The first step is to pick up the phone to our team to discuss your membership and whether we are right for you and your business.
We will ask you to send us details of your business such as recent accounts, business plans and CVs for key directors. We will be able to provide you with a rough indication of whether we can offer terms and on what basis this is likely to be.
If you are happy with this we will ask that you fill out our application form. It is at this stage that we will require payment of the non-refundable application fee .
For newly incorporated businesses we will need an opening balance sheet and a detailed business plan. Established businesses will need to provide copies of the last 3 years audited and holding companies consolidated accounts (where applicable). Our Bank Position form will need to be completed by your business bank. Under the Anti-Money Laundering Regulations we will also require proof of identification.
Once you have submitted this we shall process your application and we aim to give you a formal offer of membership inside three weeks. We may be in touch to ask for more information. We often like to meet our prospective members to get a feel for you and your business. This is part of our desire to get to know each of our members’ businesses in depth.
The membership fees are made up of the following:
A £200.00 non-refundable application fee is payable by new applicants upon application to the scheme and by existing members on an annual basis when submitting the renewal documentation.
The Grant Fee is an administration fee which covers our costs in ensuring the bond is at the correct level and monitoring your quarterly declarations. The Grant Fee is payable upon acceptance to the scheme and annually for existing clients at renewal. The Grant Fee is £490.00 per annum up to the first £2.5m of projected non-licensable turnover. If the anticipated annual turnover is in excess of £2.5m, there is an additional Grant Fee of £100 per £1m of turnover (above £2.5m) or part thereof, subject to a maximum Grant Fee of £3,750.
Shortfall Insurance Contribution
Each member is required to contribute by way of a small premium to the Shortfall Insurance policy. There is a minimum premium under the shortfall scheme of £200.00 + IPT and a minimum bond level of £20,000.
Throughout the year we will need you to submit quarterly declarations to demonstrate how your turnover is progressing against the projections upon which the bond was originally based. Additional fees will be payable in the event you are required to submit a variation to increase your level of bonding during the membership. A penalty fee may also be imposed for late submissions.
Conditions of membership
Once your application has been approved typically the following conditions will apply:
Once all conditions have been complied with and membership confirmed you will be assigned your ABTOT membership number. The ABTOT logo, together with brochure/invoice and website wordings will be provided for use in all brochures, leaflets and other promotional material where packages for sale are bonded through ABTOT.