opening of offshore bank accounts

OpeningOfBank accOunts

13/10/2015

UNITED KINGDOMLAVECO LTD.

3rd Floor, Blackwell HouseGuildhall Yard, London

EC2V 5AE United KingdomTel.: +44-207-556-0900Fax: +44-207-556-0910

[email protected]

CYPRUSLAVECO LIMITED

Despina Sofia ComplexAp. 101, 8 Inomenon Ethnon

Drosia 6042, Larnaca, CyprusTel.: +357-24-636-919 Fax: +357-24-636-920

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HONG KONGLAVECO LIMITEDOffice Unit No.6, 26th F.,

Kin Sang Commercial CentreNo. 49 King Yip Street

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ROMANIALAVECO LIMITED

Rep. Office 58 Ferdinand I Blvd.,

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Tel.: +40-21-311-61-76 Mob: +40-747-621-308Fax: [email protected]

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1612 Sofia, BulgariaTel.: +359-2-953-2989

Mob: +359-888-126-013Fax: +359-2-953-3502

[email protected]

SEYCHELLESLAVECO LTD.

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HUNGARY LAVECO Kft.33/a Raday Street

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TABLE OF CONTENTSOPENING OF BANK ACCOUNTS

5 USEFUL TIPS ON THE OPENING OF BANK ACCOUNTS . . . . . . . . . . . . . . . . .page 4

HOW TO OPEN A BANK ACCOUNT? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 5

BRIEF INFORMATION ON THE OPENING OF BANK ACCOUNTS . . . . . . . . . .page 6

ABC BANK, MAURITIUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 7

BALTIKUMS BANK, LATVIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 8

BANK OF CYPRUS, CYPRUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 9

BARCLAYS BANK, MAHÉ, SEYCHELLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 10

DEUTSCHE BANK, VIENNA, AUSTRIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 11

HELLENIC BANK, CYPRUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 12

RUSSIAN COMMERCIAL BANK, CYPRUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 13

VALARTIS BANK, VIENNA, AUSTRIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 14

VALARTIS BANK, GAMPRIN-BENDERN, LIECHTENSTEIN . . . . . . . . . . . . . .page 15

VOLKSBANK, LIECHTENSTEIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .page 16

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5 USEFUL TIPS ON THE OPENING OF BANK ACCOUNTS

1 . Don’t choose a bank on the basis of the “brand” . Although a seemingly big bank may appear to offer more reliability based on its reputation, in a num-ber of cases they may not be able to provide the services which you require in the everyday running of your business. For example, the banks offering “private banking” services don’t tend to allow daily transactions, and in many cases it is not possible to use internet banking facilities.

2 . Go through the terms and conditions for the opening and maintenance of accounts thoroughly . Pay special attention to numbers and figures. What is the minimum deposit required in the account at all times? What are the bank’s expectations regarding turnover? What is the fee for opening the account (one-off fee)? What are the fees for maintaining the account (recurring fees)? How much does the inter-net banking cost? What transaction charges does the bank apply to the services you use?

3 . A company can have more than one bank account: - a company may open several accounts in different banks in the same country, or - it may also more than one account in several different countries at the same time, providing a number of advantages.

4 . If you have any questions, don’t hesitate to call our colleagues who deal with the opening of bank accounts . They open accounts for our clients on a daily basis, so are specialists who can provide precise and detailed information.

5 . If any problems arise during the everyday running of the account, don’t think that you are necessar-ily the only one to experience such problems. LAVECO Ltd . can assist in this, too, as over the last 20 years we have come across thousands of cases, as a result of which we can also help guide you through the banking world.

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HOW TO OPEN A BANK ACCOUNT?

From the point of view of the technical procedure for the opening of bank accounts, banks can be divided into 2 clearly defined groups:

• It is necessary for the signatory(ies) to be present in person at the time of opening the bank account• It is not necessary for the signatory(ies) to be present in person at the time of opening the bank account

In the first case, it is a requirement of the banks that all persons who will have signatory right over the account (directors, attorneys etc.) must appear in person in the bank at least once, at the time of opening the account. The requirement to appear in person depends on the policy of the bank and the laws of the coun-try concerned. The purpose is to identify the client(s) and to confirm the authenticity of the documents nec-essary for client identification and to take copies of them. It is also at this time that the signatories sign the specimen signature cards at the bank.

In the second case mentioned above, the bank does not require the personal presence of the signatories. The client identification procedure still remains, but in this case the bank agrees to allow a third party (bank, notary public, financial services provider, company formation agent etc.) to carry out the process. It is still necessary to present the original documents, but these are certified by the person appointed by the bank (such as a notary public), usually using a text provided by the bank. The signing of the specimen signature cards is also arranged this way.

In our presentation of the banks we cooperate with we describe in detail the conditions imposed on clients by the banks at the time of opening accounts. Please read the descriptions carefully.

At the same time, we would also like to point out that the banks are independent financial institutions, unrelated to LAVECO Ltd., and have the right from time to time to amend their company policies, terms and conditions and charges. Accordingly, the information we provide may be incomplete and may not include the latest changes and notifications from the banks. We suggest, therefore, that you also study the information provided on the websites of the banks we recommend.

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BRIEF INFORMATION ON THE OPENING OF BANK ACCOUNTS

Bank name Country Type of account

Time required for opening of accounts

Minimum balance

required on the accounts

Restrictions on the opening of accounts

Fee charged for the

opening of accounts

ABC Bank Mauritius Call Deposit Account 1 month -

The bank does not open accounts for clients from USA, Russia and Ukraine and for clients who have

partners from these countries. The bank does not accept compa-

nies with bearar shares.

850 EUR

Baltikums Bank Latvia Current 1 month - - 600 EUR

Bank of Cyprus Cyprus Current 1 month - - 700 EUR

Barclays Bank Seychelles Current 2 months

Corporate account:

50 000 USDPrivate

account:15 000 USD

- 1850 EUR

Deutsche Bank Austria Investment 1 month 1 000 000 EUR

The accounts are not suitable for daily transactions. 950 EUR

Hellenic Bank Cyprus Current, deposit 1 month -

The bank does not open accounts for Payment Service Providers

(PSPs), or for companies performing internet-based

activities (internet marketing, trade, consultancy etc.)

700 EUR

Russian Commercial Bank

Cyprus Current, deposit 1 month - - 700 EUR

Valartis Bank Austria Investment 1 month 250 000 EURThe bank is not willing to open accounts for clients from coun-tries considered as "non-cooper-

ative” by FATF.

750 EUR

Valartis Bank Liechten-stein

Savings, Cur-rent, Invest-

ment1 month 5 000 EUR/

USD/CHF - 850 EUR

Volksbank Liechten-stein

Current, sav-ings, invest-

ment1 month 150 000 EUR

The bank does not open account for US resident persons and

companies 850 EUR

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ABC BANKING CORPORATION, MAURITIUSMain information on the bank

Information updated on 18/09/2015

1. Country of registration, number of branches Mauritius, Port Louis (1 Branch)2. Year of foundation 20103. Main shareholders ABC Motors Company Ltd., ABC Car Rental Ltd., Good Harvest Ltd., Union

Shipping Ltd., private individuals4. SWIFT code ABCKMUMUXXX

Information on the opening of accounts, main features of accounts

5. Type of account Call Deposit Account (Corporate and Individual) and Fixed Deposit Account6. Documents required for the opening of accounts Corporate accounts: Business plan, certified copies of incorporation documents,

Certificate of Good Standing if the company is more than 1 year old.Certified copies of passports, proofs of address in english (bank reference letter or utility bills [water, gas, landline phone] with certified english translation) and CVs for authorised signatories, directors and shareholders. Individual accounts: Certified passport copy, proof of address in english (bank reference letter or utility bill [water, gas, landline phone] with certified english translation) and CV.

7. Time required for the opening of accounts 1 month, provided all the information and documents requested are available.8 . Restrictions on the opening of accounts The bank does not open accounts for clients from USA, Russia and Ukraine

and for clients who have partners from these countries . The bank does not accept companies with bearer shares .

9. Personal appearance of signatories required In the Laveco office10. Minimum balance required in the account No minimum balance requirement. The account will remain active within 1

year.11. Methods of making payments Fax and Email Instruction12. Internet banking Available13. Credit / debit card types and possibilities MasterCard Debit Card (The debit card can be used worldwide on any ATM

having the logo of MasterCard/Cirrus/Maestro and on any POS of any author-ised merchant.

14. Deposit required in card accounts Deposit is not required.15. Fee charged by the bank for the opening of

accountsFree of charge

16. Account maintenance fee Free of charge

Basic charges imposed by the bank

17. Charge for incoming transfers No charge for incoming transfers18. Charge for outgoing transfers 50 USD for transfers through internet bank

75 USD for transfers through fax or e-mail

The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend con-sultation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the

choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in ABC BANKING CORPORATION: 850 EUR

Fee for arrangement of bank cards: 200 EUR (up to 4 cards)

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BALTIKUMS BANK, LATVIAMain information on the bank


1. Country of registration, number of branches The bank is domiciled in Latvia. The bank has representative offices in Cyprus, Russia, Kazakhstan, Ukraine.

2. Year of foundation 20013. Main shareholders BBG AS4. SWIFT code CBBRLV22


5. Type of account Current account (corporate and individual)6. Documents required for the opening of accounts Corporate accounts: certified copies of the incorporation documents of the

company, certified copies of passports of directors, signatories and beneficiar-ies, bank reference letters and proof of residential address of directors, bene-ficiaries and signatories. For companies more than 1 year old a Certificate of Good Standing is required.Individual accounts: bank reference letter, certified copy of passport, proof of residential address.

7. Time required for the opening of accounts 1 month, provided all the information and documents requested are available.8. Restrictions on the opening of accounts No restrictions9. Personal appearance of signatories required In the Laveco office

10. Minimum balance required in the account No minimum required11. Methods of making payments Through Internet, by fax, by telephone, personally12. Internet banking Available.13. Credit / debit card types and possibilities MasterCard (Classic, Business, Gold, World Business, Platinum), Maestro14. Deposit required in card accounts Deposit amount depends on the card type15. Fee charged by the bank for the opening of

accountsCorporate: 300 EUR; Private: 250 EUR

16. Account maintenance fee 15 EUR/month


17. Charge for incoming transfers No charge for incoming transfers18. Charge for outgoing transfers EUR: 30 EUR (BEN), 35 EUR (SHA), 40 EUR (OUR)*

Express: 45-75 EURUSD: 30 EUR (BEN / SHA), 50 EUR (OUR)*Express: 50 - 100 EUROther currencies: 20 EUR (BEN / SHA), 35 EUR (OUR)*

* BEN – charge paid by the beneficiary SHA – charge paid in shares OUR – charge paid by the ordering customer


choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in BALTIKUMS Bank: 600 EUR

Fee for arrangement of bank cards: 200 EUR (up to 4 cards)

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BANK OF CYPRUS, CYPRUSMain information on the bank


1. Country of registration, number of branches

The main branch is registered in Nicosia, Cyprus, with 608 branches world-wide: Greece, United Kingdom, Australia, Russia, Romania, Ukraine, Channel Islands. There are representative offices in Moscow, St.Petersburg, Ekaterin-burg, Samara, Johannesburg, Toronto, Kiev, Belgrade.

2. Year of foundation 18993. Main shareholders Large number of small shareholders with no shareholder owning more than

0.5% and Cyprus Popular Bank Ltd (18,1%)4. SWIFT code BCYPCY2N


5. Type of account Current account (corporate and individual)6. Documents required for the opening of accounts Corporate accounts: copies of company documents certified by notary pub-

lic, passport copies of directors, beneficiaries and persons managing the account certified by notary public, certified signatures, bank reference letters, CVs and utility bills verifying residential address for directors and persons managing the account. For companies more than 2 years old a Certificate of Good Standing or Letter of Incumbency is required. Individual accounts: passport copies and specimen signatures certified by notary public, CV, utility bill verifying residential address and bank reference letter.

7. Time required for the opening of accounts 1 month, provided that all the information and documents requested are avail-able. The account will be activated immediately upon receipt of the first incoming payment.

8. Restrictions on the opening of accounts No restrictions9. Personal appearance of signatories required Not required, however the bank would welcome a personal meeting with the

client at some stage following the opening of the account.10. Minimum balance required in the account No minimum required11. Methods of making payments Personally, by post, by fax and through internet with digipass device.12. Internet banking Available13. Credit / debit card types and possibilities American Express, Visa & Mastercard14. Deposit required in card accounts Deposit amount depends on the card type15. Fee charged by the bank for the opening of


16. Account maintenance fee 200 EUR/year


17. Charge for incoming transfers EUR: up to 10.000 EUR: No charge, from 10.000 - 50.000 EUR: 4 EUR, over 50.000 EUR: 30 EUROther currency: up to 2 000 EUR: 2 EUR , 2 000 – 50 000 EUR: 10 EUR, over 50 000 EUR: 40 EUR

18. Charge for outgoing transfers SEPA transfers up to 1.000 EUR: 3-5 EUR SEPA transfers from 1.000 EUR to 50.000 EUR: 6-12 EURAbove 50.000 EUR and for payments outside EU: 0,15% (min 5 EUR - max 400 EUR) + 12 EUR processing fee


choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in BANK OF CYPRUS: 700 EURFee for arrangement of bank cards: 200 EUR (up to 4 cards)

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BARCLAYS BANK, MAHÉ, SEYCHELLESMain information on the bank



Barclays Bank Seychelles Ltd is part of the Barclays Group and operates within the framework of Barclays Africa and the Middle East, which com-prises banking operations in 11 countries.

2. Year of foundation 19593. Main shareholders Barclays PLC U.K.4. SWIFT code BARCSCSC


5. Type of account Current account (corporate and individual)6. Documents required for the opening of accounts Corporate accounts: passport copies certified by notary public, bank refer-

ence letter, bank statements or utility bills of directors, beneficiaries and persons managing the account, certified copies of incorporation documents, Certificate of Good Standing for companies more than one year old. The bank requires a detailed description of the company’s activity and a business plan in case the company’s yearly turnover is over 5 million USD.Individual accounts: passport copy certified by notary public, confirmation of residential address, original credit card statement and bank reference letter of the signatory.

7. Time required for the opening of accounts 2 months8. Restrictions on the opening of accounts No restrictions9. Personal appearance of signatories required In the LAVECO office.

10. Minimum balance required in the account 50 000 USD for corporate account15.000 USD for private account

11. Methods of making payments Fax, Internet12. Internet banking Joining fee: 100 USD

Monthly subscription fee: 25 USD 13. Credit / debit card types and possibilities Visa Debit Card14. Deposit required in card accounts 1.5 times the credit limit, minimum credit limit is 5000 USD15. Fee charged by the bank for the opening of

accountsCorporate account: 150 USDIndividual account: free for charge

16. Account maintenance fee Corporate account: 25 USD/monthIndividual account: free of charge


17. Charge for incoming transfers Free of charge18. Charge for outgoing transfers 0,15%; min. 40 USD - max 150 USD


choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in BARCLAYS Bank: 1850 EURFee for arrangement of bank cards: 200 EUR (up to 4 cards)

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DEUTSCHE BANK, VIENNA, AUSTRIA

Main information on the bankInformation updated on 13/10/2015


The bank is registered in Vienna, Austria and is a member of the Deutsche Bank group, which has 82 branches in 38 countries of the world.

2. Year of foundation 18703. Main shareholders Allianz Insurance Co., La Caixa

Other institutional and private investors4. SWIFT code DEUTATWW


5. Type of account Investment account (corporate and individual)6. Documents required for the opening of accounts Corporate accounts: copiesofcompanydocumentscertifiedbynotarypublic,bank

reference letters for directors and persons managing the account, specimen signatures of thepersonsmanagingtheaccountcertifiedbynotarypublicandpassportcopiesofthepersonsmanagingtheaccount.Ifthecompanyismorethan3monthsold,aCertificateofGood Standing is also required.Individual accounts: bank reference letters, passport copies and signatures of the per-sons managing the account certified by notary public.

7. Time required for the opening of accounts 1 month8 . Restrictions on the opening of accounts As accounts opened with Deutsche Bank are not current accounts,

they are not suitable for daily transactions .9. Personal appearance of signatories required In the Laveco office

10. Minimum balance required in the account 1.000.000 EUR 11. Methods of making payments Telefax 12. Internet banking Not available13. Credit / debit card types and possibilities VISA Classic, Eurocard/Mastercard14. Deposit required in card accounts No extra deposit15. Fee charged by the bank for the opening of


16. Account maintenance fee 25,- EUR / 3 months


17. Charge for incoming transfers Free of charge18. Charge for outgoing transfers 0.25 %, min. 10.00 EUR

100,000 EUR and over – 40 EUR flat (plus 8.00 EUR for express transfer)


choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in DEUTSCHE Bank: 950 EURFee for arrangement of bank cards: 200 EUR (up to 4 cards)

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HELLENIC BANK, CYPRUS



The bank is domiciled in Cyprus, with 80 branches in Cyprus and 25 branches in Greece. The bank has representative offices in South Africa, Moscow, Saint Petersburg and Kiev.

2. Year of foundation 19763. Main shareholders Public Company, 14% is owned by Archbishopric of Cyprus4. SWIFT code HEBACY2N

Information on the opening of accounts, main features of accounts5. Type of account Current and deposit accounts (corporate and individual) 6. Documents required for the opening of accounts Corporate accounts: certified copies of the incorporation documents, passport

copies, bank reference letters, CVs and utility bills verifying residential address for the directors, signatories and beneficiaries. For companies more than 1 year old a Certificate of Good Standing is required.Individual accounts: bank reference letter, CV, utility bill verifying residential address, passport copy and certified signature of the person managing the account.

7. Time required for the opening of accounts 1 month, provided all the information and documents requested are available. The account will be activated immediately upon receipt of the first incoming payment.

8 . Restrictions on the opening of accounts The bank does not open accounts for Payment Service Providers (PSPs), or for companies performing internet-based activities (internet marketing, trade, consultancy etc .)

9. Personal appearance of signatories required In the Laveco office10. Minimum balance required in the account No minimum required11. Methods of making payments Internet banking, telefax, by fax bearing Test Codes (Use of Test Keys), by

mail, personally at the bank12. Internet banking Available - free of charge. A Digipass device is mandatory as a means to addi-

tional security. Charge for Digipass: 10 EUR13. Credit / debit card types and possibilities VISA and Mastercard (WorldSignia, Platinum, Gold, Classic, Electron and

Prepaid P-card)14. Deposit required in card accounts Credit cards: deposit is equal to the amount of the limit15. Fee charged by the bank for the opening of


16. Account maintenance fee Corporate Customers: 50 EUR per quarterIndividual Customers: 25 EUR per quarter


17. Charge for incoming transfers EUR: within EU: up to 1.000 EUR = free, from 1.001 EUR to 10.000 EUR = 5 EUR, from 10.001 EUR to 50.000 = 15 EUR, above 50.000 EUR = 40 EUROutside EU: up to 1.000 EUR = free, from 1.001 to 10.000 EUR = 20 EUR, 10.000 to 50.000 EUR = 20 EUR, above 50.000 EUR - flat 40 EUR Foreign currency: up to 1.000 EUR = 5 EUR, 1.001 - 10.000 EUR = 15 EUR, 10.001 - 50.000 EUR = 20 EUR

18. Charge for outgoing transfers EUR: within EU: SEPA - 0,15%, min 2 EUR - max 5 EUR Outside EU or above 50.000 EUR = 17 EUR + 0,1% handling fee (min 10 EUR max 300 EUR) USD: 25 USD + 0,15% handling fee (min 10 USD - max 300 USD) Other currencies: 20 EUR + 0,15% handling fee (min 10 EUR - max 300 EUR)


choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in HELLENIC Bank: 700 EURFee for arrangement of bank cards: 200 EUR (up to 4 cards)

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RUSSIAN COMMERCIAL BANK, CYPRUS



The bank is registered in Cyprus, 1 branch in Limassol and 1 in Nicosia. The bank also has 2 representative offices, 1 in Moscow and 1 in London

2. Year of foundation 19633. Main shareholders VTB Group4. SWIFT code RCBLCY2I


5. Type of account Current Accounts, Fixed Term Deposits, for both Corporates and Individuals.6. Documents required for the opening of accounts Corporate accounts: certified copies of the incorporation documents, certified

passport copies and utility bills verifying permanent residential address for the di-rectors,signatoriesandbeneficiaries.Forcompaniesmorethan6monthsoldaCer-tificateofGoodStandingandIncumbencyisrequired.Specimensignaturesofthesignatoriescertifiedbynotary.Individual accounts:certifiedpassport copy, utility bill verifying permanent resi-dentialaddress.Specimensignaturesofthesignatoriescertifiedbynotary.

7. Time required for the opening of accounts 1 month, provided all the information and documents requested are available.8. Restrictions on the opening of accounts No restrictions9. Personal appearance of signatories required In the Laveco office and Skype interview with beneficial owner required.

10. Minimum balance required in the account No minimum required11. Methods of making payments Through Internet, by fax, by post, personally12. Internet banking Available, free of charge13. Credit / debit card types and possibilities Visa Gold Card (Debit/Credit)14. Deposit required in card accounts For Credit Card the limit is set to up to 80% of the deposit15. Fee charged by the bank for the opening of


16. Account maintenance fee For companies: 40 EUR/50 USD per quarter For private individuals: RCB Cred: 12 EUR per month, RCB Classic: 0-5 EUR per month


17. Charge for incoming transfers Free of charge18. Charge for outgoing transfers 0.1% (min 55 USD/43 EUR - max 200 USD/155 EUR incl. SWIFT

15 USD /12,50 EUR and SAME DAY VALUE) SEPA transfer up to 50.000 EUR = 5 EUR

The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend consul-tation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the choice

of bank.

Fee charged by LAVECO LTD . for the opening of accounts Russian Commercial Bank: 700 EUR .Fee for arrangement of bank cards: 200 EUR (up to 4 cards)

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VALARTIS BANK, VIENNA, AUSTRIA



The bank is registered in Vienna1 branch

2. Year of foundation 19933. Main shareholders 50 per cent of shares is owned by MCG Holding S. A., the other 50 per cent is

publicly traded. 4. SWIFT code VLRTATWW


5. Type of account Investment account (corporate and individual)6. Documents required for the opening of accounts Corporate accounts: letter of introduction, bank reference letters for directors and

persons managing the account, passport copies and signatures of the persons man-agingtheaccountcertifiedbynotarypublic,declarationofbeneficialownership,copiesofcompanydocumentscertifiedbynotarypublic,CertificateofGoodStand-ing for companies more than 12 months old.Individual accounts: copies of the passports of signatories certified by notary public, CV and bank reference letters for persons managing the account. .

7. Time required for the opening of accounts 1 month8 . Restrictions on the opening of accounts The bank does not open accounts for companies whose Articles allow the

issuance of bearer shares and for clients from countries considered as „non-cooperative” by FATF .

9. Personal appearance of signatories required In the Laveco office10. Minimum balance required in the account 250 000 EUR11. Methods of making payments Telefax 12. Internet banking Available, only for enquiry and correspondence with the Bank. 13. Credit / debit card types and possibilities VISA, EuroCard/MasterCard14. Deposit required in card accounts 250 000 EUR15. Fee charged by the bank for the opening of

accountsFor companies: 2 000 EURFor private individuals: 500 EUR

16. Account maintenance fee For companies: 250 EUR/quarterFor private individuals: 150 EUR/quarter


17. Charge for incoming transfers Free of charge18. Charge for outgoing transfers 0.5 %, min. 100 EUR. max. 3 000 EUR

SEPA: 5 payments per quarter are free of chargeAbove 5 payments - 50 EUR

The conditions imposed by the banks regarding the opening of accounts may change from time to time. Therefore, we recommend consul-tation with the staff of LAVECO LTD., who will be able to provide up-to-date information, before making a final decision on the choice

of bank.

Fee charged by LAVECO LTD . for the opening of accounts Valartis Bank: 750 EUR .Fee for arrangement of bank cards: 200 EUR (up to 4 cards)

15

VALARTIS BANK, GAMPRIN-BENDERN, LIECHTENSTEIN


1. Country of registration,number of branches

Gamprin-Bendern, Liechtenstein,1 branch

2. Year of foundation 1998

3. Main shareholders VALARTIS Group

4. SWIFT code HYIBLI22


5. Type of account Current, savings and investment accounts (corporate and individual)

6. Documents required for the opening of accounts Corporate account: certifield copies of the incorporation documents, passport copies and proof of residential address for the directors, beneficial owners and persons managing the account, curriculum vitae for the persons managing the account, business planFor companies more than 1 year old a Certificate of Good Standing is required.Individual account: passport copy, certified signatures, CV and proof of resi-dential address for the person managing the account.

7. Time required for the opening of accounts 1 month. The bank only provides an account number after the initial deposit appears on their account.

8. Restrictions on the opening of accounts No restrictions.9. Personal appearance of signatories required In the Laveco office

10. Minimum balance required in the account 5 000 EUR/USD/CHF to be maintained at all times

11. Methods of making payments Telephone, Fax, Internet

12. Internet banking Available. Charge: 500 CH /year

13. Credit / debit card types and possibilities Travelcash (prepaid), Viseca Visa/Mastercard (credit card), Visa Global card (only availabe for private individuals, original copy of passport certified by notary public required).

14. Deposit required in card accounts Credit Cards require a security deposit of 110% of the credit card limit, min. EUR/USD/CHF 22000Debit Cards do not require a security deposit

15. Fee charged by the bank for the opening of accounts

CHF 500

16. Account maintenance fee 500 CHF/year, waived for investment accounts


17. Charge for incoming transfers For current accounts 0.125%, minimum 125 CHF and maximum 1250 CHF18. Charge for outgoing transfers For current/trading accounts 0.125%, minimum 125 CHF and maximum 1250

CHF. In case of capital movements only (non-material transactions) the bank reserves the right to charge 0.125% without maximum.


choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in VALARTIS Bank: 850 EURFee for arrangement of bank cards: 200 EUR (up to 4 cards)

16

VOLKSBANK, LIECHTENSTEIN



Schaan, Liechtenstein1 branch

2. Year of foundation 1997

3. Credit rating A (Fitch Rating)

4. Main shareholders Volksbank Vorarlberg5. SWIFT code VOAGLI22


6. Type of account Current, savings and investment accounts (corporate and individual)7. Documents required for the opening of accounts Corporate accounts: originals of the incorporation documents of the company,

certified passport copies of the directors, beneficial owners and persons manag-ing the account. For companies more than 1 year old a Certificate of Icumbency with Apostille is required.Individual accounts: certified passport copies

8. Time required for the opening of accounts 1 month

9 . Restrictions on the opening of accounts The bank does not open account for US resident persons and companies 10. Personal appearance of signatories required In the Laveco office11. Minimum balance required in the account 150,000 EUR to be deposited when opening an account12. Methods of making payments E-banking, Fax, Mail – usually with signature

13. Internet banking E-Banking token issue charge 150 CHF only in the first year. E-Banking fee: 80 CHF/year, starting from the 2nd year.

14. Credit / debit card types and possibilities Visa / MasterCard / Travel Cash Card15. Deposit required in card accounts Credit Cards require a deposit of the double of the limit.

Travel Cash Card – no deposit16. Fee charged by the bank for the opening of

accountsfree of charge

17. Account maintenance fee 10 CHF/month


18. Charge for incoming transfers no charge for incoming transfers

19. Charge for outgoing transfers To EU countries 5 CHF per transactionTo foreign country 10 CHF per transaction plus charge of 0.5% (max.300 CHF)


choice of bank.

Fee charged by LAVECO LTD . for the opening of accounts in VOLKSBANK: 850 EURFee for arrangement of bank cards: 200 EUR (up to 4 cards)

opening of offshore bank accounts

Documents

bank of cyprus

valartis bank

hellenic bank

abc bank

deutsche bank

barclays bank

baltikums bank

big bank