Hi everyone!
I would like to share my experience of working with Yoritex Inc. The purpose of our cooperation with this company was to register a partnership to maintain an internet advertising business, bank account in USD, and ensure the partnership's further activities in Canada.
It all started well enough. We registered a company in Canada, opened a corporate bank account in TD Canada Trust, and began to send money to our Bank account.
The only thing that confused us was that all of our outgoing payments go through Yoritex Inc, which means that all our payments have to be firstly accepted by Yoritex and then the Yoritex representative has to go to the bank and bring them a signed payment order to make a transfer from our bank account. For all known reasons, we wanted to have full control of our funds on our own, without the participation of intermediaries.
As a solution, we've decided to issue a digipass to accept payment on our own and requested a credit card. Let's skip a couple of months between ordering a digipass and getting them. A short period before we noticed that our card and digipass were ready, we've been asked to provide additional documents for all of our incoming and outgoing transfers. Soon we've received notice that not all is good with our documents and we need to upload additional. After that next couple of days during one working week, we've received a letter from the registrar that we urgently need to send around 5500 USD to issue a letter of guarantee from the Canadian partner and pay an additional 625 CAD, otherwise, our accounts will be blocked and we will have sanctions (BTW time limit to make a decision to send these funds to solve the current problem was 1.5h).
We've agreed to pay this amount because we would like to keep funds that we already have in the bank account and then withdraw everything, the only term of payment was that the registrar free of charge will help us to make the necessary changes to the documents to keep doing business in Canada. On the next working day after payment, we've received the message from the registrar that our digipass and a credit card are ready to be sent.
I'll skip 3 months while we`ve been waiting and trying to get specific recommendations for changing our documents according to the specifics of our business (and this was not free at all).
All in all, we’ve decided to close the company and withdraw all available funds using a credit card, and then use 15.000 CAD credit card security to pay for company liquidation. After we spend all money from the account using the card we’ve been offered a check as a withdrawal method. Problem was that in our country and in neighboring countries we can't cash a Canadian CAD check for any percentage. So, we’ve requested another payment method. All the time I’ve skipped problems with cooperation, but here I’ll give an example.
When we asked for another withdrawal method, we did not receive any options, but a month later we were offered the opportunity to withdraw funds from our account to one of the partners (as you guessed, one of the partners was our registrar from Yoritex Inc.) with a commission of 25%. We filled out a special form (which is needed for the transfer) but made several mistakes, such as withdrawal account, payment currency, etc., but the transfer was sent. This time our transfer was rejected by the receiving bank due to currency. We passed this information to the registrar, he highlighted these errors and said to add a company account, etc. As a result, we received funds.., however, they were not received from our Canadian account, but from another company's account. Of course, we had a lot of questions such as why we filled out the form, why the funds were received from a non-relevant account, and so on, but we never received answers.
I will also provide a company closure statement.
P.S.
I do not support the conspiracy theory, but when we tried to activate the credit card manager in the bank said that in the period between the card was issued and we received it someone tried to make payment in a Canadian pharmacy with a not activated card, we’ve taken a risk and agreed that this transfer was ours. I don’t know if it is the bank mistake or…
The issue with the card was resolved, but we did not have any trust in Yoritex anymore.
Fortunately, we managed to get most of the money out of the Bank. However, a huge resentment and the loss of considerable money for such scammers as Yoritex Inc. has still remained.
All I can do is warn you to be aware of YORITEX Inc.
I would like to share my experience of working with Yoritex Inc. The purpose of our cooperation with this company was to register a partnership to maintain an internet advertising business, bank account in USD, and ensure the partnership's further activities in Canada.
It all started well enough. We registered a company in Canada, opened a corporate bank account in TD Canada Trust, and began to send money to our Bank account.
The only thing that confused us was that all of our outgoing payments go through Yoritex Inc, which means that all our payments have to be firstly accepted by Yoritex and then the Yoritex representative has to go to the bank and bring them a signed payment order to make a transfer from our bank account. For all known reasons, we wanted to have full control of our funds on our own, without the participation of intermediaries.
As a solution, we've decided to issue a digipass to accept payment on our own and requested a credit card. Let's skip a couple of months between ordering a digipass and getting them. A short period before we noticed that our card and digipass were ready, we've been asked to provide additional documents for all of our incoming and outgoing transfers. Soon we've received notice that not all is good with our documents and we need to upload additional. After that next couple of days during one working week, we've received a letter from the registrar that we urgently need to send around 5500 USD to issue a letter of guarantee from the Canadian partner and pay an additional 625 CAD, otherwise, our accounts will be blocked and we will have sanctions (BTW time limit to make a decision to send these funds to solve the current problem was 1.5h).
We've agreed to pay this amount because we would like to keep funds that we already have in the bank account and then withdraw everything, the only term of payment was that the registrar free of charge will help us to make the necessary changes to the documents to keep doing business in Canada. On the next working day after payment, we've received the message from the registrar that our digipass and a credit card are ready to be sent.
I'll skip 3 months while we`ve been waiting and trying to get specific recommendations for changing our documents according to the specifics of our business (and this was not free at all).
All in all, we’ve decided to close the company and withdraw all available funds using a credit card, and then use 15.000 CAD credit card security to pay for company liquidation. After we spend all money from the account using the card we’ve been offered a check as a withdrawal method. Problem was that in our country and in neighboring countries we can't cash a Canadian CAD check for any percentage. So, we’ve requested another payment method. All the time I’ve skipped problems with cooperation, but here I’ll give an example.
When we asked for another withdrawal method, we did not receive any options, but a month later we were offered the opportunity to withdraw funds from our account to one of the partners (as you guessed, one of the partners was our registrar from Yoritex Inc.) with a commission of 25%. We filled out a special form (which is needed for the transfer) but made several mistakes, such as withdrawal account, payment currency, etc., but the transfer was sent. This time our transfer was rejected by the receiving bank due to currency. We passed this information to the registrar, he highlighted these errors and said to add a company account, etc. As a result, we received funds.., however, they were not received from our Canadian account, but from another company's account. Of course, we had a lot of questions such as why we filled out the form, why the funds were received from a non-relevant account, and so on, but we never received answers.
I will also provide a company closure statement.
P.S.
I do not support the conspiracy theory, but when we tried to activate the credit card manager in the bank said that in the period between the card was issued and we received it someone tried to make payment in a Canadian pharmacy with a not activated card, we’ve taken a risk and agreed that this transfer was ours. I don’t know if it is the bank mistake or…
The issue with the card was resolved, but we did not have any trust in Yoritex anymore.
Fortunately, we managed to get most of the money out of the Bank. However, a huge resentment and the loss of considerable money for such scammers as Yoritex Inc. has still remained.
All I can do is warn you to be aware of YORITEX Inc.
