TERMS & CONDITIONS
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ASHFORD CLARKE & ASSOCIATES LTD hereinafter referred to as "the Company" and the client hereinafter referred as the beneficial owner/client.
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These terms and conditions are an integral part of any agreement between the Company and the client and between the Company and any third party or parties entered into the agreement. By presentation of these terms and conditions by the Company, the client certifies that he/they we accept and understand all provisions of any business conducted by/with the client and that these terms and conditions shall be in force during or after any business conducted by the Company and the client, be those private or commercial.
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Anti Money Laundering. The Company is licensed in the United Kingdom by the UK Tax Authority HMRC and fully comply with all UK and International Money Laundering laws. The use of any Company structure or Trust supplied by the Company that is used for any purpose of tax avoidance or Money Laundering, Terrorist funding or criminal activity will be instantly reported to their resident tax authority as 'suspicious activities;.
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The Company, its management accepts no liability in the event that any client uses any Bank account, Company or structure sold by the Company for the purposes of Tax Avoidance, Money Laundering, Terrorism Funds, or Criminal Activity.
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The Company does not sell or market any Company, Offshore Company, Trust or Bank account for any other purpose than the legal use of such structures as required by any national or international, laws and regulations.
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Bank Account Pre-approval service: the ‘Companies’ bank accounts introduction service provides for the prior approval of banking facilities. In the event that a bank or financial institution accepts the pre-approval of a bank account or financial service and then subsequently upon receiving further adverse information, rejects the application. In this event the company will not refund any fees paid to the ‘Company’. The rejection of an account after initial pre-approval by any bank or financial institution being based on further information obtained by the bank or financial institution after initial pre-approval has been given. Failure by the client to disclose any such adverse information or change of circumstances of the applicant and or the applicant company will not be accepted by the ‘Company’ and therefore no refund of fees will be paid.
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Bank Account Pre-approval Service exceptions: The bank account pre-approval services is not available to clients who form Companies in the United Arab Emirates or clients who apply for Banking Platform accounts using any other IBC jurisdiction
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The Company will not under any circumstances refund fees on the basis of a cancellation of any transaction that the client chooses at his/her discretion. Furthermore, no refund will be given in the event that the client fails to disclose facts about their financial or legal status including any past or pending convictions of a criminal nature. The Company takes this matter very seriously. Clients are advised that it is an offence to obtain goods and services by deception. Failure to disclose is an offence if such information is withheld whilst applying for Bank facilities.
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No refunds are given when a client does not, or is unable to provide, correct and current dated identification that may be requested at any time, by any bank or financial institution at the time of opening a bank account, or requests by any bank or financial institution for the updating of client records.
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In the event that our Compliance onboarding investigations discover any adverse information regarding the former or current conduct of the applying client that require us to further investigate the history of the client, a charge of £125.00 per hour will be made and charged to the client.
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Taxation: Clients are reminded that although most IBC Companies are free of corporation tax, in some countries Corporation tax will be due. In majority of countries beneficial owners of IBC Companies will have a personal tax liability for any salary, profits, or dividends taken from the IBC their Company. This is the general rule in most countries. If in doubt, we recommend you speak to your qualified tax accountant.
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The Company provides its services on a 'best efforts' basis.
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The Company shall not be held responsible or liable for any charges that may arise from changes in Company legislation. The Company reserves the right withdraw products and services and cancel any licence agreements it hold in any Company jurisdiction with immediate effect.
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The Company reserves the right to cancel with immediate effect and without prior notice any Company or Trust structure and including any nominee director and shareholder agreements when the Company holds concerns about the legality and possible use of any and all Companies and or Trust structures supplied by the Company. This includes but is not exclusive to matters of possible taxation offences that may arise in any and all international jurisdictions.
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The Company reserves the right to cancel our management of any and all Company structures without prior notification, where clients make changes to any Company or Trust structure without a minimum of 28 days’ notice of any such changes. This includes but is not exclusive to the addition or removal of any and all Companies within a structure recommended and supplied by the Company.
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Any intention to make changes to the Directors or shareholder of any Company or Trust Company should be notified to the Company within 14 days prior to any such changes being made. Should such notification not be received by the Company, the Company reserves the right to give 21 days’ notice to the beneficial owners of any Company or Trust Company supplied by the ‘the Company’.
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Due to current US LEGISLATION, we are unable to supply any corporation or bank account facility to US clients.
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Offshore Trust: Clients engaging the Companies services to form an offshore trust are advised to take legal and accountancy advice. The Company or its officers are not qualified to offer professional advice. Asset Protection Trusts formed by the Company on behalf of clients are to only be used for the purpose of Asset Protection and not as part of any structure designed for tax mitigation or avoidance. In the event that this rule is ignored or misinterpreted, the Company reserves the right to inform the clients resident tax authority of the Trust is being used for any purpose other than asset protection.
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The Company will not be responsible or liable for any monies/funds/securities, purchases or advice or recommendation made directly or indirectly to any client by any officer of the Company, either singly or jointly to/on behalf of its clients. Furthermore, the Company will not accept responsibility loss or fraudulent activity of any financial instrument, cheque draft or debenture sent by the Company to any Banking institution on behalf of any client or Corporation.
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Any changes to International or local laws governing International Business Companies (IBC) or Offshore Trust will be complied with by both the "Company" and the client without delay. Any changes to such Companies and or Trust are not the responsibility of the "Company" and as such the Company accepts no responsibility for any additional information that regulatory authorities may require from time to time.
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The company accepts no responsibility for any alterations of rules and/or regulations against any IBC, Free Zone company or Trust imposed by any authority such as the OECD or other regulatory bodies, governments, banks or financial institutions. Furthermore, the Company accepts no liability and will offer no refund of fees paid to the company, before or after the ‘client’ has paid fees to the ‘Company’ or during the application process of setting up any Company, Trust or Bank account, due to rules or changes imposed by any Bank, Financial Institution or legally recognise Government which are outside of the Companies control.
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Due to important changes being imposed upon our clients by international banks, it is likely that changes to the structure of clients IBC Companies may need to be changed. This is mainly in the area of beneficial owners and directors. Any charges to accommodate any new rules and regulations required by your company jurisdiction and or bank, will be charged to the client. The ‘Company’ is not responsible for regulatory changes made outside of our control.
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The referral by the Company to any bank or financial institution of any kind does not carry any warrantee or guarantee of the financial stability of any bank or financial institution that the Company may introduce or recommend the client to, for the provision of banking/financial services. It is up to the client to do his/her due diligence on the bank or institution.
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The Company does not accept any liability in the event of any financial failing or fraudulent activity or any dishonesty in any way by any bank/financial institution that the Company introduces the client to.
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In the event of any bankruptcy or administration/receivership of any bank/financial institution that the Company have introduced the client to, that the client will deal directly with the banks receivers or administrators, and will in no way contact the Company regarding the recovery of any funds due in any way to the client by the bank. Failure by the client to adhere to this clause will make the client liable to legal action by the Company.
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In the event of any successful application by the Company on behalf of the client to any bank/financial institution, the clients agrees to operate the account his/herself and not under any circumstances request demand or order the Company to handle or operate the clients bank account(s) on behalf of the client.
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The Company is not liable for any mistakes, delay non-payment by any bank/third party.
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The Company reserves the right to terminate relations with the client if the Company receives any information forcing it to do so.
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The Company reserves the right to alter or change these terms and conditions at any time without prior warning to the client.
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The Company reserves the right to change or alter the pricing structure on any documentation or website without prior notice.
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The Company and client agree that any and all disputes, including those involving any third party, will be settled by negotiation. If both/either or all parties fail to reach an agreement, then the parties will appoint arbitrators in the country where the dispute originated. Such matters shall be final and exclusively settled by arbitration without recourse to law in any country or jurisdiction.
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Once the client has taken control of their IBC, the Company hold no further responsibility and offer no warranty regarding the continued association with any bank or financial institution to which the Company have provided introduction. Banks and financial institutions reserve the right to close any or all accounts and/ or facilities if they deem this necessary. In such situations it is not the responsibility the Company to intervene in any dispute between any bank or financial institution.
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The Company will not be responsible or liable for any investments, securities or purchases or advice made directly or indirectly to/on behalf of its clients, singly or jointly, severally or corporately. Under no circumstances will the Company be responsible for the performance, recommendation, dishonesty or lack of performance, by any third party or introduction made by the Company. The client accepts that the Company acts and gives advice only in good faith.
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The Company are not licensed deposit takers and do not or will not accept funds other than fees paid directly for the Company's services.
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The Company accepts no liability for the client's statutory responsibility for any UK or offshore company in any jurisdiction whatsoever.
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The Company and its officers are not qualified to give legal, financial or taxation advice, nor do they do so. Clients are recommended to obtain advice from a qualified professional before entering into the purchase of any offshore company, bank account or the creation of an offshore trust.
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Any advice or recommendation given by the Company is solely a reflection of the Company's understanding of the current position of its products in the market place. The Company does not guarantee or give any warranty for the performance or protection of any offshore trust or corporate structure of any kind.
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Once any bank account, onshore or offshore is opened on behalf of any client or corporate entity, the account must be run by the client or corporate entity. The Company can and will not assist in running any private or corporate bank account on behalf of its clients.
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While we endeavour to provide merchant card services with pre-approval, we cannot guarantee the performance of the merchant card provider after the point of sale. THEREFORE, it is essential that clients provide true and accurate information at the time of application. Clients will still have a legal responsibility for the payment of fees of IBCs and bank accounts regardless of the outcome of the merchant card facility arrangement.
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The Client understands that an annual renewal fee will be payable to keep their company/Trust in good legal standing and failure to renew will result in the company / Trust being suspended, resulting in a restoration fee being applied.
A Trust you can believe in to protect your wealth
Offshore Trusts in St Vincent & The Grenadines
A St. Vincent International Trust is formed under the provisions of the International Trust Act of 1996. Different from domestic trusts, international trusts were established so foreigners can create them to hold global assets for non-resident foreigners.
Background
St. Vincent and the Grenadines are a multi-islands nation located in the Caribbean which were a British Colony for over 200 years before gaining independence in 1979.
It legal system follows traditional English Common Law with Magisterial District courts acting as the lower courts and the court of final appeals being Her Majesty’s Judicial Committee of the Privy Council in London, England.
While English law is their basic law, they developed their own statutory laws such as the International Trust Act of 1996 (Act) governing international trusts formed in St, Vincent and the Grenadines (hereafter, SVG).
Trust Benefits
A St. Vincent International Trust can take advantage of the following benefits:
• Foreign Control: International trusts were created especially for foreigners to create and benefit foreign beneficiaries and hold assets held in other countries.
• No Taxes: International trusts pay no taxes. Note: U.S. residents are subject to global income tax along with persons from other countries taxing worldwide income who must report all income to their governments.
• Privacy: No public records exist naming the settlor, beneficiaries, protector, or trust assets.
• Settlor’s Control: SVG allows settlors the power to manage trust investments, assets, trustees, protectors, and beneficiaries without jeopardizing the validity of the trust.
• No Foreign Interference: SVG’s laws prevent other countries’ laws, courts, and claimants from accessing trust assets,
• Asset Protection: Fraudulent conveyance laws are not enforced. Claims against assets have heavy burden of proof. Forced heirship laws not recognized.
• Perpetuity: No rule against perpetuity exists in the SVG allowing no limits on the existence of a trust.
• Estate Planning: A trust with unlimited lifespan and favourable asset protection laws makes for an excellent platform for estate planning.
• English: SVG was a British Colony for over 200 years adopting English as its official language.
• Fast Formation: The trust deed can be prepared in one day and registration takes another day.
St. Vincent International Trust Name
Trust names cannot be exactly alike or closely resemble any SVG legal entities name. Trusts must identify themselves by including the word “Trust” at the end of its name.
Qualifications
Qualifying as an international trust under the Act requires:
• Neither the settlor nor any of the beneficiaries are residents of the SVG;
• One of the trustees must be licensed pursuant to the SVG Registered Agents and Trustees Licensing Act;
• None of the assets held by the trust are located inside the SVG; and
• The trust deed is registered in the government’s Trust Registry
Registration
Trust deeds are registered with the Trust Registry established by the government as a confidential register of trusts which are not accessible to the public. Upon registering, a Certificate of Registration is issued to the settlor.
Trust deeds transfer title to the trust of all assets and describes how the trust will be administered, how assets will be managed, and how income and assets will be distributed to the beneficiaries.
Validity
An international trust which is duly registered will not become invalid because the settlor’s country of citizenship or residency declares if unlawful under their laws. In addition, forced heirship and community property laws of other countries will not be recognized by any SVG court.
The Act determines all conflicts of law and choice of law issues regarding international trusts.
Asset Protection
Foreign fraudulent conveyance laws will not be enforced against a registered international trust.
Foreign court judgments against a SVG registered international trust and/or against the beneficiaries or its settlor are not enforceable if the judgment was based on foreign laws not in conformance with the Act.
A statute of limitations exists barring all claims against an international trust which were not commenced within two years from the date the international trust was created.
The only manner in which a debt creditor can satisfy his or her claim on a particular trust property is by posting a $25,000 USD bond with a SVG court and proving that the settlor intended to defraud the specific creditor and the transference of the property (asset) to the trust rendered the settlor insolvent. These are very difficult things to prove.
Foreign laws regarding the insolvency or bankruptcy of the settlor will not affect a registered international trust.
International Business Companies
An international trust can own as many SVG International Business Companies (IBC) it wishes.
Different Types of Trusts
The Act allows for the creation of different types of trusts such as:
• Purpose Trust – A trust created for specific purposes without naming beneficiaries are permitted. The purpose for such trusts can have a broad range including charities, events, social or political agendas, and religious. Purpose trusts can be charitable or non-charitable. A family business can be the sole asset of a purpose trust.
• Discretionary Trust – This type of trust allows for the trustee to have discretion whether to disperse income and assets to a specific beneficiary or to remove the beneficiary completely.
• Spendthrift Trusts – A spendthrift trust is established to place restrictions on one or more beneficiaries from spending the trusts income or disposing of assets received from the trust. This type of trust protects minors, mentally incapacitated, or beneficiaries that the settlor does not have confidence or trust in the beneficiary to spend income or sell assets in a responsible manner.
• Reserved Power Trusts – Also known as a “settlor-controlled trust” where the settlor can retain powers to control the management of the trust’s assets. This is a very popular trust with foreigners establishing Limited Liability Companies (LLC) or an International Business Company (IBC) and having their shares held by one of these trusts. This allows the settlor to run the companies in the background through the trust. Here are some of the powers which may be reserved by the settlor to retain, possess or acquire the power to:
(a) Revoke the trust;
(b) Amend the trust:
(c) Remove or appoint a protector or trustee;
(d) Direct a protector or trustee to act in certain ways;
(e) Obtain benefits or interest from the trust;
(f) Direct distribution of the trust capital or income to persons other than him or herself;
(g) Become a beneficiary; and
(h) Writes a letter of wishes delivered to the trustee directing his or her activities.
Duration
The Rule Against Perpetuity does not exist in the SVG meaning that trusts can be eternal.
Settlor
The settlor can be from any country (other than the SVG) and can be either a natural person or legal entity.
Trustee
The Registered Agent and Trustee Licensing Act of 1996 sets fort the qualifications and licensing of registered agents and trustees in the SVG. The Financial Services Authority supervises registered agents and trustees in the SVG to assure their compliance with the laws.
Beneficiaries
Beneficiaries must not be SVG residents. They can reside and be citizens of any country.
Protector
The settlor can appoint a protector in the trust deed who oversees the actions of the trustee to ensure the rights of the beneficiaries are protected. The protector does not have to be a SVG resident and can reside and be a citizen in any country. The trust deed may confer many powers upon the protector including the right to add or remove trustees or overrule actions taken by the trustee. Settlors often appoint trusted financial advisors as their protectors.
Taxes
SVG does not impose any taxes on their international trusts.
However, United States citizens and residents must pay taxes on all world income like residents in some other countries requiring them to report all income to their tax agencies.
Public Records
None of the records of the Registrar are available to the public ensuring privacy for the settlor, beneficiaries, protector, and trust assets.
Time for Formation
Trusts can be prepared in one day with another day for registration.
Conclusion
A St. Vincent International Trust has the following benefits: total foreign participation, privacy, no taxation, fast formation, eternal duration, asset protection, estate planning, settlor’s control, no foreign interference, and English as the official language.