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 purpose..

[Audio] Our Objectives are: Outlining the current practice relating to payment of fees and Payment Information Form ( PIF); Payment Processes – Challenges & Difficulties.; Payment process cases; which includes: / scenarios Failure to provide required information Payment without an invoice Communication between client & IFSC Engagement of third parties' payment and Recommendations to improve/enhance Payment Process At line number 3 you read the below after: This includes: . Failure to provide required information . Payment without an invoice . Communication between client & IFSC . Transactions fees were not included, causing outstanding balances . Engagement of third parties' payment Our last but not least objective.

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..

A picture containing text Description automatically generated.

Payment Information Form. Text Description automatically generated.

[Audio] There are several challenges & difficulties, including, but not limited to: Inaccurate or outdated information/ documentation reported/annexed to PIF, including delay in responding to enquiries made by the commission relating to the PIF. Payments are rejected and returned for these common reasons: Further requests made by the Bank for relevant documentation/information are not supplied, despite of numerous follow-ups made by the Commission Fees are made payable to the Commission without first obtaining an invoice from the Commission. On the other slides we will be sharing scenarios where theses challenges were faced and what occured during theses challenges. Kindly Note that the names, addresses, & company names have been changed/blocked out to maintain client's confidentiality..

Scenario #1 – Engagement of Third Parties & outdated PIF.

[Audio] Mini description of photos. Name of licensee Third party making the payment (reflect).

Scenario #2 – Failure to submit required documents as stipulated by the Bank (took IFSC 11 weeks to clear funds).

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

Cont.…. Daily Calendar. 4. Constant reminders were sent to client regarding the documents requested by the bank..

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

[Audio] Once the funds are not in the name of the invoiced client the bank recognize payment (s) as third party. if a revision is made to the PIF before payment is made, kindly advised the Commission to avoid further delays. On a case-by-case scenario, if the sender of the funds is an owner or shareholder; the following are required: passports, share registers, certificate of Incumbency, An agreement that indicates the relationship between the sender of the funds and the invoiced licensee and payment authorization letter. See Procedures on Payment of Fees PN No. 9 of 2018 Rev. 2. Request from bank are not limited to the above mentioned.

Cont.…. 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..

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.