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Frequently Asked Questions About International / Worldwide Escrow Paymaster Services
What is a Paymaster?
When dealing with extreme large amounts of funds and other large commissions, experienced parties place their funds with an independent third-party to ensure that dividends and commissions are safely and securely distributed.
Europlaw Group serves as the neutral third party to receive the international incoming funds into the escrow account and then promptly distributes the funds according to the countersigned Escrow Appointment Agreement entered between both the client andEuroplaw Group according to the stipulated terms and conditions.
By using the services of EuroplawGroup’s paymaster, you will never need to worry about the professional integrity of the payment process or whether or not the funds will be disbursed. Europlaw Group serves as an escrow appointed agent to guarantee the fast and secure payment of your funds.
What compliance documents are needed when funds are distributed by Europlaw
Europlaw will provide a list of required documents to the client once the client entered into an Escrow Agreement with Europlaw.
Need the Client to be present while disbursements are made.
Europlaw can execute and proceed with disbursements without the client’s presence.
Can Europlaw Group accept or disburse funds via money orders, checks, bank checks (cheques), or cash?
Europlaw Group cannot receive any disbursements whatsoever. For banking compliance purposes, Europlaw Group will only receive or disburse funds from our escrow account via SWIFT’s.
Can the client call Europlaw Group’s bank to verify if my deal has funded?
The client is not authorized to contact Europlaw’s bank whatsoever. According to the countersigned Escrow Appointment Agreement entered between both the client and Europlaw Group, all trust fund transactions are intended to be confidential. Therefore, none of the bank employees are permitted to discuss any details of the transaction with a client.
When can the Client become a client of EuroplawGroup
At any time when the client need paymaster services of Europlaw Group.
Can the client have Europlaw Group pay several people out of their commission?
The client can provide multiple instructions to Europlaw to pay several natural people or organizations. All that is required for each natural individual or organization receiving funds is to complete a compliance package so that the identity of each recipient may be verified.
Can Europlaw Group attend to any disbursements without any instructions
Europlaw Group can only distribute payments on behalf of the client when the client provided exact written instructions to Europlaw Group.
Does Europlaw Group know any particulars of a transaction, such as when it will close?
Europlaw Group does not have any jurisdiction over such transaction whatsoever. Europlaw Group serves as an independent third party and therefore is not directly involved with the transaction. Europlaw Group typically does not know any details about the underlying transactions.
Can Europlaw offer offshore services to clients
Europlaw specializes in offshore services worldwide. Europlaw can register companies and open bank accounts abroad for all our international clients.
With which Europlaw Group entity can the Client entered into an Escrow Agreement.
The client can either enter into an Escrow Agreement with Europlaw Group in the United Kingdom or the Republic of South Africa.
How does the client know they will receive payment
The client’s funds will be transferred via secure SWIFT MT103 bank-to-bank wire transfer directly from our escrow account (or Euro currency account) to their banking coordinates.
Any agents to the transaction complete an Irrevocable Fee Protection Agreement which outlines exactly how much each party will receive as commission and how this will be paid. Europlaw Group will distribute the agent’s funds in exactaccordance with the percentages outlined in the countersigned Escrow Appointment Agreement, so there will not be any disputes about who should be paid or how much they should be paid.
Does Europlaw Group withhold taxes?
EuroplawGroup does not withhold any taxes from your disbursement. Although EuroplawGroup is obliged to report the disbursement to the IRS for compliance purposes if you are a “U.S. person”, you or your company will be solely responsible for paying any taxes that are due.
Can Europlaw Group offer any other services except Paymaster to the Client
Yes, Europlaw Group can offer various services to the client. Please visit http://europlaw.com/index.php/laywers
Why does the client need to fill out IRS form W-9 (W-8BEN for foreign entities)?
These forms are required of Europlaw Group for international compliance purposes. Regardless of whether we are disbursing funds, EuroplawGroup must report all monies received and disbursed through our escrow account. This is to ensure compliance with the Patriot Act and anti-money laundering statutes.
Can Europlaw offer legal and tax advisory services for clients
Europlaw has in-house attorneys, advocates, auditors and accountants that can offer tax and legal advisory services.