• Offshore services |
• Panama |

Panama financial service company

This is a Panama registered stock corporation holding a license from the Ministry of Commerce & Industry to engage in services such as: Payment Processing, Factoring, Leasing, Precious Metals Trading, Bill collecting and related services, Foreign Currency Trading, Debit & Credit Cards, Trading in Gold, Silver, Platinum. The company can further engage in any lawful enterprise, but the license is specific to the activities listed above. The most important activity for most clients is the Payment Processing. With this license, the company can demonstrate to any bank or other institutions and authorities, that the company is authorized to manage third party funds in its accounts. Many banks these days require that a company can demonstrate origin of funds and beneficial ownership. A company with third party funds in its account and no government issued license to show that demonstrates that it is authorized to hold and process such funds, will risk having its accounts frozen. This entity has proven indispensable for use in conjunction with licensed offshore bank entities. It can also be used to limit or eliminate the tax liabiliy in the Swedish Credit Unions. The Panama company can simply be contracted by the Swedish CU to provide payment processing and other services, thereby accumulating profits in tax free Panama rather than in high tax Sweden.

Main Advantages:

Registered in Panama, a established international banking center with more than 100 banks. The entity is tax exempt on any income derived from activities outside Panama.

Main Disadvantages:

Not a financial institution as such. This company should mainly be used for payment processing, usally for a financial entity registered in another jurisdiction. The entity should never advertise services such as lending and deposit taking. The Panamanian government is very serious about this.

Formation cost:

Total cost including all government and legal fees for license: USD6,500.00 plus cost for the company which depend on required services.