Requirements for companies registered in USA
While opening corporate accounts of companies (corporations), registered in the US, the following requirement should be met:
1. The Company has to submit to the Bank either documents, confirming the registration of the legal entity as a taxpayer, issued by Internal Revenue Service (IRS) or documents, confirming the exemption of the company from such registration.
2. The Company has to submit to the Bank the company’s audited financial statements for the previous year and chartered auditor’s report. This requirement does not apply to US companies, whose term of registration will be less than 2 year on September 1, 2006. In the future, all US registered companies are required to submit audited financial statements for the previous year not later than by September 1st of the following year.
Requirements in respect to the corporate accounts of US registered companies reflect the Bank’s own experience and information from international financial and government institutions, according to which US registered companies due to easy and cheap registration are frequently involved in suspicious transactions internationally.
Rietumu Bank welcomes as clients legitimate US registered companies provided that they do business and keeping their accounting in compliance with international standards.
Rietumu Bank’s additional requirements for the documents
Documents, confirming the registration of the legal entity in the US as a taxpayer, and the assignment of Employer Identification Number (EIN), issued by Internal Revenue Service (IRS) should be in English in the form of:
- official reference (extract) from IRS, signed by IRS official and certified by an Apostille, or
- print-out, issued by IRS without IRS official’s signature, but with enclosed confirmation issued by US-certified registration agent, verifying that the company is registered as a taxpayer and has an Employer Identification Number (EIN). In such case, the signature of US-certified registration agent’s representative should be notarised, while the notary’s signature has to be certified by an Apostille.
The confirmation of the company’s exemption from registration as a US taxpayer should be in English in the form of official reference (extract), issued by IRS and signed by IRS official. In such case, the signature has to be certified by an Apostille.
The company’s audited financial statement for the relevant period has to be prepared by a chartered accountant and filed to the Bank in the form of annual report after the full financial year. The annual report has to be in English and must be prepared in accordance with International Financial Reporting Standards (IFRS) or with Generally Accepted Accounting Principles in the US (US GAAP).
The chartered accountant’s signature or the signature of the representative of a Chartered Accountant Company on the original auditor’s report should be notarised, while the notary’s signature has to be certified by an Apostille.
The Bank retains the right to request a copy of an auditor’s licence (Chartered Accountant Company licence) and/or licence of a registration agent, if the persons/company are/is not listed in public registers, including electronic ones. In that event a copy of the relevant licence should be notarised, while the notary’s signature has to be certified by an Apostille.