When setting up a trust, LTCL urges settlors and potential beneficiaries of any trust to seek tax and legal advice in the country in which they are domiciled and tax resident. Copies of any advice received should be forwarded to the trustees to take into account when administering the trust.

As a regulated professional trustee, LTCL is required to carry out ‘Know Your Client' or KYC procedures on all of its clients. A summary of the information required is as follows:

(a) ‘Know Your Client' documentation required on individual settlors, beneficiaries or protectors:

• Two forms of identification: Copy of passport and identity card or driving licence, certified true by a lawyer, banker or accountant
• Two professional references from professionals who have known the individual for over two years, addressed to Line Trust Corporation Limited
• Two proofs of address (this could take the form of a utility bill (gas / electricity / telephone), or a driving licence, or a National Identity card, or a letter from an official body or authority) - if originals are not provided, copies are to be certified true by a lawyer, banker or accountant.
• Contact details

In addition, LTCL are required to have:

• Details and documentary evidence of the source of any funds it is proposed be settled into the trust

(b) ‘Know your client' documentation required on a corporate Settlor / Beneficiary / Protector:

• Copy of Certificate of Incorporation (or equivalent depending on the jurisdiction), certified true by a lawyer, banker or accountant
• Copy of Memorandum and Articles of Association (or equivalent depending on the jurisdiction), certified true by a lawyer, banker or accountant
• Certificate of Good Standing / Certificate of Incumbency
• Copy latest accounts / financial statements, certified true by a lawyer, banker or accountant
• Details of directors and secretaries
• Details of shareholders

Please note that if the shareholders are corporate shareholders, LTCL will also require details of beneficial owners, and KYC documentation on all individuals and these include the following:

• Copy of passport, certified true by a lawyer, banker or accountant
• Two professional references from professionals who have known the individual for over two years, addressed to Line Trust Corporation Limited
• Two proofs of address (this could take the form of a utility bill (gas / electricity / telephone), or a driving licence, or a national Identity Card, or a letter from an official body or authority)- if originals are not provided, copies are to be certified true by a lawyer, banker or accountant
• Contact details

A certified copy is a copy of an original document which has been certified as a true copy by a lawyer, Notary Public, Commissioner for Oaths, Banking official, chartered accountant or certified accountant. Each certified copy should include the following;

• The words certified true copy of the original
• The date the certification was made
• The signature of the certifying officer
• The name, address and occupation of the certifying officer legibly printed below the signature.