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Terms and Conditions
1. The following terms shall
where the context so admits, have the meanings hereinafter assigned to them:
Owner
means the beneficial owners and
other beneficiaries and instigators of a Client’s Company and shall include in
the case of an individual his heirs, personal representatives and assigns and
shall in the case of more than one person mean such persons jointly and
severally and shall include the survivor or survivors of them and the heirs,
personal representatives and assigns of each of them.
The Firm
means Omega International
Agents Limited and their successors in title and assigns and may include any
company under their direct or indirect control
Client
means any corporation or
company and/or where the Company context so admits the Owner for which the
Services (as hereinafter defined) are provided by the Firm.
2. The Firm has provided and
shall provide such services (hereinafter called "the Services" which expression
shall include any of the services) to or in respect of the Client’s Company as
the Owner may from time to time request orally, in writing or in any other
manner and as the Firm may in its absolute discretion accept to provide.
3. The Firm is hereby
authorised to take any steps that it may in its absolute discretion think fit to
further the business or protect the assets of the Client’s Company and to take
such professional advice at the Client’s Company's expense as the Firm may
consider necessary.
4. As remuneration for the
Services the Firm shall receive from the Client’s Company such fees and in such
manner as set out in its scale of charges as may be varied from time to time or
as may be agreed with the Client’s Company or its Owner. The Firm shall be
entitled to deduct from time to time at the discretion of the Firm any such fees
from the funds of the Client’s Company.
5. The Owner hereby covenants
with the Firm and as a separate covenant with each person or company nominated
by the Firm who may from time to time be or act as director, alternate director,
secretary, manager or other officer or registered shareholder of the Client’s
Company (hereinafter called "the Appointees" which expression shall include any
of them) and the personal representatives, executors, heirs, administrators and
estate of each of them that:
a. the Owner will at all times
guarantee the due payment and reimbursement to the Firm and the Appointees by
the Client’s Company of all fees, disbursements and expenses in connection with
the Services and generally the due discharge by the Client’s Company of all its
liabilities:
b. the Owner will at all times
hereafter indemnify and keep indemnified and harmless each and all of the
persons hereinafter mentioned from and against all actions, suits, proceedings,
claims, demands, costs, expenses and liabilities whatsoever which may arise or
occur or be taken, commenced, made or sought from or against the Firm or the
Appointees in connection with or arising from the Services save and except for
any fraudulent or grossly negligent act or omission on the part of the Firm or
the Appointees. The persons hereby indemnified are:
i. the Firm;
ii. any company under the
direct or indirect control of the Firm or of the Appointees; and/or
iii. any partner of, director
of, employees of or person assigned under contract to any of the abovementioned.
6. The Owner shall keep the
Client’s Company at all times in funds sufficient to honour its liabilities as
and when they become due in default of which the Firm may procure funds for the
Client’s Company. If any fees or disbursements payable to the Firm shall not be
duly and punctually paid neither the Firm, its Partners, Directors or staff
shall be under any further obligation to provide corporate services to the
Client’s Company.
7. The Owner shall not
alienate, sell, pledge or otherwise dispose of or encumber his interest in the
Client’s Company or any part thereof without the written consent of the Firm.
8. The Owner warrants that the
information supplied to the Firm and its Appointees is accurate and complete in
all respects and that material changes which may occur from time to time will be
promptly advised to the Firm. At the request of the Firm or its Appointees the
Owner shall be obliged to disclose or to procure the disclosure to the Firm of
any and all information concerning the Client’s Company or its business that the
Firm may consider necessary or desirable from time to time.
9. The Owner confirms,
undertakes and covenants that:
a. any asset introduced or
caused to be introduced to the Client’s Company has been lawfully introduced and
is not derived from or otherwise connected with any illegal activity;
b. the Client’s Company will
not be engaged or involved directly or indirectly in any illegal activity or be
used for any unlawful purpose and the Owner will keep the Firm adequately
informed as to all business to be transacted in the name of or for the account
of the Client’s Company and that the Owner will use his best endeavours to
ensure that the Client’s Company is run in a proper and business-like manner and
complies with all applicable laws and regulations;
c. that the Owner shall procure
that the Client’s Company complies with all filing requirements in any
applicable jurisdiction other than the country of incorporation and that all
taxes and governmental dues payable other than in the country of incorporation
by the Client’s Company are discharged.
10. The Owner acknowledges that
in certain circumstances the Firm, its partners, directors and staff may be
obliged to give evidence and information to courts or authorities in connection
with the affairs of the Client’s Company. Disclosure will not normally be made
to third parties unless required by law or were the failure to make such a
disclosure would in the opinion of the Firm be prejudicial to them.
11. In the event that:
a.
i. any demand is made against
the Client’s Company for payment of any sum due by the Client’s Company to any
person including without prejudice to the generality of the foregoing any taxes,
duties, fees or other governmental or state impositions: or
ii. the Firm requires any
instructions from the Owner: and,
b. the Firm has been unable to
obtain any instructions at all or instructions which the Firm in its absolute
discretion considers adequate and proper,
then subject as hereinafter
provided the Firm may proceed in any one or more of the following ways:
c. take no further action on a
particular matter
d. take no further action at
all in relation to the Client’s Company;
e. utilize any assets of the
Client’s Company in or towards the satisfaction of any such demand;
f. have the Client’s Company
dissolved;
g. transfer all or any shares
in capital of or other interest in the Client’s Company into the name of the
Owner.
PROVIDED THAT the Firm shall
have given to the Owner notice that the provisions of this clause 11 shall apply
and unless within the period stated in such notice the Owner has taken such
action as shall therein be specified.
12. No liability shall attach
to the Firm or the Appointees in respect of or arising out of any action or
inaction which is in accordance with the provisions of clause 11 hereof.
13. The Firm is authorised to
act on instructions, requests or advice from the Owner or any person they
believe to be duly authorised by the Owner in all matters concerning the
Client’s Company and its affairs. Where the Client’s Company has more than one
Owner, the Firm is authorised to act on the instructions of any of the Owners
whether or not the other Owners are aware of instructions having been issued.
Such instructions requests or advice may be communicated orally or in writing or
by any electronic means or otherwise and with or without authentication.
14. Neither the Firm, its
partners, directors or employees shall incur any liability for any failure on
their part to comply wholly or partly with any instruction, request or advice
which is not in writing and shall not be responsible for any non-receipt thereof
or any errors or ambiguity therein or any lack of authority on the part of the
person giving or making the same and in the case of written instruction,
requests or advice shall not be so responsible in the absence of gross
negligence.
15. The address, telephone,
telex and telefax numbers of the Firm and Appointees shall not (without their
consent) appear on any notepaper, advertisement or other documentation of the
Client’s Company.
16. The Owner accepts that the
Firm is not obliged to have recourse to the assets of the Client’s Company or
any other person before any claim against the Owner be enforced hereunder and
the Owner undertakes that if the Owner is sued hereunder and the Client’s
Company be not sued also the Owner will not claim that the Client’s Company be
made a party to the proceedings.
17. All and any obligations
hereunder to provide the Services shall cease:
a. forthwith if the Owner shall
fail to observe any of the covenants, undertakings and agreements on the Owner's
part herein to be observed; or,
b. if the Firm shall have given
to the Client’s Company notice to that effect;
and the Owner shall provide
alternative facilities for the Client’s company to enable the Firm to resign
forthwith from any offices held . If the Owner does not forthwith provide such
alternative facilities then the Firm or Appointees shall be entitled to transfer
all or any shares in or capital of or other interest or assets in the Client’s
Company into the name of the Owner. The Firm, its partners, directors and staff
shall not be liable in any way for any losses, costs damages or expenses to the
Owner arising as a result of any action hereunder, and the owner will indemnify
the Firm, its partners, directors and staff against all demands, claims,
liabilities, costs and expenses it may incur in connection herewith.
18. Any notice required to be
given hereunder shall be in writing addressed to the party concerned at its
address shown in the attached questionnaire or such other address as either
party may from time to time have notified to the other for the purpose. Any
notice:
a. delivered personally shall
be deemed to have been given at the time of such delivery;
b. set by letter shall be
deemed to have been given 10 days after posting;
c. sent by telex or telefax
shall be deemed to have been given at the time of despatch;
d. sent by cable shall be
deemed to have been given 2 days after despatch.
19. Due Diligence and
Compliance Requirement
a. In accordance with the Law
the Firm has to meet some specific requirements in accepting prospects and
Clients. Those requirements mainly consist of receiving sufficient background
information about every project and the
ultimate beneficial owners who are physical persons.
b. All professional
intermediaries must be a regulated body and as such comply with the necessary
due diligences, compliance and reporting requirements.
20. The Firm reserves the right
to vary these Terms and Conditions from time to time as it thinks fit. Any such
variation shall only be made by written agreement.
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