SEC Form 20-IS - iRemit Global Remittance

Business and General Information
I-REMIT, INC.
I-Remit, Inc. (“I-Remit”, “Parent Company”, or “Company”) is a company in the Philippines engaged in the
business of servicing the remittance needs of overseas Filipino workers (“OFWs”) and other migrant workers.
The Parent Company was duly registered with the Securities and Exchange Commission (“SEC”) on March 5,
2001 with SEC Registration No. A200101631. It started commercial operations on November 11, 2001.
The Parent Company and its subsidiaries (“Group”) are primarily engaged in the business of fund transfer and
remittance services, from abroad into the Philippines or otherwise, of any form or kind of currencies or monies,
either by electronic, telegraphic, wire or any other mode of transfer; as well as the delivery of such funds or
monies, both in the domestic and international market, by providing courier or freight forwarding services; and
conducting foreign exchange transactions as may be provided by law and other allied activities relative
thereto; provided that the foreign exchange transactions of the Parent Company shall be limited to ordinary
money changing activity or “spot” foreign currency transaction; provided further that the Parent Company shall
not engage in the business of being a commodity future broker or otherwise shall engage in financial
derivatives activities such as foreign currency swaps, forwards, options or other similar instruments as defined
under Bangko Sentral ng Pilipinas (“BSP”) Circular No. 102, Series of 1995.
The Parent Company is duly registered as a Remittance Agent, with Certificate Number FX-2005-000364
issued by the BSP on May 10, 2005, and supervised by the BSP. It is subject to applicable provisions of law
and BSP rules and regulations, as well as the provisions of the Anti-Money Laundering Act of 2001 (Republic
Act. No. 9160, as amended by Republic Act No. 9194 and Republic Act No.10167) and The Terrorism
Financing Prevention and Suppression Act of 2012 (Republic Act No. 10168), and their implementing rules
and regulations.
I-Remit, Inc. has been registered as a remittance network provider with the Australian Transaction Reports
and Analysis Centre effective April 13, 2012, with Registration Number RNP100035640-001.
The Parent Company’s list of services also includes auxiliary services such as liaising and coordinating with,
and accepting and distributing membership contributions, loan amortization payments, and premium payments
to various government and non-government entities such as the Social Security System, the Home
Development Mutual Fund, the Philippine Retirement Authority and the Philippine Health Insurance
Corporation, as well as various insurance, pre-need and real estate companies.
The registered office and principal place of business of the Parent Company is 26/F Discovery Centre, ADB
Avenue, Ortigas Center, Pasig City, 1605 Metro Manila, Philippines.
The Company also operates in various countries through subsidiaries, associates, or affiliates, and via tie-ups
and strategic partnerships. Tie-up and partnership arrangements are utilized when the potential volume of
remittances do not justify the investment of equity.
The Company currently operates in 24 countries and territories worldwide.
The Company’s presence in various countries hosting OFWs and Filipino migrants and several strategic
partnerships and tie-ups with various local and international banks, pawnshops, couriers, and
telecommunications companies makes it the largest independent local remittance company.
The Company’s subsidiaries are as follows:
International Remittance (Canada) Ltd., a wholly-owned subsidiary, was incorporated on July 16, 2001. It
started initially as a tie-up and partner of I-Remit, Inc., establishing its operations in three (3) major provinces
in Canada, namely: British Columbia, Alberta and Ontario. In 2005, I-Remit, Inc. acquired 65% ownership in
the company that subsequently increased to 95% in 2006, and eventually consolidated to 100% on June 29,
2007. International Remittance (Canada) Ltd. has seven (7) offices in Canada: two (2) in British Columbia;
three (3) in Ontario; and two (2) in Alberta. The Filipino community is the third largest minority group in
Canada. There are 350,000 Filipino migrant families and about 500,000 Filipinos in Canada mostly in Toronto,
Montreal, and Vancouver. However, the Commission on Filipinos Overseas in its Stock Estimate of Overseas
Filipinos (December 2009) estimates that there are 639,686 Filipinos in the country. It is registered as a
money service business with the Financial Transactions and Reports Analysis Centre of Canada, with
registration number M08160706.
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