Terms and Conditions
DEFINITIONS in these Terms and Conditions of PO-FSA:
"IBC" means the International Business Company who has been granted a Global Banking License to provide banking and financial services to individuals and corporate persons in accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]).
"Company" means any one or more companies or trust for which the IBC has asked the PO-FSA to provide banking license in accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]).
"Person" shall include, as far as the context admits, any person, firm company or other body incorporated or unincorporated.
"Services" means any company information, management, documentary, trust or trustee services, administrative service, or any other provision of a service to the client or his company or a trust for or on behalf of the IBC.
"Trust" means any trust or settlement established or administered for or on behalf of the IBC. Words importing one gender include all other genders and words importing the singular include the plural and vice versa.
LICENSING FEES & SERVICES
The INC agrees to pay the licensing fees charged by which the fees include annually recurring amounts, but although effort is made to maintain the same fee level as long as possible, PO-FSA reserves the right to increase the level of the licensing fees payable.
The fees are set based on immediate settlement by the INC. When the PO-FSA invoices for annual licensing fee, 5% may, at the discretion of PO-FSA added to the fees invoiced but the additional amounts are fully permitted as a discount if the invoice is paid on time. In the event that the IBC fails to settle invoices properly rendered to him by the PO-FSA within the period for payment notified on that invoice then the IBC authorizes the PO-FSA to deduct the fees from any account under the control of the PO-FSA and belonging to the IBC.
If the IBC no longer requires the banking license offered by the PO-FSA then within 30 days of receipt of the invoice for the forthcoming year's banking license due date the IBC shall advise the PO-FSA accordingly of her intention to withdraw the banking license. If the client does not inform the PO-FSA, then he shall be deemed to have accepted liability to pay for the licensing fee for the forthcoming 12 calendar months and shall be liable for the payment of the invoice in full. Domiciliary and management services are provided on a yearly basis by the PO-FSA. A termination fee shall be payable by the IBC to the PO-FSA upon the banking license no longer being required whether this be due to liquidation, transfer of the management of the IBC or company or trust or otherwise. The fee payable be determined by the PO-FSA in respect of each IBC. This termination fee shall be charged additionally to any fees payable for documentary work, time spent in effecting such termination and disbursements payable to third parties. PO-FSA reserves the right to decline instructions from IBC without giving reasons for any legal or tax advice relating to the termination.
It is understood from all IBC that any company, individual, shareholder, director will not use any banking license granted by the PO-FSA for any activity which is an offence or predicate offence of money laundering (which term shall be given widest meaning attributed to it under the law and by international convention), including but not limited to receiving, investing, converting or distributing the proceeds from drug trafficking, terrorist activities; extortion; trading in arms, munitions or other weapons or for any purpose which is illegal under the law of the place of incorporation or management or criminal activities generally, or trading with such countries as might from time to time be subject to any embargo imposed by the Security Council of the United Nations, the United States or the European Union. It is understood that if it is determined by any of the information provided by the PO-FSA and it affiliated members was provide with the knowledge that it was false, this may be subject to criminal prosecution of the IBC and any license granted will be immediately revoked.
The IBC will at all times irrevocably and unconditionally hold harmless and indemnify PO-FSA and any parent, subsidiary or affiliate therefore and their directors, partners, officers and employees against all proceedings, suits, damages, fines, expenses, penalties and liabilities arising or brought against any of them by reason of any breach of the above declarations or the provision of the IBC or the banking and financial services rendered.
OTHER PROVISIONS:
The IBC agrees to inform the PO-FSA immediately upon changing her usual business address or residential address or telephone or fax numbers including emails and website, the PO-FSA may at all times to able to contact the IBC should there be need.
All communications in relation to the administration of the IBC shall be deemed to have been properly communicated if sent to the address notified by the PO-FSA by the IBC in accordance with these conditions of PO-FSA and all such communications shall be deemed to have been properly received by the IBC ten days after posting such communication to the IBC. It is not be necessary for PO-FSA to provide proof of postage.
The PO-FSA shall not be liable for any failure to company with any instructions and shall not be responsible for non-receipt of instructions. The IBC shall have no claim whatsoever against the PO-FSA in respect of anything done or omitted to be done or in respect of any exercise of ay discretion unless same shall be mala fide or fraudulently. In its website and other materials, the PO-FSA providers information banking license in accordance with accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]) and the verification of the license granted. Such information does not purport to be legal or other professional advice and cannot be taken to constitute such advice. The IBC agrees to provide the PO-FSA upon request with whatever information the PO-FSA may require about the background of the IBC to align with the requirements of the FIU/FRA.
If it is found that at any time during the duration of the banking license that there are reported irregular or illegal actives and does not conform with requirements of the FIU/FRA, the license will immediately be suspended or revoked.
Any dispute arising between the IBC and the PO-FSA from or out of the provision of the Banking Law (POBA; 2000 [Electronic Money Regulation]) or in connection with the Terms and Conditions of PO-FSA shall be referred to and determined by a sole arbitrator ("the Arbitrator") such arbitration to be held in the same jurisdiction as the sites of the particular office of the PO-FSA or, if The PO-FSA shall deem if more convenient elsewhere. The Arbitrator shall be appointed by agreement between the parties. For the avoidance of doubt the IBC and PO-FSA agree that the decision of such arbitration shall be binding on all parties to that arbitration.
Terms and Conditions
DEFINITIONS in these Terms and Conditions of PO-FSA:
"IBC" means the International Business Company who has been granted a Global Banking License to provide banking and financial services to individuals and corporate persons in accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]).
"Company" means any one or more companies or trust for which the IBC has asked the PO-FSA to provide banking license in accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]).
"Person" shall include, as far as the context admits, any person, firm company or other body incorporated or unincorporated.
"Services" means any company information, management, documentary, trust or trustee services, administrative service, or any other provision of a service to the client or his company or a trust for or on behalf of the IBC.
"Trust" means any trust or settlement established or administered for or on behalf of the IBC. Words importing one gender include all other genders and words importing the singular include the plural and vice versa.
LICENSING FEES & SERVICES
The INC agrees to pay the licensing fees charged by which the fees include annually recurring amounts, but although effort is made to maintain the same fee level as long as possible, PO-FSA reserves the right to increase the level of the licensing fees payable.
The fees are set based on immediate settlement by the INC. When the PO-FSA invoices for annual licensing fee, 5% may, at the discretion of PO-FSA added to the fees invoiced but the additional amounts are fully permitted as a discount if the invoice is paid on time. In the event that the IBC fails to settle invoices properly rendered to him by the PO-FSA within the period for payment notified on that invoice then the IBC authorizes the PO-FSA to deduct the fees from any account under the control of the PO-FSA and belonging to the IBC.
If the IBC no longer requires the banking license offered by the PO-FSA then within 30 days of receipt of the invoice for the forthcoming year's banking license due date the IBC shall advise the PO-FSA accordingly of her intention to withdraw the banking license. If the client does not inform the PO-FSA, then he shall be deemed to have accepted liability to pay for the licensing fee for the forthcoming 12 calendar months and shall be liable for the payment of the invoice in full. Domiciliary and management services are provided on a yearly basis by the PO-FSA. A termination fee shall be payable by the IBC to the PO-FSA upon the banking license no longer being required whether this be due to liquidation, transfer of the management of the IBC or company or trust or otherwise. The fee payable be determined by the PO-FSA in respect of each IBC. This termination fee shall be charged additionally to any fees payable for documentary work, time spent in effecting such termination and disbursements payable to third parties. PO-FSA reserves the right to decline instructions from IBC without giving reasons for any legal or tax advice relating to the termination.
It is understood from all IBC that any company, individual, shareholder, director will not use any banking license granted by the PO-FSA for any activity which is an offence or predicate offence of money laundering (which term shall be given widest meaning attributed to it under the law and by international convention), including but not limited to receiving, investing, converting or distributing the proceeds from drug trafficking, terrorist activities; extortion; trading in arms, munitions or other weapons or for any purpose which is illegal under the law of the place of incorporation or management or criminal activities generally, or trading with such countries as might from time to time be subject to any embargo imposed by the Security Council of the United Nations, the United States or the European Union. It is understood that if it is determined by any of the information provided by the PO-FSA and it affiliated members was provide with the knowledge that it was false, this may be subject to criminal prosecution of the IBC and any license granted will be immediately revoked.
The IBC will at all times irrevocably and unconditionally hold harmless and indemnify PO-FSA and any parent, subsidiary or affiliate therefore and their directors, partners, officers and employees against all proceedings, suits, damages, fines, expenses, penalties and liabilities arising or brought against any of them by reason of any breach of the above declarations or the provision of the IBC or the banking and financial services rendered.
OTHER PROVISIONS:
The IBC agrees to inform the PO-FSA immediately upon changing her usual business address or residential address or telephone or fax numbers including emails and website, the PO-FSA may at all times to able to contact the IBC should there be need.
All communications in relation to the administration of the IBC shall be deemed to have been properly communicated if sent to the address notified by the PO-FSA by the IBC in accordance with these conditions of PO-FSA and all such communications shall be deemed to have been properly received by the IBC ten days after posting such communication to the IBC. It is not be necessary for PO-FSA to provide proof of postage.
The PO-FSA shall not be liable for any failure to company with any instructions and shall not be responsible for non-receipt of instructions. The IBC shall have no claim whatsoever against the PO-FSA in respect of anything done or omitted to be done or in respect of any exercise of ay discretion unless same shall be mala fide or fraudulently. In its website and other materials, the PO-FSA providers information banking license in accordance with accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]) and the verification of the license granted. Such information does not purport to be legal or other professional advice and cannot be taken to constitute such advice. The IBC agrees to provide the PO-FSA upon request with whatever information the PO-FSA may require about the background of the IBC to align with the requirements of the FIU/FRA.
If it is found that at any time during the duration of the banking license that there are reported irregular or illegal actives and does not conform with requirements of the FIU/FRA, the license will immediately be suspended or revoked.
Any dispute arising between the IBC and the PO-FSA from or out of the provision of the Banking Law (POBA; 2000 [Electronic Money Regulation]) or in connection with the Terms and Conditions of PO-FSA shall be referred to and determined by a sole arbitrator ("the Arbitrator") such arbitration to be held in the same jurisdiction as the sites of the particular office of the PO-FSA or, if The PO-FSA shall deem if more convenient elsewhere. The Arbitrator shall be appointed by agreement between the parties. For the avoidance of doubt the IBC and PO-FSA agree that the decision of such arbitration shall be binding on all parties to that arbitration.
Terms and Conditions
DEFINITIONS in these Terms and Conditions of PO-FSA:
"IBC" means the International Business Company who has been granted a Global Banking License to provide banking and financial services to individuals and corporate persons in accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]).
"Company" means any one or more companies or trust for which the IBC has asked the PO-FSA to provide banking license in accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]).
"Person" shall include, as far as the context admits, any person, firm company or other body incorporated or unincorporated.
"Services" means any company information, management, documentary, trust or trustee services, administrative service, or any other provision of a service to the client or his company or a trust for or on behalf of the IBC.
"Trust" means any trust or settlement established or administered for or on behalf of the IBC. Words importing one gender include all other genders and words importing the singular include the plural and vice versa.
LICENSING FEES & SERVICES
The INC agrees to pay the licensing fees charged by which the fees include annually recurring amounts, but although effort is made to maintain the same fee level as long as possible, PO-FSA reserves the right to increase the level of the licensing fees payable.
The fees are set based on immediate settlement by the INC. When the PO-FSA invoices for annual licensing fee, 5% may, at the discretion of PO-FSA added to the fees invoiced but the additional amounts are fully permitted as a discount if the invoice is paid on time. In the event that the IBC fails to settle invoices properly rendered to him by the PO-FSA within the period for payment notified on that invoice then the IBC authorizes the PO-FSA to deduct the fees from any account under the control of the PO-FSA and belonging to the IBC.
If the IBC no longer requires the banking license offered by the PO-FSA then within 30 days of receipt of the invoice for the forthcoming year's banking license due date the IBC shall advise the PO-FSA accordingly of her intention to withdraw the banking license. If the client does not inform the PO-FSA, then he shall be deemed to have accepted liability to pay for the licensing fee for the forthcoming 12 calendar months and shall be liable for the payment of the invoice in full. Domiciliary and management services are provided on a yearly basis by the PO-FSA. A termination fee shall be payable by the IBC to the PO-FSA upon the banking license no longer being required whether this be due to liquidation, transfer of the management of the IBC or company or trust or otherwise. The fee payable be determined by the PO-FSA in respect of each IBC. This termination fee shall be charged additionally to any fees payable for documentary work, time spent in effecting such termination and disbursements payable to third parties. PO-FSA reserves the right to decline instructions from IBC without giving reasons for any legal or tax advice relating to the termination.
It is understood from all IBC that any company, individual, shareholder, director will not use any banking license granted by the PO-FSA for any activity which is an offence or predicate offence of money laundering (which term shall be given widest meaning attributed to it under the law and by international convention), including but not limited to receiving, investing, converting or distributing the proceeds from drug trafficking, terrorist activities; extortion; trading in arms, munitions or other weapons or for any purpose which is illegal under the law of the place of incorporation or management or criminal activities generally, or trading with such countries as might from time to time be subject to any embargo imposed by the Security Council of the United Nations, the United States or the European Union. It is understood that if it is determined by any of the information provided by the PO-FSA and it affiliated members was provide with the knowledge that it was false, this may be subject to criminal prosecution of the IBC and any license granted will be immediately revoked.
The IBC will at all times irrevocably and unconditionally hold harmless and indemnify PO-FSA and any parent, subsidiary or affiliate therefore and their directors, partners, officers and employees against all proceedings, suits, damages, fines, expenses, penalties and liabilities arising or brought against any of them by reason of any breach of the above declarations or the provision of the IBC or the banking and financial services rendered.
OTHER PROVISIONS:
The IBC agrees to inform the PO-FSA immediately upon changing her usual business address or residential address or telephone or fax numbers including emails and website, the PO-FSA may at all times to able to contact the IBC should there be need.
All communications in relation to the administration of the IBC shall be deemed to have been properly communicated if sent to the address notified by the PO-FSA by the IBC in accordance with these conditions of PO-FSA and all such communications shall be deemed to have been properly received by the IBC ten days after posting such communication to the IBC. It is not be necessary for PO-FSA to provide proof of postage.
The PO-FSA shall not be liable for any failure to company with any instructions and shall not be responsible for non-receipt of instructions. The IBC shall have no claim whatsoever against the PO-FSA in respect of anything done or omitted to be done or in respect of any exercise of ay discretion unless same shall be mala fide or fraudulently. In its website and other materials, the PO-FSA providers information banking license in accordance with accordance with the Banking Law (POBA; 2000 [Electronic Money Regulation]) and the verification of the license granted. Such information does not purport to be legal or other professional advice and cannot be taken to constitute such advice. The IBC agrees to provide the PO-FSA upon request with whatever information the PO-FSA may require about the background of the IBC to align with the requirements of the FIU/FRA.
If it is found that at any time during the duration of the banking license that there are reported irregular or illegal actives and does not conform with requirements of the FIU/FRA, the license will immediately be suspended or revoked.
Any dispute arising between the IBC and the PO-FSA from or out of the provision of the Banking Law (POBA; 2000 [Electronic Money Regulation]) or in connection with the Terms and Conditions of PO-FSA shall be referred to and determined by a sole arbitrator ("the Arbitrator") such arbitration to be held in the same jurisdiction as the sites of the particular office of the PO-FSA or, if The PO-FSA shall deem if more convenient elsewhere. The Arbitrator shall be appointed by agreement between the parties. For the avoidance of doubt the IBC and PO-FSA agree that the decision of such arbitration shall be binding on all parties to that arbitration.
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