LOGO
...

OID Terms and Conditions

Present Terms and Conditions (hereinafter: Terms) are designed to regulate conditions of using Services of OID Ltd. By choosing OID Ltd and its affiliated companies services, the Client agrees to accept the following Terms:

Definition

‘Incorporation agent’ means OID Ltd is incorporated under the law of the Commonwealth of Dominica and its subsidiaries, affiliated companies, which render the Services to the Client.

‘Client’ means a counterparty, which instructs the Incorporation agent pertaining to any matter in connection with the Services rendered or to be rendered.

‘Services’ means a provision of International Business Company formation, Registered office, Incorporation agent services as well as some ancillary services, which may be agreed between the Incorporation agent and the Client from time to time.

‘OID Ltd’ is a private limited company registered at 1st Floor, 7 King George V Street, Roseau, Commonwealth of Dominica, West Indies ‘IBC LAB’ is a trademark of OID Ltd

‘Company’ means any corporate body, which is controlled and owned by the Client, who is the recipient of the Services rendered by the Incorporation agent.

Ownership

The Incorporation agent has no ownership or beneficial interest in the Company or in its business. The sole interest of the Incorporation agent at provision of any of the Services lays in the earning of the professional fees, as specified in the Fee Schedule.

Due Diligence

As the regulated firm OID Ltd is required to conduct due diligence checks on all existing and new clients and its agents. These checks include collecting, analysing and verifying documents regarding the clients, their identities, clients businesses, transactions and entities, including beneficial owners and the principals. We retain the right to use specialist electronic databases and assistance of 3rd parties to satisfy the legal requirements stipulated by the laws of Commonwealth of Dominica.

We normally ask to present our existing and prospective clients 2 pieces of identification documents and a proof of address, however we may ask for additional documents if we deem it to be necessary. OID’s employee will explain the format and documents’ certification requirements upon your request.

We are not permitted to conduct any transactions until our due diligence checks are finalised and successful.

We may cease to provide our services or acting for you with the immediate effect if, within an agreed period, you fail to present the requested information or documents (in a form prescribed by OID). We do not accept any liability on our part and without prejudice to our right to claim our professional service charge and fees prior to that termination.

Usage of services

The Client agrees and acknowledges the fact that the Incorporation agent does not give any legal, tax or business advice for any business or private matter.

The Client is urged to take legal or/and tax advice from qualified practitioners where it is necessary and applicable. The Incorporation agent does not guarantee suitability of any Services or corporate structures for any particular objectives of the Client. None of the information contained in the brochures, Internet websites and other marketing material of the Incorporation agent shall be construed as tax or legal advice.

The Incorporation agent will not provide the Services to the Clients engaged in: terrorism and terrorism financing, money laundering or receipt of proceeds from criminal activities, corruption, trade or trafficking in restricted substances, human trafficking, sanction busting, embezzlement, fraud or any other activity that is defined as criminal by the laws of the Commonwealth of Dominica.

The Client agrees that all assets introduced to the Incorporation agent have legal provenance and do not derive from any illegal activity.

The Client agrees and acknowledges that the accounting information and any commercial documents have to be kept at the office of OID LTD at 1st Floor, 7 King George V Street, Roseau, Commonwealth of Dominica.

Disclaimer

The Client agrees to keep the Incorporation agent, its directors, employees, affiliated companies and agents indemnified against all proceedings, claims, charges, losses, demands which might be brought in connection to the rendered Services in case such services were rendered to the Client based on the Client’s requests and instructions.

In the event of the discontinuation of the Services rendered by the Incorporation agent to the Client, the latter should continue to indemnify the Incorporation agent and its affiliated parties.

Fees and Payment

The Client agrees to settle all invoices, which are prepared on the basis of Fee Schedule agreed between the Client and the Incorporation Agent. In rare event then there is no Fee Schedule agreement negotiated between the Client and the Incorporation agent, the Fee Schedule published on https://ibclab.com should be used as a basis for the invoicing.

The Client agrees that the Incorporation agent will not provide any services or make any statutory payments or incur any expenses unless the Incorporation agent’s invoice is properly settled in advance.

The Client agrees to settle all outstanding invoices presented by the incorporation agent in 20 days. In case the outstanding invoice is not settled within 20 days, the Incorporation agent retains the

right to charge 2 % per month. The incorporation agent retains the right to refuse providing any further service until the outstanding invoice is properly settled.

In case the Client decided to discontinue the usage of Incorporation agent or Registered office service, the Incorporation agent is entitled to charge a fee of 350 USD for the discontinuation of the services.

Trademarks

IBC Lab is a trademark of OID Ltd. The names, images and logos identifying IBC Lab are proprietary marks of OID Ltd. No authority is granted to any third party for the use of those names, images and logos.

Web-site

The contents of https://.ibclab.com are provided for informational purposes only. There is nothing in this web site that constitutes legal advice. All reasonable efforts are made to ensure the accuracy of the contents of the web site, however information can quickly become out of date due to changing circumstances.

OID Ltd disclaims all liability associated with the content of this web-site. OID Ltd cannot be held liable for any third party links as well as information contained on the third party Web-sites.

Regulation

OID Ltd is licensed and regulated by the Financial Services Unit (Ministry of Finance) of the Commonwealth of Dominica. To avoid any doubts the following information should be used in case the Client should contact the Regulator of the Incorporation agent:
Financial Services Unit
Ministry of Finance
5th floor, Financial Centre
Kennedy avenue,
Roseau, Commonwealth of Dominica
OID Ltd is incorporated under the Companies Act of the Commonwealth of Dominica. Company number: 2143

Applicable Law

All disputes, which may arise from the usage of the Services rendered by the Incorporation agent should be governed by the appropriate law of the Commonwealth of Dominica.

Confidentiality and Data Protection

OID Ltd should manage all information received from the client with reasonable skill and care in order to preserve the Client’s confidentiality.
The Client acknowledges that Incorporation agent is bound by the regulatory obligations of the Commonwealth of Dominica and thus the Incorporation agent may be obliged to disclose the information received from the Client in the cases stipulated by the law of the Commonwealth of Dominica.

If OID LTD has a suspicion of money laundering or any other restricted activity arising from the usage of OID LTD’s services by the Client we are required to report about such activities to the law enforcement agencies in the Commonwealth of Dominica and such report does not constitute a breach of confidentiality owed by OID to its clients.

Roseau, 21st day of February 2018