Last Updated: May 12, 2020.
Please read the Terms and Conditions carefully before availing the services.
These Terms and Conditions("Terms", "Terms and Conditions") rule your relationship between Business Setup Worldwide (“BSW”) and its clients (“CLIENTS”) These Terms and Conditions are applicable for all visitors and users of our website and users of our services. By accessing our website www.businesssetup.com (“SITE”) or purchasing our products or services you accept to be bound by these Terms and Conditions.
1.1 “Clients” refers to a person or an organization availing services from our website. 1.2 “Service” or “Services” refers to business incorporation, company formation services, or any other services offered on our website. 1.3 “We” or “Us” refers to Business Setup Worldwide (BSW), a company registered in the UAE. 1.4 “Website”, “Web Site” or “Site” refers to www.businesssetup.com
2. BANK ACCOUNT
BSW is not a financial institution and we do not provide financial services. We offer assistance to our clients in opening bank accounts. We provide a list of banks before the clients, from which the clients can choose as per their requirements. We are not responsible for the choice made by clients.
BSW is neither responsible nor liable for the actions and decisions of the bank. We are not associated with any bank, therefore we cannot assure that a particular bank would approve your application to open a bank account. Opening a bank account is entirely the discretion of the bank and its due diligence procedures. The approval to open a bank account is subject to factors like the client documents, financial ability, and business activities. We do not have any influence on the bank’s decision.
2.2 REFUND POLICY
We charge a stipulated fee for assistance in opening a bank account on your behalf. The fee once paid is neither refundable nor creditable for any reason whatsoever.
It is the responsibility of the client to submit the documents as demanded by the bank, including but not limited to the following:- 1. Copy of passport attested by a notary, of the beneficial owners, directors, signatories, and shareholders. 2. Due diligence authorization form from each of the beneficial owners, directors, and signatories. 3. Reference letter from a bank in which each of the beneficial owners, directors, and signatories have financial relationships for more than two years. 4. Address proof of each of the beneficial owners, directors, and signatories. 5. Copy of Utility bill of each of the beneficial owners, directors, and signatories. 6. Professional reference letter from an accountant or attorney of each of the beneficial owners, directors, and signatories. 7. Any other documents and information as demanded by the bank.
2.4 RIGHT TO REFUSE SERVICE
Business Setup Worldwide keeps back the right to refuse any and/or all its services to any of its clients without giving an explanation thereto, under any circumstances cant held responsible.
3. ASSISTANCE IN OBTAINING FINANCIAL LICENSES
BSW can perform assistance for clients in obtaining financial licenses. The procedure for obtaining the license varies depending on the conditions in each country. We do not offer any advice to the clients regarding the type of license to obtain. We just assist in the procedure for obtaining the license.
3.1 FEES AND REFUND
Any payments made by the client with respect to any incorporation, assistance in bank account opening, or any other auxiliary service, once they are paid, will not be refundable nor creditable for any reason whatsoever under any circumstance.
By the payment of the fee, the client accepts and agrees to our terms and conditions. Thus our terms and conditions are binding on the client.
The client is required to submit all documents demanded by BSW, within 30 days of payment of fees.
3.4 RIGHT TO REFUSE SERVICE
BSW has the right to refuse the services offered to the client if the client fails to submit all the documents as demanded by us. Hence the application submitted by the client is considered as abandoned.
4. BANK ACCOUNT OPENING ASSISTANCE
Our Bank-Introduction services are available only to those clients who registered for using our services.
The bank account assistance service includes but is not limited to document review, application filing, query assistance, pre-screening, compliance reviews, document filing, document compilation, business plan review, and other auxiliary services.
The service in no way guarantees the opening of a bank account. The bank account opening is subject to the bank’s compliance and internal policies.
In case the bank account application is rejected, there will be no refunds issued.
The Bank account assistance service terminates when any of the following happens:-
1. When the bank issues notice to BSW or the client showing that the bank account has been opened.
2. When the bank issues notice to BSW or the client showing that the bank has reviewed the application for opening a bank account and rejects the application.
3. When the client dismisses the process for any reason.
4. When the client fails to submit the documents as demanded by the bank.
5. BANKING ADMINSTRATION
BSW offers business incorporation services to the listed locations which are available on our website (www.businesssetup.com).
Depending on the jurisdiction of account opening, once the bank account is opened, a client may be liable to pay administrative fees on a yearly basis if the bank requires a local representative in the said Jurisdiction. The said fee would be additional and is only applicable in case the bank requires a local eligible introducer.
5.1 LEGAL ADVICE
We do not provide legal advice to the clients. BSW acts as a third party and incorporates business on behalf of our clients.
5.2 ADDITIONAL SERVICES
BSW is also engaged in offering additional services like the supply of nominee directors, nominee shareholders, power of attorney, company rubber stamp, company seal, notarization etc. The additional services will be provided only if the clients make specific agreements to it.
5.3 FEES AND REFUND POLICY
The professional fee for incorporation depends on the package chosen by the client. Under any circumstances, the fees once paid is non-refundable.
5.4 LEGALITY OF BUSINESS
We do not accept the relationship with any client who is engaged in the gambling business, trading of binary options, the adult industry, or any other kind of illegal business. BSW has the right to terminate the relationship with such clients on the discovery of the same. No refund will be offered for the services unused by them.
Your use of the service is at your individual risk. The website contains general information that should be treated as a piece of legal advice from our legal team. The website provides information which is reliable, no assurance is given as legal settlements may take place in a short period. We reserve the right to alter or change the terms and conditions without any prior warning to the clients.
7.1 BSW will not be responsible for any loss suffered by the client due to any mechanical breakdown, strike, natural disaster, or under any such circumstance where the staff failed to perform their duties.
7.2 BSW will not be liable for failure to provide additional services to the client by the bank.
7.3 BSW cannot be held liable for the relationship between the bank and the client. We act as a third party to the relationship between bank and client.
7.4 BSW has no authority/responsibility to act as the employee or officer of the bank.
7.5 BSW has no responsibility to incur any liability on behalf of the bank/client.
7.6 BSW has no responsibility regarding any loss or damage resulting from the use of any communication system (fax, email, telephone, postal service, etc.) or any means of transportation.
7.7 BSW cannot be held responsible for any kind of loss suffered by the bank/client due to the error, mistake, or negligence of any other person.
8. DUE DILIGENCE
The client is obliged to provide whatever information BSW may require about the client’s background and at the same time reserves the right to refuse. The client is also obliged to provide due diligence materials before the commencement of BSW’s service.
9. APPLICABLE LAW AND JURISDICTION
The agreement would be constructed and would be binding in accordance with the law of Dubai. Any disputes arising out of the agreement or the during the functioning of the process shall be subject to the exclusive jurisdiction of the courts of Dubai.
The service may contain links to external third-party websites.BSW is not responsible for the content or operation of such external sites and use of any third party websites, services you use are strictly at your own risk.
11. INTELLECTUAL PROPERTY RIGHTS
All the services are owned by BSW. The update of information, names, logos, graphics, multimedia, pages, and documents are protected under the intellectual property rights along with trademark and copyright laws. The content cannot be reproduced, modified in any way in any format without our prior permission.
12. DISPUTE RESOLUTION
Any dispute arising out or in connection with this contract shall be settled under the Rules of Arbitration of the International Chamber of Commerce, by one or more arbitrators appointed in accordance with the said Rules.
If you have any queries regarding the above Terms & Condition, please contact us.