Bank Account Management and Treasury Services

There are various legislative and regulatory requirements and precedents relating to the duties of directors and trustees and their obligation to exercise effective management and control over the assets and the affairs of a company or trust.

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If the client exercises control over bank accounts his action can be deemed as direct management and control over them even if they do not appear as an officers or trustees of record.   Statutory authorities often seek to apply “the management and control test” to assess whether the income earned by an entity controlled in a low tax area should be taxed as if they were resident in the high tax area.

Bank account management

Receive and transmit to the Client bank notices, statements and correspondence.  Ensure that bank account information is up to date; prepare cashbook reflecting inward remittances and withdrawals.  Maintenance of internet tools, establishment of signatory authorities and restrictions, legal compliance, due diligence requirements as requested by the banks.  Coordinate with the client all necessary supporting documentation as requested by the bank.  Ensure that minimum balances are met following various currency requirements.  Executive liaison between the client and the bank.  Receipt, maintenance and forwarding of bank correspondence.

Treasury services

Accounts receivable services which assist the client to receive/collect money for business deals as provided by its business partners, clients, customers, investors.  Also, accounts payable services, making payments –as instructed, to business partners, clients, customers, etc.

Movement of funds between the various company accounts; reporting services with regards to funds held in various currencies and ensuring the optimal use of each bank account in accordance with the requirements at each bank or jurisdiction.  Ensure the healthy maintenance and operation of the bank account.  Bank charges are borne by the account holder.