Terms and Conditions
TERMS OF BUSINESS
1. Our Services
These terms govern the basis upon which New World Trustees (Jersey) Limited and its subsidiaries provide services, including the establishment and administration of trusts and the incorporation of companies, in Jersey.
One of our directors will be ultimately responsible for your structure, assisted by administrators as necessary. We operate on a team basis and we aim to ensure that there is always a member of staff available to deal promptly with matters as they arise, and that work is undertaken by those qualified to an appropriate level.
Our services are confidential, and we shall disclose information obtained during the course of the relationship only where we are required to do so, for example when opening a bank account, dealing with regulatory authorities or by Court Order.
We do not provide investment or tax advice and do not accept responsibility for any tax implications arising from your activities or those of any person or company connected with you.
The Company may, on behalf of any Managed Company or Trust, and in its absolute discretion at any time, employ such professional or other advice as it deems necessary and all such costs and expenses thereby incurred shall be paid out of the assets of the Managed Company or Trust on whose behalf such advice was required.
The Company may register investments in the names of nominees. In the case of registered or inscribed investments, the name of the Company or its nominee shall appear first.
When the Company is acting as trustee jointly with another person, all moneys, securities, title deeds and trust documents shall, in the absence of agreement to the contrary, be retained under the control of the Company, and its Co Trustee(s) shall have all responsibilities for inspection thereof.
The Company may decline to hold or retain shares in respect of which the capital thereon is only partly paid, or shares in trading companies or companies with unlimited liability.
The Company may retain for itself any commission or remuneration paid or allowed by Stockbrokers, Insurance Companies or other agents and may (without being liable to account for any remuneration or profit made thereby) on behalf of any Managed Company or Trust:
Act as banker to transact banking and any other business for the time being carried on by the Company on the same terms as would be made in the ordinary course of business with a company or trust not otherwise connected with the Company’s activities.
Employ and retain any company or concern notwithstanding that the Company has an interest in such company or concern;
Invest in shares or units of investment funds including such funds to which the Company acts as manager, trustee, custodian, sponsor or investment adviser.
The Company shall not be liable for any losses caused or incurred in any manner whatsoever except by its own fraud or dishonesty.
2. Regulation
We are regulated by the Jersey Financial Services Commission in the conduct of Trust Company Business.
Anti-money laundering legislation requires us to verify the identity of all persons to whom we provide services including those associated with trusts and companies to which services are provided. This will extend to requests for background information about sources of wealth. Failure to co-operate in a timely manner will entitle us to terminate our services forthwith without liability for any loss arising directly or indirectly as a result.
We comply with the terms of the Data Protection (Jersey) Law 2005 and related subordinate legislation.
3. Administration Fees
Administration services provided in addition to those included in the Annual Fee as defined within our fee schedules, are charged on a time basis. The average charge for additional administration per hour is dependent upon the seniority of the staff and management engaged on a particular case. These charges are billed in arrears to the client, as soon as the combined cost of disbursements paid out on behalf of the client, together with the cumulative time charge, is greater than £600 or earlier if we issue bills on a regular fixed period basis. Payment is due to us within thirty days of the date of a bill. We reserve the right to charge interest at 1% per month on any outstanding amounts not paid within 30 days.
|
Director |
£290 - £320 per hour |
|
Senior Manager |
£200 - £220 per hour |
|
Administrator |
£150 - £180 per hour |
|
Junior administrator |
£120 - £140 per hour |
4. Your Confirmation and Undertakings
When instructions are placed with us this must be on the basis of disclosure of correct, complete and appropriate information and any person to whom we provide services is deemed to warrant that:-
(a) All assets transferred have been lawfully introduced and are not derived from or otherwise connected with any unlawful activity.
(b) No trust, company or related structure will be engaged or involved directly or indirectly in any unlawful activity or be used for any unlawful purpose.
(c) Appropriate tax and other relevant advice has been taken in relation to the establishment and ongoing administration of any trust, company or related structure for which we may provide services.
(d) No instructions given to or requests made of us will involve any unlawful act or contain any false, inaccurate or misleading information.
5. Termination
Instructions in relation to a company may be terminated at any time. Our services as trustees of a trust may only be terminated if successor trustees acceptable to us are first appointed in our place. We shall be entitled to keep all papers and documents relating to the structure until any money owed to us in respect of the provision of services and expenses have been paid.
We will keep files and papers for at least ten years after we cease to provide our services, following which we may destroy them without further notice.
6. Complaints
If you are unhappy about our services you should contact the director responsible. If that does not resolve the problem satisfactorily or there is a preference not to deal with that person, the approach should be to the Managing Director, who is Paul Wojciechowski.
7. Communication
We shall be entitled to communicate and accept instructions by way of letter, fax, email or telephone, or any combination of these at our discretion, using the contact details we hold for you. We do not encrypt messages. The security of email cannot be guaranteed as it is transmitted over a public network and we accept no responsibility in respect of it. We shall be entitled to be indemnified against any resulting liability provided that we act in good faith. We reserve the right to record telephone calls.
If you do not wish us to communicate with you by any particular method, you must notify us in writing in advance accordingly.
8. Agreement and Applicable Law
Until otherwise agreed or superseded, these terms of business shall constitute the contract for the provision of our services and shall be governed by and construed in accordance with Jersey law. In accepting these terms of business you hereby irrevocably agree that the courts of the Island of Jersey will have exclusive jurisdiction to settle any claim, difference of dispute which may arise out of or in connection with such contract and waive any right to claim that such courts are not an appropriate forum.
9. Company Address
8 Church Street,
St. Helier,
Jersey,
JE4 OSG
October 2007