SEC Form 20-IS - iRemit Global Remittance

Lucky Star Management Limited, a wholly-owned subsidiary, was incorporated on March 16, 2001 as a limited
liability company under the Companies Ordinance of Hong Kong whose principal activity is the provision of
remittance services. It is registered with the Companies Registry with Company Number 750525. It was the
first international branch of I-Remit, Inc. and, to date it has four (4) branches in Hong Kong: two (2) at the
Central District, one (1) at the Admiralty, and one (1) in Tsuen Wan. Hong Kong is one of the top destinations
of land-based OFWs in Asia. There are on average around 140,000 Filipinos in Hong Kong, most of whom
find work as domestic household helpers.
Power Star Asia Group Limited, a wholly-owned subsidiary, was incorporated on April 28, 2008 under the
Companies Ordinance of Hong Kong. It is engaged in foreign exchange trading activities. It was acquired by
I-Remit, Inc. on November 12, 2008 with the purchase of its 1,000,000 outstanding shares for a total
consideration of HKD1,000,000 with the intention of outsourcing some of the Parent Company’s foreign
exchange activities to a company located in one of the regional financial centers in Asia. It is registered with
the Companies Registry with Company Number 1232132.
Worldwide Exchange Pty Ltd (consisting of direct voting interest of 70% and indirect voting interest through I-
Remit Australia Pty Ltd of 30%) was incorporated on September 29, 2003 in Queensland, Australia. It is duly
registered with the Australian Securities and Investments Commission in Queensland, Australia with Australian
Company Registration Number 106493047. It started commercial operations in September 2002. It currently
has two (2) branches located in Blacktown, New South Wales, and in Perth, Western Australia. The Filipino-
Australian community is composed of approximately 200,000 immigrants, many of whom moved to Australia
from the Philippines in the early 1980’s.
The Company’s associates are as follows:
IRemit Singapore Pte Ltd (49% owned) is a private limited company incorporated in Singapore whose principal
business activity is to carry on the business of money remittance services. It was incorporated on May 11,
2001 and started commercial operations in October 2001. It is duly registered with the Registrar of
Companies and Businesses Singapore, Accounting and Corporate Regulatory Authority with Company
Number 200103087H. It is also registered with and has a license from the Monetary Authority of Singapore
under Section 8(3) of the Money-changing and Remittance Businesses Act (Chapter 187), with Registration
Number 01038. There are about 136,000 Filipinos in Singapore who work as household workers, medical
workers, IT professionals, and construction workers.
Hwa Kung Hong & Co. Ltd. (49% owned) is a company engaged in the remittance business in Taiwan. It has
offices in Taipei and Kaohsiung. It has Taipei City Business Number 00078598-2 and Business Enterprise
(For Profit) Unified Number 14033431. On January 9, 2009, the Board of I-Remit, Inc. authorized the
acquisition of up to 49% of the outstanding capital stock of Hwa Kung Hong & Co. Ltd. The acquisition of the
shares was completed on July 1, 2009.
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