Nadia J Taylor Associate. PRIVATE TRUST COMPANIES Establishing a PTC and Acting as a Registered Representative. A PTC can be either: an IBC; or a Domestic company. HOW IS A PTC ESTABLISHED?.
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PRIVATE TRUST COMPANIESEstablishing a PTC and Acting as a Registered Representative
a licensee serves as a RR of the PTC.SPECIAL DIRECTOR EXCEPTION
The fitness of the FCSP.
The business record and relevant experience of the FCSP or its beneficial owners.REGISTERED REPRESENTATIVE (RR)
The best interest of the financial industry.REGISTERED REPRESENTATIVE (RR)
The fee payable to the Public Treasury to act as a RR of a PTC is $2,500 annually.REGISTERED REPRESENTATIVE (RR)
A RR is required to verify the identities of :
the settlor and any person providing the funds or assets which are subject to the trust;REGISTERED REPRESENTATIVE (RR)
Memorandum and Articles of Association;
CV of Special Director;REGISTERED REPRESENTATIVE (RR)
I, [DIRECTOR], hereby confirm that in relation to [INSERT COMPANY NAME] a Company [incorporated/to be incorporated] under the laws of The Bahamas, the Designated Person or Designated Persons for the purposes of Section 2 of the Act shall be: [INSERT INDIVIDUAL (S) NAME (S)].
[INSERT COMPANY NAME]DESIGNATING INSTRUMENT
that the Company’s directors are not required by law to possess or exhibit expertise in trust administration and, therefore, said directors may, in fact, not be possessed of or exhibit such skill,
that Company is not required by law to provide any fidelity bond,FORM OF ACKNOWLEDGEMENT TO BE EXECUTED BY SETTLOR OF TRUST
that Company is not required by law to perform an annual audit.
Accordingly, accepting the foregoing and fully understanding the legal implications hereof, I hereby waive any and all rights of complaint in respect of these matters.
Acknowledged by:FORM OF ACKNOWLEDGEMENT TO BE EXECUTED BY SETTLOR OF TRUST
The PTC complies with the definition of a “private trust company” under the BTCRA as amended;
It has a single Designating Instrument;
It does not solicit trust businessQUALIFICATIONS OF EXEMPTION
If a PTC is either an IBC or Domestic Company incorporated after the date of coming into force of the Regulations, within three 3 months of its incorporation.QUALIFICATIONS OF EXEMPTION
A RR must obtain a duly completed Compliance Certificate on, or before 31st December of each year.HOW DOES A RR CERTIFY EXEMPTION?
established under the laws of the Commonwealth of The Bahamas pursuant to the Banks and Trust
Companies Regulation Act, 2000 (the “Company”) hereby declare that between [DATE] and [DATE]:
1. The Company has served only as trustee for trust or trusts for Designated Person or Designated
Persons or an individual or individuals who are related by consanguinity or other family relationships to
the Designated Person or Designated Persons and has not carried on any business or activity which
was prohibited; andCOMPLIANCE CERTIFICATE
And we each make this solemn declaration conscientiously believing it to be true.
Director DirectorCOMPLIANCE CERTIFICATE
Converting a restricted licence Trust Company into a PTC.
Converting an existing Foreign Company into a PTC.OTHER WAYS OF ESTABLISHING A PTC
Nadia J TaylorAssociatentaylor@higgsjohnson.com