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 (NYSE, NASDAQ, AMEX, Toronto, etc.), however they can buy or sell securities on most major exchanges around the globe. 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.

Contact us: info@panamalegalconsultants.com