Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
The general requirements to open a company bank account for a Limited Liability Company are:
1.Certificate of Incorporation;
2. The Incorporation documents, these are Forms 1,4,8,27,
3.Most Recent Annual Returns;
4.Two valid forms of Government issued, photo identification for each director;
5.A utility bill in your name, if the bill is not in your name, you will need an authorization letter from the person whose name appears on the utility bill and a copy of their unexpired Government issued photo identification. I am always telling my clients to get a utility bill in their name. See my YouTube video where I explain the importance of this.
6.A Company Stamp with your registered company name on it.
7.Special letters such as a letter of request, a letter requesting online banking.
8.Cash Flow Projections for three years.
9.Some banks require a Board of Inland Revenue (BIR) number each director and for the conmpany;
10.By-Laws, if applicable.
11.Additional documents such as F.I.U (Financial Intelligence Unit) Registration.
Other documents may be required according to the sector that you operate in.
Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
Hi hustlers! Are you thinking about starting your own company after quarantine? You may already appreciate that there are different company structures. In my previous post I discussed the benefits of a sole trader business.
I will now list the benefits of a limited liability company.
1.The ability to get a Company Bank Account ;
2.The ability to enter into contracts;
3.Protection.
I discuss all these benefits in my latest Youtube Video. S.U.B.S.C.R.I.B.E.
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Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
Order her new book now: How to Hustle from Home: 50 Success Secrets Get a free sample of two chapters here https://linktr.ee/asydneygrouptt
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
According to section 33 (3) of the Anti-Terrorism Act (ATA), Financial Institutions (FIs) must report to the Financial Intelligence Unit (FIU) every three (3) months:
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(a)if it is not in possession or control of terrorist property via Quarterly Terrorist Report (QTR) 1;
(b)if it is possession or control of terrorist property; and the particulars relating to the persons, accounts and transaction involved and the total value of the property, via Quarterly Terrorist Report (QTR) 2.
As seen above only Financial Institutions must file the QTR1 and QTR2. Listed Businesses do not file QTR1 and QTR2.
Antoinette Sydney, LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
A Compliance Program (CP) is a manual that contains the internal policies and procedures of a listed business. The Know Your Customer (KYC) forms are attached as appendices to the compliance program.
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What are the key elements of a Compliance Program?
The staring point is that there must be a risk based approach in the Anti-Money Laundering (AML) Compliance Program.
The four (4) pillars of an effective Anti-Money Laundering (AML) Compliance Program are:
The development of internal policies, procedures, and related controls;
The designation of a competent and qualified Compliance Officer;
Ongoing AML training for all staff, directors of the listed business;
Independent review of the Compliance Framework by a competent and qualified AML auditor.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
SOW is an acronym for Source of Wealth. Source of Wealth refers to the origin and the activity that generated your entire body of wealth. As distinct from Source of Funds that is concerned with the funds used for the particular transaction.
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About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
FATCA is an acronym for Foreign Account Tax Compliance Act and it was introduced by the United States Government in 2009 to ensure that U.S. persons with financial assets outside of the United States are paying U.S taxes .
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What is the rationale behind introducing FATCA legislation?
The main objective is to obtain information on U.S. persons who may have financial assets outside of the U.S, or those U.S. persons who may be investing and earning income through financial institutions outside the United States.
Who is affected by FATCA?
U.S. citizens or U.S. registered businesses such as limited liability companies, trusts, partnerships, estates;
US individual residents, including US Green Cardholders;
US individuals who own certain foreign financial accounts or other offshore assets;
Local businesses/companies that have U.S. ownership;
FFIs- any non U.S. financial institution (an institution that accepts deposits, invests, trades securities).
What are financial Institutions required to do with respect to FATCA?
Undertake certain identification and due diligence procedures involving new customers desirous of opening new accounts;
Report annually to the Internal Revenue Service (IRS) information on customers who are U.S persons or foreign entities with substantial U.S. ownership;
Close accounts of certain customers who do not wish to cooperate with the new FATCA requirements including;
(a) Non-participating financial institutions or ;
(b) Customers who fail to provide sufficient information to determine whether or not they are a U.S. person.
Who is a U.S. person for the purposes of FATCA?
A citizen or resident of the United States, including a green card holder;
A partnership, corporation, estate, trust incorporated or created under US law (US incorporated entity);
A non U.S. incorporated entity having substantial ownership held by –an individual who was born in the US or is a US citizen/resident (including a green card holder) or has a US address or a US mailing address;
A U.S. incorporated entity.
How would I know if I am a U.S. Person under FATCA?
The following are captured in this definition:
U.S. resident or citizen including US Green Card holders;
U.S. Place of Birth;
U.S. home or mailing address;
Only address is a U.S. PO Box, C/O mail address
Power of attorney or signing authority having U.S. address
A U.S. telephone number;
Standing order to transfer funds to an account in the U.S.
What are the FATCA forms?
There are various FATCA forms that are to be completed by the Applicant:
U.S. Person Status Form (Individuals only);
Non US Person Declaration;
Non US Person /Letter of Explanation of US Address;
Waiver of Confidentiality/Data Protection for US Person.
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About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
AML is an acronym for “Anti-Money Laundering”. Anti-Money Laundering refers to the laws and regulations that mandate supervised entities to implement measures to prevent, detect and report money laundering.
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About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
It is a report that captures details of an alleged criminal offence committed by a client or customer of a “listed business “.
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In Trinidad and Tobago the following are “listed businesses” and have a legal obligation to file a SAR with the Financial Intelligence Unit (FIU).
Motor Vehicles Sales;
Real Estate Agents and Companies;
Gaming Houses (Casinos)
Pool Betting;
Jewellrs;
Art Dealers;
Accountants;
Lawyers;
Independent Legal Prpfessionals;
Trust and Company Service Providers
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
