FREQUENTLY ASKED QUESTIONS

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WHEN WILL THE ANDROID APP BE AVAILABLE?

As of Sept 2019, we're working on it and if things go well we should have something working in Oct 2019.

WILL THERE BE AN IOS APP AVAILABLE?

iOS 13 does permit apps to use the NFC functionality that was restricted in previous versions. After the Android app is working and everything else is working, we intend to build an iOS app that will work on phones using iOS 13 or later.

WHAT IS REQUIRED FOR APPLICATION

1. Android smartphone with NFC capability and camera
2. Passport or national ID card with RFID chip
3. Your utility bill as an address proof.
4. Your personal information such as full name, date of birth, residential address, tax residency and tax ID details.
5. A credit or debit card to pay for a consultation, acceptance and set up of the structure and banking services (other payment options also available).

CAN I SET UP AN INTERNATIONAL COMPANY (IC) OR INTERNATIONAL TRUST INSTEAD OR AS WELL?

Yes. If you want an IC instead of an LLC, just indicate this on your order and we can do it as in IC instead (additional fee applies). If you want a trust as well, indicate this on the order and the registered agent will contact you for the additional fees and requirements.

HOW DOES AN LLC PROTECT ASSETS?

The member invests funds or assets in the LLC as capital contributions in exchange for membership interests in the LLC.

Once the assets are contributed to the LLC, they no longer belong to the member, and the LLC is not liable for the member's debts, so the member's creditors cannot access the LLC's assets directly. 

If structured for protective purposes, the member's creditors cannot indirectly access the LLC's assets either because the membership interest alone does not provide management rights or the power to liquidate the entity, and for other reasons.

The LLC formation process through B9 Management provides for the configuration of membership interests for both single and multi member LLCs that protect the LLC and the assets inside it from liquidation and distributions at the behest of a member's creditors, and ensures that the business of the LLC can be continued without interference.

CAN AN LLC PROTECT MEMBERS' ASSETS THAT ARE NOT IN THE LLC?

Yes, although generally assets that are already inside the LLC will have stronger protection.
The B9 Management LLC formation process enables members to select a defined value of their assets outside the LLC, or a value determined by management decision or formula, to be pledged to be put into the LLC in the future, and for the member to charge those assets with a security interest or mortgage, in exchange for the member's membership interest in the LLC. This allows the LLC to call up the amount due and to access the member assets pledged ahead of the member's other creditors.

WHAT HAPPENS TO THE LLC AND ITS FUNDS IF I BECOME BANKRUPT, INCAPACITATED OR DIE?

The LLC is one of the most flexible entities developed, and can handle:

1. multiple members (at the same time or in succession)

2. multiple managers (at the same time or in succession)

3. changes in membership or management to address situations of incapacity, death, duress, or any other event that you may wish to define and provide for.

Accordingly, it may not be necessary to have a separate trust structure to hold the membership interest, to ensure that the assets in the LLC are protected or distributed as, when and in the circumstances you require, nor to execute Powers of Attorney to provide for the management of the LLC in the event that you can't.

The LLC formation process through B9 Management takes you through a needs assessment process to allow you to:

1. identify issues for you to address in the structure

2. take additional advice from specialist professionals your circumstances and needs may require

3. make decisions about how different events are to be handled

4. nominate back up managers or others who may be referred to or who should be entitled to benefits upon relevant events occurring.