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Incorporations, Company Registration, & Corporate Contracts
P.O. Box 0816-04126, Balboa, Panama City, Panama ◊ Tel. + 507-264-3046 Fax. + 507 264-3046

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KYC - Know your Client

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Like all other offshore providers, Koru Corporate Services is required to comply with "Know Your Client" regulations. While we may not act as the Registered Agent for the jurisdictions in which we may incorporate, we are required to fulfil due diligence requirements.

We are required to ensure that these are met, in order to verify the identity of clients, in order to ensure we are not assisting money laundering and terrorist financing. We have established a list of requirements that we require, before we will accept a client and incorporating a company. These apply to all jurisdictions that we work with, and are required before we will process an application.

Passport Copy: if you visit our offices, then we will make the copy in our office, and certify the copy ourselves. However, if you are not able to visit our office, then you should send us a certified copy. This copy should have a clearly visible photo, as well as clear personal details (nationality, date and place of birth).
A second identification document: driver's license, national ID card or another (government/state-issued) document which has both a photograph as well as clear personal details. This copy should also be certified, unless the copy is made in our office.
Proof of residence (address): This may be in the form of a utility bill (no more than 3 months old). This may also be a credit card statement, a bank statement, or a government/council document.
One original character reference from an attorney, accountant or your bank. Your professional referee must have known you for at least two years.

Certified Copies:

The certified true copy should be stamped, signed and dated by any of the following persons:

Notary Public
Qualified Lawyer or Solicitor
Consular Officer

Declaration:

We will require the client to sign a declaration on the application form that the information provided is true and correct and that they are not in any way related to any former or current regime which is considered to be criminal and subject to international sanctions, or organisations which are generally known to be involved in international terrorism or organised crime.

If you are acting on behalf of a third party, such as a client, you should ensure that you have fulfilled due diligence requirements in your jurisdiction to ensure that you are in full compliance.

Business Purpose:

We also ask our clients to explain the purpose of the company incorporation which they are requesting. The information should answer the following questions:

What is the company for? This should answer more than simply "general trading" or "import and export" - providing more specific details of the type of business: "internet trading of hand-made toys" or "import and export of silks and spices from India to England".
Who are the people involved? This includes the details of the ultimate beneficiary: the person(s) who receive the profits, even if they do not appear as the director or shareholder of the company.

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Last edited: 04-Oct-2008