Giving away a house as a prize in a competition?
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We have recently found a large increase in applications
from private owners and businesses wishing to give away
a house in a skilled (spot the ball, answer a simple
question etc.) style competition. This could simply
be a unique way of selling a house or it may be a genuine
business idea.
Over recent months the banks have been getting strict.
Currently the banks will not process an application
without strong financial's. Because of this we feel
it only right to warn you that at present if you are
simply finding a way of selling your home you will not
get an account. However if you are setting up a genuine
business with properties that you already own, can comply
with the following conditions, and have strong financial's,
then we may be able to help.
To consider your application, YOU MUST COMPLY
with the following conditions.
If you do not comply with ALL of the below then we
will not be able to help.
- You own the property or properties
- Details of the Auditors who
will oversee and verify the legitimacy of the prize
draw.
- Provision of copies of the
Deeds of the Property.
- Remittances of transactions
to you will only occur after the prize has been awarded
and has been verified and confirmed in writing by
the Auditors.
Please also note:
- Depending on the business
classification established by Visa & MasterCard,
our Processing Bank may require that you register
as a High Risk Merchant (gaming/gambling/adult material)
at the cost of $1500 annually.
- Provision of the Bank AML
(Anti Money Laundering) document completed, signed
and stamped by a Solicitor - this will be supplied
to you in the application (annex B)
Please note that simple questions such as 'what's white
and falls out of the sky in winter?' will no longer
suffice. You now need to ask questions which at least
50% of people could get wrong. For example 'What precipitation
falls from clouds in the form of ice crystals?' - 50%
may say snow while 50% may say hailstones - snow being
the right answer!
If you agree with the above and are happy to
go ahead, then we can offer you one of our
competition accounts. For more information please
click here |
