Panama Financial Services 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.
Contact us for
details.
