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Partnership Formation Procedure
Please pay careful attention to the following instructions if
you plan to form an International Limited Partnership or
Local Limited Partnership in the British Virgin Islands through Elan.
STEP 1 -- INFORM YOURSELF:
We recommend reviewing the web site we sponsor, the
BVI International Financial
Services Information Center, so that you are knowledgeable of
the BVI jurisdiction. Your
reasons for doing business in the BVI cannot be determined by Elan,
although we can refer you to the appropriate professionals for
business planning, legal or tax advice. You should know who your
general and limited partners are, the overall structure and
organization of the partnership, and you must confirm agreement by all
parties involved before you proceed with the formation.
STEP 2 -- OBTAIN REFERENCES AND PROPER IDENTIFICATION:
At least two confidential references and a notarized
copy of the passport (or similar identification) for each of the
partners of the proposed partnership are required by Elan.
One reference must be a bank reference for each partner of
the company if you
plan to establish a bank account in the BVI. These documents
should be faxed separately to us at +1 (284) 494.2838.
All references
must be signed on letterhead, and must be from independent
(third-party) professionals with whom the partners have had at least a
two-year relationship. This may include (but is not restricted to)
lawyers, accountants, bankers or members of affiliate organizations.
Bank references should state that the partner in
question has a currently existing account in good standing, and that
the account has been operated in a satisfactory manner for at least
two years. At least one of the references must be from a lawyer or
accountant stating the following:
To: Elan Corporate Services Limited
I hereby state that [applicant name] is a(n) [nationality] citizen who resides
in [city and state or province]. I have known and conducted a significant amount
of business in [nature of affairs] with [applicant name] for at least two years,
and in my experience s/he is a reputable and trustworthy individual.
I have no hesitations about confirming [applicant name]'s credibility
and integrity to Elan Corporate Services Ltd.
STEP 3 -- COMPLETE APPLICATION:
Review Elan's Terms and Conditions of Business.
If you agree to those terms, complete and submit
Elan's Limited Partnership Preliminary
Data form. Adequate completion and submission of this form will
enable us to begin drafting the Articles of Partnership and other
related statements, and Elan will contact you shortly after receiving
your Limited Partnership Preliminary Data. If you have any immediate
questions regarding this form, please do not hesitate to contact
us at +1 (284) 494.4590 at our Tortola office.
STEP 4 -- HAVE PAYMENT READY:
As the Articles of Partnership are being drafted, be prepared to
wire transfer funds. This secures our mutual commitment to finalize
the relevant partnership documents and submit them to the companies
registry. Elan cannot release partnership documentation or take
further action on behalf of the partnership until we have confirmation of
your payment, and after all references and proper identification have
been received. We will provide you with wiring instructions upon the
receipt of the necessary information.
STEP 5 -- DOCUMENT DELIVERY:
Provide us with a location to express mail your corporate documents
to. If everything proceeds as planned, you will have all partnership
documents within twenty business days of your data submission form.
Your possession of these documents finalizes the registration process
and grants you the right to use the powers of the partnership as provided
for under BVI law. If Elan is to assist in the establishment of a
BVI corporate bank account, we will
retain the appropriate documents until we have successfully opened
the partnership account at your international bank of choice.
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