Terms of Business that apply with the purchase of a company or related services

PAYMENT TERMS

100% advance payment is required before a company formation service in Europe or offshore is provided.

Alternative payment options are available for partners/agents; please contact us for more details.

Payment for company formation in Europe or offshore must be made in the currency stated on the invoice (EUR / GBP or USD). The invoice can be paid in a different currency, but the exchange rate must be agreed upon in advance.

KYC, or ‘KNOW YOUR CLIENT’

To comply with due diligence standards, the Client must provide us with the following details:

1. Passport copy of the company’s prospective Beneficiary, as well as that of the Company Attorney (passport of the international standard);
2. Residential address confirmation by both Beneficiary and Attorney, in one of the following forms:
   • copy of a utility, phone or credit card bill stating name and residential address
   • copy of passport page with residential address stamp
     

All of the data provided by the Client is strictly confidential; it is not published in any public register. These details are only required for internal use by IBC Consulting and our agent in the corresponding European or offshore jurisdiction.

PROCEDURE OF ORDERING A COMPANY FROM SHELF

1. Client selects an appropriate company jurisdiction in Europe or offshore. Should you require our consult, please email or phone one of our Client Managers at info@globalcompanybusiness.com / (371) 67333957.
2. After that the Shelf list of ready-made companies available in various European and offshore jurisdictions will be sent to the Client for selection of company name.
3. Client receives confirmation from our Client Manager about availability of European or offshore shelf company and reserves company in Client’s name. Further steps to completing company documents as per Client specifications takes place only AFTER receipt of the following:
   • 100% advance payment of our invoice for company registration;
   • we have received 100% of the KYC data, i.e. details of the company’s Beneficiary and Attorney. For more details on KYC, please see point 2.
4. It is important, however, to refrain from entering into any business dealings in the name of the offshore or European company before the original documents are safely received. On average, entire registration process including courier delivery from the corresponding jurisdiction to Riga, takes 3-10 business days.
5. Once the package has been delivered to Riga, we inform the Client accordingly. Documents can be delivered directly to the address indicated by the Client.

PROCEDURE FOR ORDERING FORMATION OF A NEW COMPANY (WITH A SPECIAL NAME)

A Client can register a company in Europe ore offshore with a name selected by themselves. Please note that an additional USD 100 fee applies and forming of a new European or offshore company may add an extra 2-5 business days to the order time frame.

1. Client provides 2-3 alternative names of the company to ensure one is available. Company name endings may vary, depending on legal structure and chosen jurisdiction. Please check with our Client Manager for details.
2. Client Manager checks for name availability in selected European or offshore jurisdiction and informs Client. Please note that most jurisdictions do not reserve company names so that in rare cases, a name that was initially available may be rejected by the company register in that jurisdiction.

Vintage European and offshore shelf companies (registered more than one year ago) are available for sale in all jurisdictions. Please ask our Client Manager for a list of available vintage shelf companies.

PROCEDURE FOR OPENING A BANK ACCOUNT

1. FREE OF CHARGE
   The Client receives a standard Questionnaire Form and request for a general write-up of their business activities.
   Once the Client has supplied all the necessary information, we perform a general analysis and review suitability of applicant’s profile to various banks.
   The Client receives recommendations regarding the most appropriate bank(s) and further information that is required.

2. 50% ADVANCE PAYMENT
   50% pre-payment is required to proceed with the bank application.
   Note: Should the application be rejected by the bank, the prepaid amount is not returned to the Client. Please bear in mind that our job is to advise the Client on the most suitable bank for account opening in accordance with their profile and to assist in preparing the applicant’s information accordingly. In addition, we do not proceed with the application, nor request prepayment, if we are not 100% satisfied with the presented information.

3. CLIENT IDENTIFICATION
   We must be able to identify the applicant in person. There are several ways of dealing with this:

   1. Applicant visits our offices on 22-4 Antonijas St., Riga, Latvia
   2. Applicant provides a notary-certified copy of their passport and signature
   3. We can make arrangements for the Client to be identified by our agents / partners located in Tallinn, Moscow, Kiev or Minsk.
4. REMAINING 50% PAYMENT
   Once the bank has approved the account opening, the remaining 50% payment is due.

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