Terms and Conditions: VAT Registration/Filing
This document contains important terms and conditions applicable to any entity accessing or using SellersFunding VAT Services (the “Customer” or “you”/ “your”). By creating, accessing, and using SellersFunding VAT Services, you accept and agree to be legally bound by these Terms and Conditions as set forth herein (“Terms and Conditions”). You may also be prompted to affirmatively agree and accept these Terms and Conditions electronically or in writing.
These Terms and Conditions shall be effective and legally binding once you have agreed to its terms in the methods described above (“Effective Date”). The Terms and Conditions shall be effective until the it is terminated.
Please note that the Terms and Conditions may be updated from time to time electronically through SellersFunding’s portal. Other than any material changes to these Terms and Conditions in which we would notify you of, you are responsible for making yourself aware of the terms set forth in these Terms and Conditions. Your acceptance of these Terms and Conditions also confirm that you fully understand the contents of these terms that govern the SellersFunding’s Services. To the extent that you do not understand any of the terms set forth, please feel free to reach out to us or consult legal advice from a legal professional.
I. Disclosures and Important Information
A.SellersFunding Corp. (“SellersFunding”) is a corporation incorporated under the laws of the State of Delaware.
C. In the event of a breach of these Terms and Conditions, you shall be liable to and shall indemnify SellersFunding from any claims that may arise from issues with third parties.
D.SellersFunding uses third-party service providers (“Service Provider”) to provide the services as described in these Terms and Conditions.
II. VAT Services
A. SellersFunding shall support and process all procedures VAT accounting procedures for you as listed below through a third-party service provider.
a.Provide representation and registration services in a number of countries in the European Union as either a Fiscal Representative or VAT agent to you;
b.Provide submission services of Value Added Tax (“VAT”) returns; and
c. Be responsible where appropriate, for submissions of VAT statistical returns including EC Sales Lists and Intrastate Reporting, in respect of all supplies made by you.
d. Any other additional work required to calculate the requisite returns may be charged separately.
e. Where required, services not part of the above procedures may be provided:
i. Assistance with dealing with tax audits;
ii. Associated VAT advisory and consultancy services;
iii. Assistance in making appeals; and
iv. Dealing with non-compliance issues.
B. In agreeing to these Terms and Conditions, you authorize SellersFunding to deal directly with the Service Provider. You also authorize SellersFunding or Service Provider to deal directly with the Government Agencies at times where it is appropriate.
C. You acknowledge SellersFunding that you may have previously provided documentation and information requested in SellersFunding for other services and products SellersFunding offers. You further authorize SellersFunding to re-use information and documents from your applications in other services with SellersFunding for the sole purposes of submitting information that SellersFunding VAT Services may require.
III. Your Obligations and Responsibilities
A. In order to provide SellersFunding VAT Services to you, you must fill out and provide all relevant information and documents regarding your business. Information and documents may include, but are not limited to, legal name of you and your business, entity formation documents, authorized signatory information, legal representative information, sales information and etc.
B. The deadline of each VAT registration/filing for each country may differ would be communicated to you beforehand. As VAT services are heavily dependent upon compliance and timely submission of true and accurate information to the relevant governing agencies, you agree to provide all information required in a timely manner. You are solely responsible should there be any delay or penalty for late submissions and/or inaccurate information.
C. You must submit details of your sales and supplies with regards to your business as requested by SellersFunding to process for VAT return calculations. This information must be provided at least 5 Business days (if not earlier as dictated by necessity for processing time and government deadlines) prior to the end of each calendar month to ensure timely processing. Upon the processing of information, SellersFunding will inform you of the payment instructions of the net VAT payable amounts owning that you must pay prior to the due date.
D. You are solely responsible for providing true, complete, and accurate information requested in order to properly provide SellersFunding VAT Services.
E. Any repayments of tax that is due to you will be processed and paid to you in a method deemed most suitable by us once it has cleared through SellersFunding’s accounts held on your behalf. Please note that fees and expenses may be deducted prior to processing the repayment for any service fees owed to us or the Service Providers.
F. In some circumstances, a bank guarantee may be required from you in order to use part of the SellersFunding VAT Services. This is due to the requirements of our Service Providers for some countries.
IV. Fees and Payments
A. You shall pay the fees for SellersFunding VAT Services. Fees in connection with the SellersFunding Payments Services are shown within SellersFunding’s portal or through written or electronic communications.
B. Once a registration or filing has initiated processing or has been processed, you shall be obligated to pay for the fees incurred.
C. Fees may be subject to review from time to time. Changes in fee structures shall be communicated to you through advanced notice.
D. Payment methods may be through various channels including, but not limited to, ACH Direct Debit, authorized payment through the Digital Wallet, and any other payment method specified through written or electronic communications. In the case of ACH as a payment method, you hereby authorize SellersFunding to debit your designated bank account to satisfy the fees owed to SellersFunding for SellersFunding VAT services.
V. Termination and Suspension
A. These Terms and Conditions shall remain in effect until terminated by you or by SellersFunding.
B. You may terminate SellersFunding VAT services by giving SellersFunding one (1) month’s written notice.
C. Any related fees for services that have already been processed or are in progress are non-refundable.
D. For any fees owed to us that are overdue, SellersFunding reserves the right to suspend the use of SellersFunding VAT services and/or terminate this agreement. Additionally, SellersFunding may suspend and deduct fees from your Virtual Account in order to satisfy payments for SellersFunding VAT Services.
VI. Limitation of Liability and Indemnity
A. You agree to indemnify and hold SellersFunding harmless in the event that any VAT is misdeclared or underpaid by you. For any claims against SellersFunding or the Service Providers, you agree to hold harmless and exculpate us in respect of any claim made against SellersFunding or the Service Providers by any third party, whether or not a taxing authority, as a consequence or as a result of the services provided to you as set forth in these Terms and Conditions.
B. You acknowledge that Government Agencies processing times are out of SellersFunding’s control and are subject to delays. SellersFunding is not responsible to you for any delays by the Government Agencies responses.
VII. Other Policies & Miscellaneous
C. The provisions of these Terms and Conditions are severable and the invalidity or unenforceability of any provision herein shall not affect the validity or enforceability of any other part of these Terms and Conditions.
VIII. Governing Law
A. These Terms and Conditions shall be governed by the law of the State of New York in the United States.
The following words shall have the respective meanings set out here under unless the context otherwise requires:
A. Affiliates means any entity that directly or indirectly controls, is controlled by, or is under common control with another entity.
B. Business Days means any day other than a Saturday, Sunday, or any federal or state of New York holiday. If any period expires on a day which is not a business day or any event or condition is required by the terms of these Terms and Conditions to occur or be fulfilled on a day which is not a business day, such period shall expire or such event or condition shall occur or be fulfilled, as the case may be, on the next succeeding business day.
C. EC Sales List means a report that has to be sent to the relevant government agency by VAT-registered businesses who sell goods and services to other businesses in the wider European Union.
D. EEA means the European Economic Area.
E. Government Agency(ies) means any relevant governmental agency governing VAT in the respective countries you are using SellersFunding VAT Services for.
F. SellersFunding means a product or host of services offered to you on the SellersFunding website that offers various financial tools including SellersFunding VAT Services.
G. SellersFunding VAT Service means the host of services provided as stated by Section II of these Terms and Conditions.
H. Service Provider(s) means any Affiliates or other related third-party service providers that may support SellersFunding in carrying out the SellersFunding VAT Services for you.
I. Value-Added Tax or VAT means Value Added Tax as imposed by the taxing authorities of the countries within the EEA.
J. Virtual Account means the designated account assigned to you in order to use the SellersFunding Payments Services offered in the SellersFunding portal such as receive, send and withdraw funds.