PowerPoint Presentation

Policies & Procedures of Payment of Fees & its Processes..

Please note that the names and addresses provided are fictitious and, in some places, blocked out merely for educational and informational purposes..

Objectives. A picture containing text, plate, tableware, dishware Description automatically generated.

All applicant(s) must fill and submit the “Payment Information Form” to applications@ifsc.gov.bz . If the engagement of Third parties will be involved, you are to submit all relevant supporting Documentations that may be required by the Bank to release funds to the IFSC..

Ruble. The Commission will issue a receipt only after having confirmed that the appropriate fee(s) has been cleared and the Commission is satisfied that the fee is in its account..

Payment Information Form. Text Description automatically generated.

Payment Processes – Challenges & Difficulties. Outdated/inaccurate supporting documents annexed to the PIF Delayed responding to inquires made by the Commission relating to the PIF Payments were rejected/returned Relevant documents were not supplied on time Fees were made without first obtaining an invoice.

Scenario #1 – Engagement of Third Parties & outdated PIF.

2. The funds were not sent from the company provided on the PIF..

Bank Check. 3. The Bank requests for supporting documents and agreements to indicate the relationship between the two Companies ..

Communication between Client & IFSC. Daily Calendar.

Scenario #2 – Failure to submit supporting documents that was requested by the Bank.

Scenario #3 – Client makes simultaneous payment for 6 invoices.

Key Takeaways to Improve Payment Process. Ensure that the information on the PIF is accurate. Provide all supporting/necessary requested documents which includes, but is not limited to:.

3. Only remit payment once invoice (s) are issued. 4. Ensure to indicate invoice number in every transfer details. 5. Treat banks requests with a level of urgency. 6. There may be additional fees for processing of charged on international wire transfers from the interconnecting bank. 7. IFSC does not accept prepayments.

Thank you for your watching!. ANY QUESTIONS?. You can email all question/enquires to applications@ifsc.gov.bz.

Contact US The Gian C. Gandhi Building P.O. Box 455 6130 Iguana Avenue, Mountain View Area City of Belmopan Belize, C. A Tel: 501-822-2974 Email: info@ifsc.gov.bz Website: www.ifsc.gov.bz.