Scope of Services: Carta APAC FATCA and CRS Reporting

This service is only available for Carta’s fund administration customers for an additional annual fee. Fees will differ based on the jurisdiction of the fund.

Carta will only be able to service funds domiciled in:

Abu Dhabi
Australia
British Virgin Islands
Cayman Islands
Dubai
Malaysia
New Zealand
Singapore

If you purchase FATCA Reporting, Carta will provide the following service:

Annual Filings under the Foreign Account Tax Compliance Act (“FATCA”)

Carta can assist you with the following actions for the relevant fund and general partner entities:

Annual filing of XML file to the relevant entity domicile tax authority for nil reporting for FATCA.
Annual filing of XML file to the relevant entity domicile tax authority for US reportable accounts for FATCA.
Carta will perform an annual review of changes in status of pre-existing investors’ status/documentation and obtain necessary documentation depending on the investors’ status based on the FATCA due diligence requirements to be completed by the relevant deadlines.

You are responsible for:

Setting up and granting Carta access to the applicable filing portal to file on the fund’s behalf
Appointing a named person as a primary contact for FATCA (if applicable)
Approving the annual reports to be submitted to the relevant tax authorities on a timely basis
Putting in place the Policy and Procedures Manual for your fund with respect to FATCA
Ensuring the accuracy and completeness of the US Internal Revenue Service (IRS) forms (i.e. W forms) submitted by the investors
Providing changes in status of the investors to Carta on a timely basis
Providing entity and exemption classification of investors as well as custodians
Liaising with tax authorities and answering their queries

If you purchase CRS Reporting, Carta will provide the following service:

Annual Filings under the Common Reporting Standard (“CRS”)

Carta can assist you with the following actions for the relevant fund and general partner entities:

Annual filing of XML file to the relevant entity domicile tax authority for nil reporting for CRS.
Annual filing of XML file to the relevant entity domicile tax authority for non-US reportable accounts for CRS.
Carta will review changes in status of pre-existing investors’ status/documentation and obtain necessary documentation depending on the investors’ status based on the CRS due diligence requirements to be completed by the relevant deadlines.

You are responsible for:

Setting up and granting Carta access to the applicable filing portal to file on the fund’s behalf
Appointing a named person as a primary contact for CRS (if applicable)
Approving the annual reports to be submitted to the relevant tax authorities on a timely basis
Providing a valid self certification form for the relevant jurisdiction that your fund is in to your investors¹
Putting in place the Policy and Procedures Manual for your fund with respect to CRS
Ensuring the accuracy and completeness of the self-certification forms submitted by the investors
Providing changes in status of the investors to Carta on a timely basis
Providing entity and exemption classification of investors as well as custodians
Liaising with tax authorities and answering their queries

Add-On Services

Annual Filing of Cayman CRS Compliance Form

If you purchase CRS Reporting - Cayman Compliance Form, for an additional fee, Carta can assist you with the following actions for the relevant fund and general partner entities (required for Cayman fund entities):

Completing and filing the CRS Compliance Form²

You are responsible for:

Approving the annual reports to be submitted to the relevant tax authorities on a timely basis

FATCA/CRS Registration Support (One-Time)

If you purchase FATCA/CRS Registration Support, for an additional fee, Carta can assist you with the following actions for the relevant fund and general partner entities:

Assist with or help address questions during the registration process

You are responsible for:

Setting up/registering the fund on the FATCA/CRS portal for the jurisdiction that the fund has been domiciled

The following items are not included in Carta’s services:

Review of Private Placement Memorandum (PPM) and/or Limited Partnership Agreement (LPA) from a FATCA and CRS perspective
Preparation of Form W-8 or relevant tax form for partners
Preparation of IRS Form 8938, Statement of Specified Foreign Financial Assets, or Form 8966, FATCA Report, or making any determinations regarding necessity of making any other IRS tax filings
Legal entity classification
Review of self-certifications to be issued to banks and other financial institutions (FIs)
Advice as to whether any investors or shareholders are reportable under FATCA and CRS
Liaison with any tax authorities or answering any queries on the fund’s behalf
Disbursements or government fees
Any additional fees

To discuss any services that are outside the scope addressed above, please talk to your Carta representative.

Terms and Conditions

To enable Carta to provide the services, Customer agrees:

¹Cayman Islands has published self-certification templates and those templates may be used where the fund is a Cayman fund

²Only applicable for Cayman Islands domiciled funds

to make available to Carta as and when required, all relevant information and documents as Carta determines is necessary;
to provide Carta with the information in sufficient time for the services to be completed and any documents submitted to the appropriate government authorities or third parties by the applicable due date;
to forward to Carta upon receipt copies of any notices, letters and other communications received from any government authorities or third parties to enable Carta to provide any applicable services within the statutory time limits; and
to obtain answers to queries and additional records as required.

Customer further agrees that it will inform Carta of any and all changes relevant to Customer’s business which may impact the services provided including without limitation significant transactions or changes in circumstances. Carta shall not be responsible for identifying any such changes to Customer’s business when providing the services or any liability arising therefrom.

Customer acknowledges and agrees that Carta will, in performing the services under this Scope of Services, rely on information, documents, data, material, facts and assumptions that Customer furnishes as being true, correct and complete, and that Carta may use such information, documents, data, material, facts, assumptions and other information furnished by Customer without any independent investigation, audit or verification.

Customer is responsible for reviewing any form or electronic filing and ensuring the accuracy and completeness of all information therein, and Carta shall not be responsible for, and shall be entitled to rely upon, the accuracy and completeness of such data, material and other information. Carta shall have no liability to Customer for any consequences of any late filings and registrations (including but not limited to in relation to any penalty fees imposed) unless information, instructions, and, if applicable, any additional fees, from Customer have been received by Carta at least ten (10) business days in advance of the relevant filing and registration deadline. Carta shall not be responsible for any failure or delay in making any filing as a result of the portal used by the relevant authority for filing being offline, unavailable, or wholly or partially disabled, impaired or severely delayed.

Carta may rely upon, and is authorized by Customer to act upon instructions given or reasonably assumed to be given by the person designated by Customer to give such instructions. Carta shall be entitled to disregard or refuse to act on any instruction which is given by a person who Carta reasonably believes is not properly authorized to give instructions.

Carta shall not at any time be obliged to do, or refrain from doing, anything, which in the sole discretion of Carta:

may be contrary to the applicable law; or
is not permitted under the terms of any permits, consents, licenses or applicable codes of practice issued by any competent authority.

Carta shall not be liable for any damages resulting from refusal by Carta acting in good faith to undertake or fail to undertake any action pursuant to this paragraph, but shall give Customer notice of its refusal and the reason for the same.

Carta shall not be required to take any legal action (including the institution or defense of any proceedings) on behalf of Customer.

DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein.