SEC Form 20-IS - iRemit Global Remittance

I-Remit Australia Pty Ltd, a wholly-owned subsidiary, is a company organized under the Australian
Corporations Act 2001 and registered with the Australian Securities and Investments Commission with
Australian Company Number 103 107 982. It was incorporated on December 10, 2002 in Victoria, Australia
and as of June 29, 2007, the Company’s ownership in I-Remit Australia has been consolidated to 100%. It
has no regular employees and has not engaged, since incorporation, in any material activities other than those
related to the maintenance of a bank account with ANZ Bank (Australia and New Zealand Banking Group
Limited) where I-Remit, Inc.’s subsidiary and tie-ups in Australia deposit the remittances that they receive for
the purpose of eventually transferring the accumulated balance to I-Remit, Inc.’s bank account in the
Philippines.
IREMIT Remittance Consulting GmbH, a wholly-owned subsidiary, was incorporated on July 20, 2005 in
Vienna, Austria, as IREMIT EUROPE Remittance Consulting AG (74.9% owned). It was granted a remittance
license on July 25, 2007 by the Financial Monetary Authority of Austria. It started commercial operations on
September 16, 2007. There are about 30,000 Filipinos in Austria. In November 2009, IREMIT EUROPE
Remittance Consulting AG was registered by Banca D’Italia Eurosistema in the general list of financial
intermediaries as a provider of money transfer services under Article 106 of the legislative decree 385/1993 of
Italy’s Banking Law. On April 18, 2010, it opened a branch in Rome. On August 1, 2010, it opened its second
branch in Milan. On April 28, 2011, IREMIT EUROPE Remittance Consulting AG stopped its money
remittance operations in Rome and Milan in Italy in accordance with Article 75 of the Transitional and Final
Provisions of Austrian Payment Services Act, which stipulated that credit institutions that have held
authorizations pursuant to Article 1 paragraph 1 no 23 BWG, as amended by the Federal Act Federal Law
Gazette No. 35/2003, prior to December 25, 2009, have only until April 30, 2011 to carry out their money
remittance operations. On May 5, 2011, the Parent Company acquired the 25.1% ownership interest in
IREMIT EUROPE Remittance Consulting AG from the noncontrolling stockholder. The acquisition increased
the Parent Company’s ownership interest in IREMIT EUROPE Remittance Consulting AG to 100.0% from
74.9%. Consequently, on October 11, 2011, IREMIT EUROPE Remittance Consulting AG changed its legal
name to IREMIT Remittance Consulting GmbH and changed its legal status from a stock company to a limited
liability company. It also amended its Articles of Incorporation to include management consultancy in its
business activities. In December 2011, IREMIT Remittance Consulting GmbH sold assets relating to its
operations in Italy to a third party. These assets, with an aggregate carrying amount of PHP 7.29 million, were
sold for a consideration of PHP 72.43 million thereby resulting to a gain on sale of PHP 65.14 million.
IRemit Global Remittance Limited, a wholly-owned subsidiary, is a private limited company in the United
Kingdom and Wales that was incorporated on June 22, 2001. It is registered with The Registrar of Companies
for England and Wales, Companies House with Company Number 04239974. It started commercial operations
in July 2001. Initially, the Company had a 96% equity interest in the IRemit Global Remittance Limited until it
was sold on January 18, 2004. I-Remit, Inc. repurchased it on June 29, 2007 and acquired 100% ownership
interest. The Financial Services Authority has granted IRemit Global Remittance Limited the authorization to
operate the money remittance business, with Firm Reference Number 537568, effective April 15, 2011 under
the Payment Services Regulations 2009, the transposition into English law of the European Union (EU)
Payment Services Directive (2007/64/EC) that is applicable in all EU and European Economic Area countries.
As an authorized institution, it operates branches in Rome and Milan in Italy and has also received approval to
operate a branch in Ireland. It has agents in the United Kingdom, Germany and Austria. It is also registered
with Her Majesty’s Customs and Excise with Money Laundering Registration Number 12130185. Filipinos are
the fourth largest source of immigrants to the United Kingdom. There are approximately 200,000 Filipinos
living and working in the United Kingdom as nurses, caregivers in public and private nursing homes, medical
professionals and chambermaids. Italy is the second most popular destination of overseas Filipino workers in
Europe. Numbering about 200,000, the vast majority of Filipinos work in the domestic service sector while
there are also a number employed in the nursing field and other skilled and semi-skilled occupational groups.
I-Remit New Zealand Limited, a wholly-owned subsidiary was incorporated on September 11, 2007. Its
registration was approved by the New Zealand Ministry of Economic Development last September 11, 2007. It
is registered with the Registrar of Companies of New Zealand, Companies Office with Company Number
1984331. The company started operating commercially on February 13, 2008. There are over 20,000 Filipinos
in New Zealand.
K.K. I-Remit Japan, a wholly-owned subsidiary was incorporated on June 10, 2011. The Kanto Local Finance
Bureau approved its registration as a Funds Transfer Company effective December 7, 2011, with Registration
Number KLFB00019. It is a member of the Japan Payment Service Association. K.K. I-Remit Japan started
operating commercially on May 14, 2012 in Tokyo. A branch in Nagoya will be opened this year. There are
about 150,000 Filipinos in Japan.
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