We believe we offer the most efficient and sophisticated service for incorporation of companies in the world. However, we have no intention of allowing this to adversely effect the integrity of our due diligence procedures. These procedures and requirements are both simple and clear. In most situations this requires the submission of original documents as outlined below and as such is the most time consuming part of the incorporation process and/or the account opening process.
Our due diligence policies require us to know who our customers are and as such we seek to:
- obtain evidence of our clients’ identities, and physical location of residence;
- establish that the client is NOT a Politically Exposed Person (PEP);
- develop an understanding of our client’s banking and business needs so we can ensure we best serve them.
In regards to due diligence requirements our firm and the offshore and international banks we work with take great care to ensure we all comply with internationally accepted standards, especially in the combat of Money Laundering & International Terrorist Financing.
As a professional services firm we do NOT work with offshore banks, brokerages or financial services providers which have low standards of KYC & compliance. We only works with reputable, reliable, established partners. This means that incorporation and account opening procedures are somewhat detailed.
Typically our offshore banking partners will require all of the following information to establish an offshore bank account for a simple offshore company which is owned by individuals (rather than a corporation, trust or other form of entity):
- Certified proof of identity of owners, directors, shareholders, account signatories and beneficial owners. Acceptable proof of identity would normally include a passport copy certified in a prescribed manner by a Notary or Attorney.
- Proof of residence of all owners, directors, shareholders, account signatories and beneficial owners. Acceptable proof of residence would normally include an original utility bill and bank statement.
- In some cases bank and/or professional references.
- Information relating to the expected account activity, the number of transactions per month, and the amount of money that will be left on deposit at the bank.
- In some cases an outline of the business activity.
- In some cases documented evidence relating to source of funds.
- Some banks require clients to visit them however in most cases (not all) introduction to the financial institution through us eliminates this requirement.
- In addition, enhanced due diligence will be undertaken if the nature of the business is deemed ‘High Risk’ by the bank (Adult, Online Gaming, etc).