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Corporate Bank Accounts Intro
We have for our clients several choices for their corporate
accounts but we only go to explain the Basic Corporate Account.
All accounts are set up through our correspondent banks or
brokerage firms. We have done extensive research to ensure
that the recommended financial institutions are secure. Most
clients need a corporate account for their corporation (or
Foundation), otherwise the entity is generally useless for
achieving their objectives. The type of account of your choice
is essential for achieving your objectives, so we have provided
a variety of account types to choose from. If you would like
to set up an account through any particular bank or brokerage
firm that we do not currently deal with, we can also assist
you for a extra set up fee.
Basic Corporate Bank Account
- Documentation requirements are subject to change without
notice.
- Brokerage firms may require other documentation.
Set Up Fees: A Basic Corporate Brokerage
Account introduction to a recommended brokerage firm is included
at no additional cost with the purchase of a corporation (or
foundation) package. Otherwise, if purchasing the account
by itself, the introduction and processing account set up
fee is US$500.
About the recommended Brokerage Firm: Basic
corporate brokerage accounts are set up through our recommended
brokerage firm in Panama City, Republic of Panama. The brokerage
firm is located in Panama and is a National Securities Commission
registered, licensed and insured international firm. All securities
and cash deposits are held in custody by one of the largest
international securities clearing firms in the world. The
brokers / financial advisors are all English/Spanish speaking,
National Securities Commission registered, they mainly trade
on the US and Canadian stock exchanges. They are licensed
brokers who can provide you with complete assistance for investing
in mutual funds, stocks, bonds, money markets, etc.
Currency: Any transfers received in other
currencies will be immediately converted to USD prior to entering
the account. You may deposit either USD or Euro´s to
the brokerage account. Once the account is funded, you may
convert your USD or Euro´s to any other major currency,
so in effect, the brokerage account is a multi-currency account.
Trade Fees: Vary depending on the type of
security traded, trade amount, and the stock exchange traded
on. We cannot provide a fees list for trade fees since it
varies so much from one market to another, however, we can
say that trade fees are about the same as any full service
broker. Full service brokers normally charge a small percentage
(about 0.5%) of the trade instead of a standard fee. However,
when purchasing no-load mutual funds, the fund company will
generally cover the trade fee.
Internet Access: Internet access is provided
so you can access your corporate account information online
using a secured password and user ID.
Debit Card: The Corporate Cirrus Debit Card
is offered as an optional service for those clients who need
access to funds via ATM´s globally. The recommended
brokerage firms annual fee for the Corporate Cirrus Debit
Card is US$250. The cost to send you the card via courier
is US$50. The cost to fund the debit card account from the
brokerage account is approximately US$50, depending on the
amount transferred to the debit card account. Once the debit
card account is funded, you may withdraw funds from ATM´s
around the world, up to US$10,000 per day.
Documentation Requirements for each signatory:
1. Photocopy of Passport. The photocopy of passport should
include the photo of the person, the personal details (name,
date of birth, passport number, etc.), and the signature.
The photocopy should be clear and legible.
2. Proof of Address. A utility bill, phone bill, insurance
bill, bank statement, or any bill or statement showing your
physical address its enough. If you wish to be the signatory
on the account, then you must also sign the account applications.
As signatory, you can use the Debit Card, place trades, make
wire transfers and access your account on the internet
3. Financial Reference Letter. - Sample of Financial Reference
Letter - The financial reference letter can be from any established
bank, brokerage firm, or credit union. The letter should be
on the financial institutions letterhead, and should include
the signature of an official, and the contact information
(address, telephone, fax, email, etc.). There is no specific
format that the reference letter must be written in, however,
we have provided an example below for your reference.
4. Personal or Professional Reference Letter. - Sample of
Financial Reference Letter - The personal or professional
reference letter can be from any friend, business associate,
attorney, accountant, or any company you deal with personally
or professionally. If from a professional or company, the
letter should be on letterhead, and should include the signature
of the representative issuing the letter, and the contact
information like address, email, telephone, fax, etc.
Minimum Deposit Requirement: The minimum
for openning the account is US$5000, which should be made
by wire transfer USD check. The brokerage firm will forward
you an introductory email providing the check deposit and
wire transfer instructions once the account is set up and
initially funded.
Nominee Signatory Services: We recommended
brokerage firm for this clients that prefered your anonimity
and privacity, we offer nominee signatory services for additional
confidentiality. In this case, we will provide one of our
nominee directors as signatory for your corporate account.
When you need to execute a transaction through your corporate
account, you simply contact us with your request, and we will
process it for you. Please note that we are not investment
advisors, so we cannot provide investment recommendations.
We charge a US$1000 (or 1%, which ever is higher) annual administration
fee for nominee signatory services.
Miscellaneous Fees:
- Fees are subject to change without prior notice. POSI,
Inc. does not guarantee the accuracy of the above published
fees.
- Account Opening Fee: Free w/ purchase of entity, otherwise
US$500 for the introduction and account processing.
Wire Transfer In: US$15
Wire Transfer Out: US$40 - Third party wire transfers are
permitted on a case by case basis with written request from
the signatory of account. We recommend that if you need to
make payments regularly to third parties by wire transfer,
you should set up a corporate bank account instead of (or
along with) a brokerage account.
*** Internal transfers (journals) to accounts within the
same institution are permitted.
**** Acceptable deposits are USD Checks (personal or bank
certified or official checks), or wire transfers. Unacceptable
deposits are cash, money orders, travelers checks, double
endorsed checks, foreign items/thrift withdrawal orders, returned
checks, and third party checks or checks referring to more
than one account number.
Open Bank Account Procedures:
1. Fill our Order Form and submit
2. Submit the Payment - Payment can be made by Western Union
Money Transfer, Bank Wire Transfer, USD Check, or USD International
Money Order.
3. Receive Documents - Once we receive payment for the structure,
we will forward you the corporate documents and brokerage
account applications for your signature (account applications
are only included if you wish to be signatory on the account).
You should sign the account applications where indicated,
and forward them back to us along with the required documentation.
4. Account is Set Up - When we receive the signed applications,
the account applications will be completed with the corporate
information, and forwarded to the recommended brokerage firm.
The account number will generally be provided within 5 business
days from the date the documents are submitted to the recommended
brokerage firm.
5. Begin Using Account - You will receive an email from the
recommended brokerage firm containing the complete account
protocol for making deposits, executing trades, contact information
of the brokerage firm, etc. You fund the account by check
or wire transfer to activate it, then once your account is
funded, you may begin trading.
Panama Legal Consultants
- Panama Law Firm -
For more information please contact us:
info@panamalegalconsultants.com
Tel: (507) 6714-9326
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