Swedish Credit Union
Swedish Credit Union Incorporation Special Offer
Swedish Credit Union Packages
Now the Credit Union is
usable again, again, with the 1000 member limit, but 100% clear a deposit
taking entity registered in a EU country, and without capital requirements.
This entity is registered in the form of a "Economic Association" and
financial services can be offered to members only. The Economic Association
is exempted from bank license requirement if; "financial services are
offered to a group of entrepreneurs with a common financial interest". The
common financial interest is established by making the entrepreneur a member
of the association. This entity can be used as deposit taking institution,
to offer loans, issue guarantees and other financial instruments. The name
of the entity cannot include the word "bank", but names including "Credit
Union", "Savings & Loan", "Trust" etc are all allowed. Members can be of any
nationality, and there is no requirement to report the identity of members
to any authority. Directors (minimum 3) can also be of any nationality,
although at least 50% of the board of directors must have a mailing address
within the European Union. We can arrange for maildrop addresses for this
purpose if required.
Financial services can only be offered to members and such financial
services are normally restricted to the accepting of deposits and the making
of loans to its members. In other words it would typically be expected to
operate as a traditional savings and loan institution with the
capitalization originating through member "contributions". However, it is
feasible that such an entity could also issue guarantees (c.d’s for example)
as well as other financial instruments that could provide the leverage and
capitalization to launch other additional off-balance sheet business and
investment activities.
The Swedish Credit Union serves as an excellent vehicle for international
deposit taking and lending since there are no restrictions as to the
nationalities nor the countries of residence of the members. The Credit
Union can offer deposits repayable to the customer by order, such as
checking accounts and instant access savings accounts as well as fixed term
deposits (or Certificates of Deposit) repayable at maturity. The name of a
Credit Union cannot include the word "bank", but names including words such
as "Credit Union", "Savings & Loan", "Trust" , "Sparkasse" , "Caja de Ahorro"
, "Building Society" etc are all allowed.
Main Advantages:
This entity is registered in Sweden, a full European Union member and a
highly respected jurisdiction. There are no annual license fee to pay, since
the entity is exempted from license requirement. There are no qualification
or paid up capital requirements.
Main Disadvantages:
High tax levels. Sweden is not a tax haven, and the association would have
to pay 30% tax on any reported profit.It is highly recommended to use this
entity together with a Panamanian licensed payment processing company, in
order to accumulate profits in Panama rather than in Sweden.
Document Requirements:
Directors must provide photocopies of government issued photo ID. 50% or
more of the directors must provide European Union mailing address.
How to order?
Click here for details how to order Swedish Credit Union
If you have more questions about credit unions please
contact us.
