SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
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Business and General Information<br />
I-REMIT, INC.<br />
I-Remit, Inc. (“I-Remit”, “Parent Company”, or “Company”) is a company in the Philippines engaged in the<br />
business of servicing the remittance needs of overseas Filipino workers (“OFWs”) and other migrant workers.<br />
The Parent Company was duly registered with the Securities and Exchange Commission (“<strong>SEC</strong>”) on March 5,<br />
<strong>20</strong>01 with <strong>SEC</strong> Registration No. A<strong>20</strong>0101631. It started commercial operations on November 11, <strong>20</strong>01.<br />
The Parent Company and its subsidiaries (“Group”) are primarily engaged in the business of fund transfer and<br />
remittance services, from abroad into the Philippines or otherwise, of any form or kind of currencies or monies,<br />
either by electronic, telegraphic, wire or any other mode of transfer; as well as the delivery of such funds or<br />
monies, both in the domestic and international market, by providing courier or freight forwarding services; and<br />
conducting foreign exchange transactions as may be provided by law and other allied activities relative<br />
thereto; provided that the foreign exchange transactions of the Parent Company shall be limited to ordinary<br />
money changing activity or “spot” foreign currency transaction; provided further that the Parent Company shall<br />
not engage in the business of being a commodity future broker or otherwise shall engage in financial<br />
derivatives activities such as foreign currency swaps, forwards, options or other similar instruments as defined<br />
under Bangko Sentral ng Pilipinas (“BSP”) Circular No. 102, Series of 1995.<br />
The Parent Company is duly registered as a <strong>Remittance</strong> Agent, with Certificate Number FX-<strong>20</strong>05-000364<br />
issued by the BSP on May 10, <strong>20</strong>05, and supervised by the BSP. It is subject to applicable provisions of law<br />
and BSP rules and regulations, as well as the provisions of the Anti-Money Laundering Act of <strong>20</strong>01 (Republic<br />
Act. No. 9160, as amended by Republic Act No. 9194 and Republic Act No.10167) and The Terrorism<br />
Financing Prevention and Suppression Act of <strong>20</strong>12 (Republic Act No. 10168), and their implementing rules<br />
and regulations.<br />
I-Remit, Inc. has been registered as a remittance network provider with the Australian Transaction Reports<br />
and Analysis Centre effective April 13, <strong>20</strong>12, with Registration Number RNP100035640-001.<br />
The Parent Company’s list of services also includes auxiliary services such as liaising and coordinating with,<br />
and accepting and distributing membership contributions, loan amortization payments, and premium payments<br />
to various government and non-government entities such as the Social Security System, the Home<br />
Development Mutual Fund, the Philippine Retirement Authority and the Philippine Health Insurance<br />
Corporation, as well as various insurance, pre-need and real estate companies.<br />
The registered office and principal place of business of the Parent Company is 26/F Discovery Centre, ADB<br />
Avenue, Ortigas Center, Pasig City, 1605 Metro Manila, Philippines.<br />
The Company also operates in various countries through subsidiaries, associates, or affiliates, and via tie-ups<br />
and strategic partnerships. Tie-up and partnership arrangements are utilized when the potential volume of<br />
remittances do not justify the investment of equity.<br />
The Company currently operates in 24 countries and territories worldwide.<br />
The Company’s presence in various countries hosting OFWs and Filipino migrants and several strategic<br />
partnerships and tie-ups with various local and international banks, pawnshops, couriers, and<br />
telecommunications companies makes it the largest independent local remittance company.<br />
The Company’s subsidiaries are as follows:<br />
International <strong>Remittance</strong> (Canada) Ltd., a wholly-owned subsidiary, was incorporated on July 16, <strong>20</strong>01. It<br />
started initially as a tie-up and partner of I-Remit, Inc., establishing its operations in three (3) major provinces<br />
in Canada, namely: British Columbia, Alberta and Ontario. In <strong>20</strong>05, I-Remit, Inc. acquired 65% ownership in<br />
the company that subsequently increased to 95% in <strong>20</strong>06, and eventually consolidated to 100% on June 29,<br />
<strong>20</strong>07. International <strong>Remittance</strong> (Canada) Ltd. has seven (7) offices in Canada: two (2) in British Columbia;<br />
three (3) in Ontario; and two (2) in Alberta. The Filipino community is the third largest minority group in<br />
Canada. There are 350,000 Filipino migrant families and about 500,000 Filipinos in Canada mostly in Toronto,<br />
Montreal, and Vancouver. However, the Commission on Filipinos Overseas in its Stock Estimate of Overseas<br />
Filipinos (December <strong>20</strong>09) estimates that there are 639,686 Filipinos in the country. It is registered as a<br />
money service business with the Financial Transactions and Reports Analysis Centre of Canada, with<br />
registration number M08160706.<br />
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