The following information explains the requirements and procedures for trust formation and administration.
For ease of reference, we have set out the formation costs and the minimum annual running costs together with an overview of other key areas. See our fees and charges.
These questionnaires must be completed, signed and sent, together with the appropriate documents to:
Alex Picot Trust Company Ltd
95-97 Halkett Place
To cover formation costs and standard charges for the formation of a trust and funds to open a bank account for the new entity, we ask you to transfer a minimum sum of £4,250 to our client bank account:
Royal Bank of Scotland International
71 Bath Street, St Helier, Jersey, Channel Islands
account - 1028-50340371
swift code RBOSJESX
We emphasise that we will not become involved in any scheme designed to evade tax. In certain circumstances arrangements which intend to avoid taxation may preclude our participation as professional persons. If doubt exists, we should prefer to discuss the particular intentions at the earliest opportunity.
It should be noted that we do not give taxation advice in any jurisdiction other than Jersey. However, we are able to obtain such advice speedily from our worldwide association, Kreston. We always advise clients to obtain independent tax and legal advice concerning any scheme and its implications in their own country. To enable us to have a better understanding of the overall reason behind the structure, we would ask for copies.
These questionnaires are designed to provide Alex Picot Trust with the information required to ensure that we know our clients, understand their requirements and receive all the information we need to complete our statutory and professional procedures under the laws of Jersey.
All new clients must complete the personal details questionnaire, and either a trust questionnaire or a company questionnaire. Once we have received and reviewed the completed questionnaires, we will contact you to confirm our understanding, and to ask any further questions.
Personal details questionnaire
Under our professional standards we need to obtain your personal details and adequate references. At least two references may be needed, sent directly to us in their original form. These are held on our own confidential files. We would not normally form a trust until satisfactory references are received.
Description of activities
The authorities in Jersey rely upon the local professions to ensure that the Island is only involved in legitimate business. This does not affect the confidentiality of the business. We are obliged to Know our Client, which involves adequate identification and references to verify name, identity, and character. Adequate identification of the source of funds introduced is essential. Above all we must be certain about the source and integrity of all assets introduced.
When our due-diligence enquiries are satisfactory, we are then able to open and operate bank accounts in Jersey or other parts of the world. In the context of money-laundering controls, we are obliged to make a positive statement to the effect that we Know our Client.
In addition to or in place of the directors of our corporate trustees, such bank accounts can be operated by our corporate secretary. For security, we operate accounts on a dual signature basis. If we provide directors, we insist on full knowledge of all transactions and the ability to control the company's bank accounts.