| sales@slogold.net | offshore_as | offshore_as | US 172-756-285 | slogold@slogold.net |
| asg_costarica@hotmail.com | asg.costarica.office | asg_costarica | Costa Rica 439-366-089 | VOICE MAIL |
| asg_panama@hotmail.es | asg.panama.office | asg_panama | Panama 485-416-780 | +1-206-888-0440 |
| Order procedures |
| Price List Incorporation |
If you own financial institution you can legally engage
in activities not available with a regular corporation like to take deposits
and make loans, issue bank guarantees, letters of credit and other financial
instruments.
Sweden
has a long history of innovative and alternative financial institutions. One
of these is a unique type of credit union. Credit Unions can offer financial
services to their members. Credit Union is registered in the form of an
ekonomisk forening as it is known in Swedish which means economic
association. The Swedish law allows for Economic Associations to take
deposits, make loans etc to its own members without the need for bank
license, but you can not have more than 1000 members. 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.
The Economic Association is exempted from the bank license requirement if
these "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. The name of the entity
cannot include the word "bank", but names including "Credit Union",
“Savings” or "Savings & Loan", "Sparkassa" etc. are all allowed. Members can
be of any nationality, but if requested the names of all members may be
reportable to the finansinspektionen (Swedish finance and banking
authority). In practice this would only be required if the activities of the
credit union had been brought to their attention as potentially violating
Swedish banking laws. However, even in that situation, only names with no
other identifying information (such as passport id) are required. Directors
(minimum 3) can also be of any nationality, although at least 50% of the
board of directors must be technically residents of the European Union
(although in practice an EU mailing address would suffice since there are no
residency checks or tests made by the Swedish registration authority). We
can arrange for maildrop addresses for this purpose if required.
A Swedish Credit Union can take deposits and make loans to its members, and
is exempted from license requirement if it has a maximum of 1000 members at
any time. The claim that these members have to be named upfront is 100%
false. You can register the CU with 3 directors who also act as founding
members, and start marketing your services and accept members after it has
been registered. You do not have to name your members or even report to any
government authority when you accept new members. Only the board of
directors are registered with the company registrar. This is the most
attractive deposit taking entity available today.
Main Advantages:
This entity is registered in Sweden, a full European Union member and a highly respected jurisdiction.
There is no annual license fee to pay, since the entity is exempted from license requirement.
There are no qualification or paid up capital
requirements since capital is derived from member contributions.
Main Disadvantages:
High tax levels. Sweden is obviously not a tax haven,
and the association would have to pay 30% tax on any reported profit.
One way around this is to use this entity together with a Panamanian
licensed payment processing company or Uruguay financial company, in
order to accumulate profits offshore rather than in Sweden. This company
can also offer payment services like e-currency and credit/debit card
services to the credit union members.
Document Requirements:
Directors must provide photocopies of government issued photo ID. Half
or more of the directors must provide a European Union mailing address.
A Credit Union, also known as Savings & Loan association or "sparkassa"
in Swedish, is exempted from supervision and license requirements as
long as it is properly formed and registered and comply with the
membership limit of maximum 1000 members at all times. The exemption
from license requirement is included in chapter 2, section 7 of the
Swedish law (2004:297) regulating banking and financial activities.
Swedish Banking Act
How to order?
Click here for details how to order Swedish Credit Union
If you have more questions about credit unions please
contact us.
We offer a complete Credit Union formation package, including:
CU certificates and bylaws in Swedish and English, both with Apostille
Certificate of deposit taking and lending status with Apostille
Assistance with account opening for the CU in Sweden and any other location
Assistance with third party debit card issuing, including private label cards
Assistance with acquiring custom software for Internet banking
We also include all relevant supporting documentation, such as the Swedish banking act complete with certified English translation and apostille.
Combination with a licensed Panama financial services company.
Swedish Credit Union Incorporation Special Offer
Swedish Credit Union Packages
Swedish Credit Union FAQ