matters on an individual and personal basis.
PROFESSIONAL SERVICES
We are able to offer through our Associate Companies and professionals:
- International Taxation Planning
- The incorporation and administration of no tax and low tax jurisdiction companies and United Kingdom Companies including the provision of directors, and nominee shareholders.
- The execution of Trusts in the Turks and Caicos Islands, the Bahamas, Belize, and Cyprus.
- The establishment and administration of Insurance Companies.
- The provision of accounting and auditing services.
- Immigration, residency and work permit applications.
- Registration of both merchant vessels and pleasure yachts.
- Commercial and residential property identification, negotiation and acquisition.
We have attempted in this short brochure to explain in simple terms the criteria relating to the effective use of companies incorporating low tax and no tax jurisdictions and most other types of tax planning vehicles.
OUR COMMITMENT
Our commitment to our clients is:
- that we will employ the highest levels of professionalism available in all matters.
- that we will handle all clients affairs with the utmost confidentiality and discretion.
- that we will retain our fees at competitive levels at all times and quantify in advance the total financial commitment of the client.
- that we will undertake to execute the clients' instructions in the most efficient, practical, and cost efficient manner at all times.
COMPANIES
- The legal framework
Any company which is incorporated must meet certain legal requirements and criteria in respect of its structure. Detailed herewith are those requirements, explained in simple terms.
COMPANY NAME
All companies are required to nominate a suitable name that is acceptable to the Registrar of Companies in the jurisdiction in which they wish to incorporate . Reasons for refusal by the Registrar to accept the proposed name are that a company exists already on the Register with an identical or similar name, or contains unacceptable words inferring connection to a Government, Statutory Body, English or Foreign Royal Family, or suggestion that the company is a Bank or Insurance company without meeting the necessary licensing requirements. Permitted names differ between jurisdictions, for example the words "International" and "Trust" are accepted in some jurisdictions, whilst not in others. The availability of any particular name can normally be confirmed within 24 hours by the Registrar of Companies prior to the application for incorporation being submitted.
REGISTERED OFFICE
All properly constituted companies are required to maintain a registered office in their country of incorporation, where they are able to accept the service of official notices, although the registered office is not necessarily the location where the business is actually carried out.
In certain jurisdictions, especially those in the Caribbean area such as the Bahamas, Belize and the British Virgin Islands there is a statutory requirement to appoint a "local resident agent" or "local registered agent" who customarily will be located at the registered office, and will be the person responsible for accepting such process or service of official notices. It should also be pointed out that certain jurisdictions also call for the appointment of either or both a resident company secretary, and a local director, who may similarly be located at the registered office of the company.
MEMORANDUM OF ASSOCIATION
The Memorandum of Association will specify what acts the company is legally able to carry out. In certain jurisdictions such as The Bahamas, The British Virgin Islands, and Panama, no "Ultra Vires" rule applies in the case of International Business Company (IBC) type corporate entities, which consequently means they can undertake any lawful business (excluding acting as Banks or Insurance Companies). This effectively is the meaning of a company being "Generally Empowered".
ARTICLES OF ASSOCIATION
The Articles of Association represent the contract between the Company itself and its shareholders, and stipulates the specific rules for the management of the company's affairs and for the conduct of its business. Additionally the Articles of Association gives details of the subscribers who formed the company, including the shares taken up by them and the total authorised share capital and share classes of the company.
AUTHORISED SHARE CAPITAL
The amount of authorised capital is without limit, although in most jurisdictions duty is payable to the Government at the time of incorporation based on the quantum of authorised capital. It is thus normal to state the maximum authorised capital for the minimum amount of duty payable. It is possible subsequently to increase the authorised share capital by board resolution, and the payment of extra duty to the Government.
ISSUED (PAID UP) SHARE CAPITAL
This will normally reflect the total liability of the members of the company, the requirement being that only the minimum required number of shares are paid up (subscribed) and issued.
SHAREHOLDERS
The Shareholders are the legal owners of the company. The minimum number of shareholders is stated in the company legislation for the particular jurisdiction. Shares of different classes, type and values can be issued, subject to authority being given within the Articles of Association . In some jurisdictions it is also possible to issue shares in Bearer form and also in Registered form. In most jurisdictions the details of shareholders are filed on public records.
The method by which the anonymity of the actual owners can be protected is to appoint nominee (or trustee) shareholders, who will hold the shares "under Declaration of Trust" on behalf of the actual beneficial owners. This involves the issue of a legal "trust deed or declaration"
DIRECTORS
The Directors (who need not be shareholders) of the company will be appointed to administer the Company, duly acting on the instructions of the beneficial owners on a day to day basis. Similarly to Shareholders the responsibilities of the directors are set out in the Articles of Association of the Company. Sometimes directors, who will customarily be tax resident in a low tax or tax free jurisdiction so as not to render the company tax resident in the country from where it is administered.
TRUSTS
The concept of "Trust" is unique to "common law" countries and has existed in English law since medieval times. Developed from English Laws of Equity it was widely used in the United Kingdom as both an effective and legal tax planning medium.
As the concept has evolved it has been introduced by legislation into the laws of a number of civil jurisdictions. A trust is generally created by a written document by which the "Settlor" (person who controls the subject assets), transfers the legal ownership of those assets to an independent third party known as the "trustee", who subsequently holds those disposed assets in favour of either known or unknown beneficiaries under the terms of the trust deed.
Customarily a "Protector" could be nominated by the Settlor who will protect the interests of the beneficiaries of the trust.
It must be noted that for a trust to be effective the title to the asset(s) must pass to the trustee(s). If this is not done it could be claimed that the trust was not legally settled and therefore was not properly constituted trust instrument.
Such transfer infers a heavy burden of responsibility on the trustees, who in practice are more commonly the Trustee Departments of Banks or other financial Institutions or Government licensed "Trust Corporations" or "Trustees" of a corporate nature, which would be bonded accordingly by the respective overseas Government.
Modern trust legislation is being constantly improved upon and such jurisdictions as The Bahamas, Nevis, The Cook Islands, and Belize are regarded as leaders in workable up to date legislation.
Trusts may be used to protect assets from taxation, currency control, potential creditors, or litigious ex spouses. They can provide a means to pass on the settled assets without exposure to inheritance tax or transfer tax.
Many countries are now implementing anti-avoidance legislation to lessen such advantages. It is therefore extremely important that the trust deed is drafted with due consideration being given to anti-avoidance legislation which may exist in the jurisdiction of residence of either the Settlor or of the beneficiaries.
Elco Bank and Trust Company Limited are fortunate in having two Attorneys on their staff who specialise in all Trust related matters.
TYPES OF OFFSHORE COMPANIES
The efficiently planned use of an individual, or more complex structure of Tax Planning entities, can give many commercial and fiscal advantages to the discerning user. We detail herewith the various general uses of trust entities however we would remind clients that their jurisdiction of tax residence, local anti-avoidance legislation, coupled to the geographical location where, or the type of business for which they intend to use the offshore entity may dictate what jurisdiction or type of structure is more suitable to meet their requirements.
We would also point out that the comments made herein are purely for information purposes and are not meant to constitute legal or other professional advice. Where appropriate we always recommend clients to consult with either legal or accountancy professionals in their country or residence or of the proposed business activity. We regularly co-operate with and advise such professionals in determining a suitable corporate structure to satisfy the specific requirement of their clients.
TRADING COMPANIES
A company involved in import-export business may establish its "Trading Company" in a no tax or low tax jurisdiction. The location of such would depend on the nature and geographical terms of the business itself. For example a company purchasing from China, and selling goods in Australia could establish its "Trading Company" in Hong Kong, the most commonly used jurisdiction within the Asia Pacific Region. In this instance as long as the Hong Kong company conducted no business in Hong Kong, the profits created would be free of taxation, whilst the location of the "Trading Company" would be acceptable to the Chinese suppliers. Another suitable location for the operation would be to use a Singapore registered company.
Another example would be for trade between India and the United Kingdom, where one could establish an Ordinary non-resident company in Mauritius for the purpose. In this instance both India and the United Kingdom have Double Taxation Treaties with Mauritius, whereby profits generated by the Trading Company would be taxable at a lower rate of between 0% and 35% in Mauritius.
Another example of effective tax planning structures, now becoming more common in use, is the creation of a Trading Company in Cyprus for commercial activities between Eastern European Countries (particularly Russian and Poland) with certain European Community Member States (notwithstanding the United Kingdom, Republic of Ireland, and Germany), the United States and Canada, all of which have valid Double Taxation Treaties with Cyprus. It may be possible to register the Cyprus company as a branch of an existing offshore company, however the same principles exist whereby profits would be taxed in Cyprus at a lower rate of 4.25% under the terms of the Double Taxation Treaties. Similarly India now enjoys a Double Taxation Treaty with Cyprus, the planned use of which can be extremely beneficial for inward investment into India by non resident parties.
Other jurisdictions commonly used for the establishment of trading companies include Jersey, Channel Islands (Exempt companies), the Isle of Man (Non-Resident), and the Republic of Ireland (Non-Resident), although when trade with Member States of the European Community is involved one must take into consideration the question of compulsory registration for Value Added Tax which is not possible in Jersey or for an Irish non-resident Company.
HOLDING COMPANIES
Probably the most common use for holding companies is where an individual does not wish it to be known that he is the "owner" of a particular company he will "adopt a corporate identity" which will become the actual owner. The most common (and lowest priced) jurisdictions nowadays for holding companies are the Bahamas, Belize, and the British Virgin Islands, all of which have the added advantage of no public filing of the details of either directors or shareholders, and the possibility to issue either registered or bearer shares.
Another common use for holding companies is the registration overseas of the company as a foreign business venture, either as a wholly owned subsidiary, joint venture, or representative office. Significant tax advantages can also be gained by utilising these companies for the acquisition of residential or commercial property. When owned by a no tax or low tax jurisdiction company personal inheritance tax or capital gains tax on a subsequent disposal may be avoided. The sale of property is effected by the transfer (and sale) of the shares of the company, with the reduction of property purchase costs to the purchaser.
INVESTMENT COMPANIES
Somewhat similar to Holding Companies in terms of the commonly used jurisdictions, Investment Companies rely on the confidentiality aspects of their controlling and beneficial interests. Commonly an "Investment Company" will open a bank account in a no tax jurisdiction and earn interest free of taxation on deposited funds.
Similarly high net worth individuals will incorporate "Investment companies" for holding their own investment portfolio in stocks, bonds, securities etc. in a third country. The investments would be held in the corporate name, thus protecting the ultimate beneficial owner's identity, and their exposure to taxation on trading profits and dividends.
INTERNATIONAL CONSULTANCY COMPANIES
With the movement of certain European Countries and the USA and Canada towards taxing their nationals on their worldwide income, there still exists scope for the self employed professional such as lawyers, architects, designers or business consultants, to employ a company in a second jurisdiction to receive their professional fees since such an entity would be considered a different legal "person" to the consultant.
INTELLECTUAL PROPERTY COMPANIES
Subject to prior planning, no tax or low tax jurisdiction companies can be effectively utilised to reduce taxes on income derived from intellectual property.
SHIPPING COMPANIES
The use of shipping companies can eliminate both direct and indirect taxation on shipping revenue. By the no tax or low tax jurisdiction company owning or chartering vessels, it should be possible for the profits for such activities to be accumulated tax free in a suitable jurisdiction. Over the recent years there has been a transfer of merchant tonnage from the more traditional jurisdictions of Great Britain, Norway and Greece to specialist shipping jurisdictions such as Liberia, Panama, Bahamas, Cyprus and Belize. It should be remembered that if a vessel is registered in a British Colony or the Channel Islands it will be entitled to fly the prestigious "Red Ensign" as if it were a native British vessel.
CAPTIVE INSURANCE COMPANIES
Captive Insurance Companies have been created by many multi national companies to provide a legitimate method whereby the company may reduce its overall tax liability. For example, in the United States together with may other countries, payments made in order to provide insurance coverage are not taxed. The multi-national will establish its own "in house" or "captive" insurance company, so that not only can its insurance risks more effectively be managed, but also reduce its overall tax position and yet maintain control over its insurance expenditure. Principally the Bahamas, Bermuda, the Turks & Caicos Islands and latterly St. Vincent & the Grenadines are the foremost jurisdictions in this sector, however many other jurisdictions offer suitable legislation for this purpose.
|
BAHAMAS |
||
|
1. |
Applicable Company legislation |
International Business Companies Act, 2000 |
|
2. |
What types of Company are available in this jurisdiction? |
International Business Companies Also domestic Ordinary Companies |
|
3. |
What is the annual Government fee payable? |
US$350 - subject to a fine for late filing |
|
4. |
Is a Registered Office required? |
Yes - in The Bahamas |
|
5. |
Is it possible to reserve a Company name in the Company Registry? |
Yes – for up to 90 days |
|
6. |
How long is needed to incorporate in a name of your choice? |
Incorporation will normally take 24 hours, however it will take up to 2 weeks to receive the Company documents from The Bahamas |
|
7. |
Are ready made companies usually available? |
Yes |
|
8. |
Where and when must board meetings be held? |
An Annual General Meeting of Shareholders is required - can be held anywhere, even by telephone |
|
9. |
Is an annual return required? |
International Business Companies - no Ordinary Companies - yes |
|
10. |
Are audited accounts required by authorities, and if so is a copy kept on public record? |
No |
|
11. |
Number of companies on the register altogether |
120,000 (73,000 - IBC's) |
|
12. |
Minimum number of subscribers |
Two |
|
13. |
Minimum subscribed capital requirements |
US$2 |
|
14. |
Standard authorised share capital |
US$5,000 |
|
15. |
Minimum number of shareholders |
Two |
|
16. |
Are the details of shareholders filed on public record? |
Yes |
|
17. |
Are trustee shareholders permitted? |
Yes |
|
18. |
Is it possible to increase the authorised share capital? |
Yes – by the payment of extra duty on the authorised share capital |
|
19. |
Is a Company Secretary required? |
No |
|
20. |
Is a local registered/or resident agent required? |
Yes - must be licensed by the Government |
|
21. |
Minimum number of directors |
Two |
|
22. |
Are the details of directors filed on public record? |
Yes |
|
23. |
Are nominee directors permitted? |
Yes |
|
24. |
What is the principle use for this type(s) of company? |
For Holding Companies, or for International Trade and Banking. An IBC is exempt from any other taxation. |
|
ELCO BANK AND TRUST COMPANY LIMITED Loyalist Plaza, Don Mackay Boulevard, P.O. Box AB-20377 Marsh Harbour, Abaco, Bahamas FEE SCHEDULE – 2002 |
|
JURISDICTION OF INCORPORATION |
ANNUAL TAX OR EXEMPTION FEE |
ANNUAL FILING FEE |
FORMATION FEE |
DOMICILIARY FEES |
ANNUAL ACCOUNTS |
|
THE BAHAMAS (IBC) |
NIL |
350 |
750 |
750 |
|
|
BRITISH VIRGIN ISLANDS (IBC) |
NIL |
600 |
1000 |
1000 |
|
|
CAYMAN ISLANDS |
NIL |
1000 |
2000 |
1500 |
|
|
CYPRUS (OFFSHORE OR BRANCH REGISTRATION) |
4.25% |
NIL |
1,570 |
1,500 |
YES |
|
DELAWARE -NON-RESIDENT |
30 |
20 |
750 |
750 |
|
|
GIBRALTAR -NON-RESIDENT |
£150 (N/R RETURN) |
£50 |
£560 |
£550 |
|
|
HONG KONG |
298 (BRC) |
50 |
350 |
750 |
YES |
|
REP. OR IRELAND -NON-RESIDENT |
0% |
£50 |
£500 |
£550 |
YES |
|
JERSEY |
£500 |
£120 |
£595 |
£550 |
|
|
ISLE OF MAN - EXEMPT |
£300 |
£50 |
£560 |
£500 |
|
|
ISLE OF MAN -NON-RESIDENT |
£600 |
£50 |
£500 |
£500 |
|
|
LIBERIA |
NIL |
150 |
950 |
850 |
|
|
LIECHTENSTEIN -ANSTALT |
% |
NIL |
4,990 |
2,850 |
YES |
|
LUXEMBOURG -1929 HOLDING |
% |
NIL |
4,255 |
2,650 |
YES |
|
MARSHALL ISLANDS |
NIL |
350 |
650 |
750 |
|
|
MAURITIUS (IC) |
NIL |
100 |
650 |
750 |
|
|
MAURITIUS (OFFSHORE) RESIDENT ORDINARY |
0% TO 35% |
1500 |
2250 |
2250 |
YES |
|
NEVIS |
NIL |
200 |
750 |
750 |
|
|
PANAMA |
NIL |
350 |
750 |
750 |
|
|
SINGAPORE |
NIL |
20 |
3500 |
2400 |
YES |
|
SWITZERLAND |
VARIES DEPENDING ON CANTON |
NIL |
6000 |
5650 |
YES |
|
TURKS & CAICOS ISLES - EXEMPT |
300 |
NIL |
750 |
750 |
|
|
UNITED KINGDOM |
VARIES |
£50 |
£250 |
£400 |
YES |
|
UNITED KINGDOM PLC |
VARIES |
£50 |
£750 |
£550 |
YES |
|
VANUATU - EXEMPT |
400 |
NIL |
1600 |
750 |
|
|
WESTERN SAMOA |
300 |
NIL |
750 |
1210 |
|
ELCO BANK AND TRUST COMPANY LIMITED
BANKING CHARGES
Payment & Collections
| Payments | Per Unit | Charge |
| i) Cashier's Cheques | Chq | Min $5.00 |
| ii) Bank Draft | Draft | $25.00 |
| iii) Electronic Transfer | Transfer | 0.1% - Min $ 50.00 |
| -Max $150.00 |
Collections:
| i) Cheques | Chq | $25.00 |
| ii) Installments |
| - Set up Free | - | $75.00 |
| - Disbursements | Disbmt | $10.00 |
_________________________________________________________________________________________________________
Guarantees and Back-to-Back Loans
First $500,000 - 1% per annum or part thereof
Next $500,000 - 1/2% per annum or part thereof
Next $4,000,000 - 1/4% per annum or part thereof
Over $5,000,000 - 1/8% per annum or part thereof
Minimum $150 plus documentation fee
_________________________________________________________________________________________________________
Correspondent Charges
All foreign exchange charges, out-of-pocket expenses and correspondent banking charges are additional and for the account of the client.
_________________________________________________________________________________________________________
Travellers Cheques
1% plus foreign exchange charge if applicable and correspondent charges.
_________________________________________________________________________________________________________
Collateral Loans
By arrangement at competitive interest rates, plus an introductory administration fee and a documentation charge.
_________________________________________________________________________________________________________
Customer Research/Reconciliations
Minimum charge per hour or fraction thereof-$50.00 (plus out-of-pocket expenses)
TRUSTEE SERVICES
For full trust administration under both inter-vivos and Will trusts including the use of Elco Bank & Trust Company Limited Services or special trusts for the holding or specified assets or special inter-vivos Action Trusts for estate planning purposes.
| Full Trust | Special | Action |
| Administration | Trusts | Trusts |
| Initial | Time, work | Time, work |
| consultation | and effort | and effort |
| and set-up fee: | Min - $2,000 | Min - $2,000 | $1,000 |
| Annual fee | 0.75% | Negotiable | $1,000 |
| (in advance): | Min - $3,000 | ($500 - life |
| insurance |
| trusts) |
Termination Fee: Commensurate with time, work, effort and responsibility, save that for trusts established prior to 1 December 1997 such fee will be in accordance with existing agreements or the scale of fees applying prior to 1 December 1997
Full Trust Administration Services includes the receipt and recording of assets, operation of bank accounts, record keeping and accounting, production of statements and management of assets.
CORPORATE SERVICES
Corporate Secretarial services include provision of the registered office, provision of directors and officers as required, maintenance of statutory corporate records and holding statutory meetings. Corporate Management services will be provided as required and include operation of bank accounts, provision of clerical facilities, production of annual financial statements and management of assets.
Initial consultation and set-up fee:
Time, work and effort - min $2,500
Annual fees (in advance):
1. Secretarial fee - $2,500
2. Management fees:
(a) Investment management or custodian of cash and securities will be in accordance with fees for Investment Services.
(b) Fees for all other services will be negotiable based on time, work and effort - min $2,500
Termination/Liquidation fee: Time, work and effort - min$2,000.
OTHER FEES AND CHARGES
Special fees: Special fees will be charged commensurate with the time, work, effort and responsibility involved for special negotiations or meetings, travel, duties of an unusual or exacting nature or for any other service not covered by specific agreement.
Out-of-pocket Government, legal and audit fees, telecommunications, expenses: post, photocopying, travel and all other attributable out-of-pocket expenses will be charged as incurred.
Note: All percentage (%) annual fees will be calculated on the higher of the book or market value of the assets under administration at the end of the period covered by the fee. For these purposes, the market value of an asset shall, if not readily ascertainable, be such value as Elco Bank & Trust Company Limited shall, in good faith, determine. An estimated amount will be charged at the commencement of the period with suitable adjustments made at the end. Funds introduced or withdrawn during the period will be treated for fee purposes on a pro-rata basis. Unless otherwise stated all fees are quoted in US dollars.
SECURITY TRADING AND SAFEKEEPING CHARGES
This schedule sets out the fees and charges covering securities trading, safekeeping and handling which will be charged in addition to any other fees and charges. These fees and charges cover the costs of physical safekeeping of securities with Elco Bank’s agents including the collection of income, the costs of execution and settlement of all trades, and the costs of handling maturities, tenders, rights issues, stock splits etc.
Trading Brokerage and Commission Charges (per transaction)
Stocks and shares - charges will range between 0.5% and 3.5% depending on the size and market of transaction. Details will be provided on request (minimum $100).
Bonds – 0.5%
Note: Brokerage and commission charges for the purchase or sale of non-quoted securities, precious metals, commodities, other types of assets and unusually large or small transactions will be quoted on request.
$50.00 per transaction with the exception of securities held by UK Custodians where the minimum is £40 (40 Pounds).
In addition, all stamp duties, registration charges, transfer fees and other duties or taxes will be charged as incurred. Any out-of-pocket charges for telex, telefax, telephone, photocopying, mail and any other special costs will be charges as incurred.
Safekeeping Charges
(charged monthly in arrears)
Minimum
(for all security types) - $50.00 per month per account
Stocks and Shares
(Annual rate per share per holding)
| First 15,000 | Next 35,000 | On |
| For Currency Of | Shares | Shares Remainder |
| $ | $ | $ |
| Australia | 0.0200 | 0.0150 | 0.0100 |
| Canada | 0.0400 | 0.0300 | 0.0200 |
| France | 0.5000 | 0.3500 | 0.2500 |
| Germany | 0.9500 | 0.7000 | 0.4500 |
| Hong Kong | 0.0030 | 0.0020 | 0.0010 |
| Japan | 0.0350 | 0.0250 | 0.0175 |
| South Africa | 0.0900 | 0.0700 | 0.0500 |
| Switzerland | 4.2500 | 3.2000 | 2.1000 |
| United Kingdom | 0.0150 | 0.0115 | 0.0075 |
| United States | 0.0600 | 0.0400 | 0.0200 |
Bonds
Annual rate of 0.125% on the 1st $5 million face value per holding and 0.10% on the remainder.
| Per Month per holding |
| Treasury Bills and Gilts | $ |
| Up to 500,000 face value | 10.00 |
| 500,001-1,000,000 | 20.00 |
| 1,000,001-5,000,000 | 60.00 |
| Over 5,000,000 | 100.00 |
Precious Metals
(Per month per ounce for bullion [coins at double rate])
| $ |
| Gold | 0.0600 |
| Platinum | 0.0600 |
| Silver | 0.0015 |
| Silver | 0.0015 |
Zero Rate Bonds
(Annual rate on face value)
| Less than 3years to maturity | 0.125% |
| 3-6 years | 0.100% |
| 6-9 years | 0.075% |
| 9-12 years | 0.055% |
| 12-15 years | 0.040% |
| Over 15 years | 0.030% |
ELCO BANK AND TRUST COMPANY LIMITED
CLIENT PROFILE
PURSUANT TO KYC
Company Name ________________________________________________
Beneficial Owner ____________________________________________
Nationality ________________________________________________
Address ________________________________________________
Phone ________________________________________________
Passport (Attach Copy) ______________________________________
Utilities Bill (Attach Copy__________________________________
Employer_____________________________________________________
| Annual Income | ? | ? | ? | ? | ? |
| 25,000 - | 51,000 - | 100,000 - | 200,000 - | 500,000 + |
| 50,000 | 100,000 | 200,000 | 500,000 |
Source of Income __________________________________________________
Amount of funds coming into company for year$________________
Amount of funds going out of company for year $______________
I confirm that all assets presently in the company and all assets put into the company in future are owned beneficially by me.
| __________________________________ | __________________________________ |
| Signed | Dated |
AUTHORITY FOR BANK REFERENCE
| Date: _______________________ |
I/WE, hereby authorise ELCO BANK AND TRUST COMPANY LIMITED
to obtain information and commercial references on my/our business relationship with:
| Bank Name: _________________________________ |
| Name & Title of |
| Bank Official: _________________________________ |
| Bank Address: _________________________________ |
| _________________________________ |
| _________________________________ |
| Account Name: _________________________________ |
| Account #: _________________________________ |
| Signed _____________________________ |
ELCO BANK AND TRUST COMPANY LIMITED
Loyalist Plaza, Don Mackay Boulevard
P.O. Box AB-20377
Marsh Harbour
Abaco, Bahamas
RE: DECLARATION CONCERNING COMMUNICATION OF INSTRUCTIONS & CORRESPONDENCE.
Dear Sirs:
* IN CONSIDERATION of your receiving and acting from time to time on facsimile and/or oral instructions from or purporting to come from me/us relating to my/our business affairs communicated by telephone and in the absence of written confirmation by me/us of such instructions, I/we hereby agree to indemnify you against all and any loss, costs, damages and expenses incurred by you or to which you may be put or become liable in consequence of your acting in accordance with the above-mentioned authority.
* I/We hereby instruct you to not send me/us, under any circumstances, any communication or advices whatsoever, including confirmations or orders to buy and sell, statements of accounts and custody account statements, certificates of deposit or letters, etc., irrespective of their content. All mail is to be retained by you until you receive my/our instructions to the contrary.
I/We authorise the Bank to destroy these documents unless they are collected within ten years.
I/We release you from any responsibility and liability towards myself/ourselves or third parties arising by virtue of your strict adherence to these instructions. I/we agree to hold you harmless and to indemnify you for all costs and damages you may incur by reason of the above.
Please ensure to delete details not required.
Account Name:
| Signature(s) ___________________ |
| Address: | ___________________ |
| ___________________ | Date: ___________________ |
| ___________________ |
| ___________________ |
* delete as necessary
COMMONWEALTH OF THE BAHAMAS
THIS AGREEMENT is made the BETWEEN (hereinafter called "the Beneficial Owner(s)", which expression where the context so admits shall include his (their) heirs, legatees, intestate, successors, executors, administrators and assigns) of the one part AND ELCO BANK AND TRUST COMPANY LIMITED of P.O. Box N-7521, Nassau, Bahamas, (hereinafter called "ELCO" which expression where the context so admits shall include its associated companies wheresoever situated) of the other part WHEREAS a company has been incorporated under the laws of The Commonwealth of The Bahamas under the name of
_________________________________________
(hereinafter called "the Company") AND WHEREAS it is intended that ELCO or one or more of its subsidiary companies or some one or more of its directors, officers or employees will become the registered holder of shares of the Company as nominees for the Beneficial Owner(s) and it is possible that some one or more of the directors, officers or employees of ELCO may at the request of the Beneficial Owner(s) consent to act as directors and officers of the Company NOW THIS DEED WITNESSETH that in consideration of the premises the Beneficial Owner(s) and each of them jointly and severally convenant(s) with ELCO and its subsidiaries and (as a separate covenant) with every director, officer and employee of ELCO that the Beneficial Owner(s) will at all times hereafter indemnify ELCO and its subsidiaries and its directors, officers and employees and hold them harmless and keep them indemnified and hold harmless against all actions, suits, proceedings, claims, demands, costs and expenses whatsoever which may be incurred or become payable by them in respect of or arising out of:-
- them or any of them accepting or holding any office as director or otherwise of the Company or holding any shares of the Company; and
- anything done or omitted to be done whether as the registered holder of shares of or as director or office of the Company at the request or with the prior approval of or which shall have been ratified by the Beneficial Owner(s) or (his) (her) (their) agents.
| IN WITNESS WHEREOF THE |
| Beneficial Owner(s) has/have |
| hereunto set (his) (her) (their) hand(s) |
| and seal the day and year first above |
| written. |
Signed, Sealed and Delivered by the said
____________________ and ____________________
in the presence of:-
____________________
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