Online Banking App & Indemnity for Facsimile, Email & Online Banking
Instructions ... Letter of Undertaking - applicable in the case of bearer shares—
stating if the ownership .... For example, exempt companies incorporated with the
power to.
Print Form rd
One Coney Drive, 3 Floor P.O Box 2494 Belize City, Belize Phone: 501-223-6850 Fax: 501-223-6853 Email:
[email protected] Web site: http//www.choicebankltd.com
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. 2.
Application for Bank Account - captures company details and needs to be completed thoroughly 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, Email & 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 Meeting 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 Certificate of Incorporation - The original or a certified copy authenticated where the body is incorporated outside Articles and Memorandum of Association or By-Laws Certificate of Good Standing (if company exists for more than one (1)year) Subscribers Appointment of the company’s directors (s) Certificate of Shareholders/Subscribers 6. Power of Attorney - where applicable, authority affecting the operation of the account given by the directors 7. Letter of Undertaking - applicable in the case of bearer shares—stating if the ownership of the shares changes, the Bank will be in1. 2. 3. 4. 5.
formed in keeping with its obligation to know its clients
Requirements 1.
2. 3.
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 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 and authorized signatory Confirmation of Address - A recent utility bill with complete residential address of account holder(s)
*Note: 1. If the company is not registered in Belize, all corporate documents should be certified and translated to English where necessary. 2. 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, email and facsimile number) should also be provided. 3. Initial Deposit - the minimum deposit required to open an account is 1,000 (respective currency) RESTRICTIONS UNDER NO CIRCUMSTANCE IS ANYONE PERMITTED TO USE NEITHER THE NAME OF CHOICE BANK LTD NOR OF ITS CORRESPONDENT BANK 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 TERMININATION OF THE ACCOUNT.
One Coney Drive, 3rd Floor P.O Box 2494 Belize City, Belize Phone: 501-223-6850 Fax: 501-223-6853 Email:
[email protected] Web site: http//www.choicebankltd.com
CORPORATE ACCOUNT CHECKLIST
Please tick the relevant boxes to indicate to us which forms/documents you have enclosed: Application Forms 1. Application for Bank Account 2. Due Diligence Consent & Statement of Non Resident Status 3. Instruction Schedule—Authorized Signatories 4. Anticipated Activity for New Accounts 5. Online Banking & Indemnity for Facsimile, Email & Online Banking Instructions 6. Certified Extract of Board 7. Bank Mandate 8. Depository Agreement ‐ General Terms & Conditions
Company Documents 1. Certificate of Incorporation 2. Memorandum and Articles of Association 3. Certificate of Good Standing 4. Subscribers Appointment 5. Certificate of Shareholders/Subscribers 6. Power of Attorney (where applicable)
Requirements 1. Reference for each beneficial owner, director and signatory on the account 2. Photo Identification for each beneficial owner, director and signatory on the account 3. Address Confirmation ‐ utility bill for each beneficial owner, director and signatory on the account
" A wealth of choice starts with a world of service"
One Coney Drive, 3rd Floor P.O Box 2494 Belize City, Belize Phone: 501-223-6850 Fax: 501-223-6853 Email:
[email protected] Web site: http//www.choicebankltd.com
COMPANY SHARES FACT SHEET BEARER AND REGISTERED SHARES THE DIFFERENCES
BEARER SHARES
Companies may have the power to issue Bearer Shares 1. Principal Features of Bearer Shares and/or Registered Shares. This Fact Sheet is intended to provide you with information on the principal features, ♦ These are shares that are issued to ‘Bearer’, rather than to a named benefits, advantages and disadvantages of Registered individual or company. Shares and Bearer Shares: ♦ The Share Register for the company simply states that those particular shares are issued to ‘Bearer’ – that is, no name appears. REGISTERED SHARES ♦ The face of the Share Certificate states that the shares are issued to Bearer. 1. Principal Features of Registered Shares ♦ Bearer Shares are transferred by the actual delivery of the share certificates without the need for entry of the transfer into the Share Register. ♦ Registered Shares are issued to a named individual or company. ♦ The name of the individual or company is listed in the local Share ♦ Because of the particular concerns regarding the ease of transferability of Bearer Shares and consequently the ownership of IBC’s, Register held with the Registered Agent of the company. IBC’s with the power to issue Bearer Shares or with Bearer ♦ 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 Shares actually issued may be restricted in what they may be permitted the reverse of the actual share certificate and a Directors’ resolu- to do. For example, exempt companies incorporated with the power to tion is passed authorizing the transfer and issuance of new shares issue Bearer Shares cannot own land in certain territories (the Turks and Caicos Islands). to the new stipulated shareholder. With the Directors’ sanction as indicated by the Directors’ Resolution, 2. Advantages and Benefits of Bearer Shares the new shareholder is recorded on the Share Register ♦ As the name of the shareholder is not entered on the Share Register maintained by the Registered Agent, there is the possibility of 2. Advantages and Benefits of Registered Shares greater anonymity with Bearer Shares than with Registered Shares. ♦ The ownership of Registered Shares is more easily established than the ownership of Bearer Shares. Registered shares belong to The ownership of an IBC with Bearer Shares is easily transferable. the person in whose name they are registered. ♦ Mere possession of Registered Shares is not an indicator of owner- 3. Disadvantages of Bearer Shares ship. ♦ If possession of Registered Shares is illegally obtained, ownership ♦ If possession of Bearer Shares is illegally obtained, the holder of the Bearer Shares can misrepresent themselves as the owner(s) of the in the Registered Shares does not transfer and could not transfer IBC and could be treated as the ultimate owner of any account held without the transferor’s endorsement and the Directors’ agreement with us in the name of the IBC. Because of this, Bearer Shares to issue new shares as described above. should be held in safe custody at all times. Registered Shares may be registered in the name of a nominee under a trust arrangement between the true shareholder and the nominee THIS DOCUMENT IS BASED ON OUR UNDERSTANDING shareholder. The name, which appears on the local Share Register and OF LEGISLATION AND PRACTICES GENERALLY IN EFon the face of the Share Certificate is that of the nominee shareholder FECT IN MOST COUNTRIES. AND MAY CHANGE IN THE (perhaps provided by the Registered Agent for the company) and not FUTURE. WE GIVE NO GUARANTEE THAT THE COMMENTS HEREIN APPLY IN TO ALL THE COUNTRIES OF the name of the actual beneficial owner of the shares. 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 consum- ing. ♦ 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.
" A wealth of choice starts with a world of service"
LETTER OF UNDERTAKING BY BENEFICIAL OWNERS
TO:
Choice Bank Ltd. No. 1 Coney Drive, 3rd Floor Belize City, Belize Central America
Date: ___________________
Re:
Account Name: Account Number:
_______________ _______________
Dear Sir: I, ___________________, owner of ___________________hereby undertake to notify Choice Bank Ltd., (Owner’s Name) (Name of IBC) in writing immediately should there be any change in the share ownership of the company.
Sincerely,
Signed:
_________________
Print Name: _________________ Date:
__________________
