Banks are always considered from the audience and business world as symbol of Economical power and wealthy. The same is valid for bank offshore, which can be formed in new offshore jurisdictions and Financial centres.
In the majority of jurisdictions is impossible for a new entrant, who would like to offer a banking service, to open a bank unless the entrant is a very well known International bank.
Bank Formation
The authority, which protects the bank sector from adverse or undesired elements, which can put in jeopardy the stability and quality of the bank sector, they have established a number of Financial and bureaucratic barriers able to have forced the serious and deserving entrants, but with a small capital, to have the opportunity to apply for a bank licence.
The Capital required for an onshore is of several millions, which has to be fully paid before the issue of the bank licence.
There is a way to obtain already a bank licence!
Many entities, especially International corporations are interesting to obtain bank licences for internal or prestigious needs. This licences can be obtained by simple procedures in places offshore and Terms and conditions are at stunning advantages.
Typology of a Licence Offshore Bank
In so many words, it is possible to divide bank licences offshore in 2 categories, which have also subcategories.
The bank general licence is considered from the majority of Jurisdictions as a licence which provides bank services directly to the place where it has been done the registration of the bank and It is direct to the public. The bank can accept deposits and operate as a normal bank with resident people and not residence people.
Nevertheless in the majority of countries the bank’s activity is limited to offer services to people who are not resident in the country EI: Offshore bank’s services, banks created to supply commercial services in offshore regime.
The bank Internal Licence is a licence, which limits the bank’s activities to local clients, but with the possibility to supply services in foreign currency.
Most are the cases that the bank can accept deposits from the public and it can supply services only to entities who have the same licence. This bank is described as Corporate bank for the management of financial flow.
The offshore bank can be very important for:
- Tax planning
- Improvement of Holding image.
- Management of Financial flow.
- Issue of bonds and guarantees.
- Easy to access to the information about business partners and competitors.
- Easy to access to the financial markets.
- Create flexible bank accounts.
- Supply loans and credits.
Offshore banks are not subject to taxation, tax deductions, stamps duty, tax for draw checks or accepted checks and other kind of taxations direct and indirect.
Also important for an offshore bank is the anonymous warranty required by many potential clients.
Offshore banks are entity fully respected by international community as well as Bahamas, Cayman Islands, Jersey, Guernsey, Labuan, Isle of Man and Hong Kong, all countries considered Tax Heaven.
The bank’s centres with lower taxation and slightly flexible environment are concentrated in 3 main geographical areas: Caribbean, Europe and Pacific.
The legislation of these jurisdictions are different between them and because of that is necessary to analyse accurately the location.
The advantages available for Directors of Private International banks prevail more than advantages offered by other financial entities such as Financial Investment funds, Investment Union, Credit and Loan Union, Investment trust and etc.
If you are a bank, you can supply the financial activities belonging to the bank itself, because you have direct access to the international capital’s markets.
The minimum sum of Capital to pay starts from $1M or more ( the restraining licences paid by capital sums start from $250.000 to $500.000).
If you are interesting to set up a bank with these jurisdictions, please send us an email with the details of your business Plan.
Many people believe that there are countries who offer bank licences requiring a minimum of Capital, this was in the 80’s and 90’s.
Why we consider Panama as country where to think to register a bank? There are 10 important reasons because it’s beneficial Panama as location.
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A notable and well organised International bank centre – the largest in South America with only one bank bankruptcy in the 1990 (no depositors lost money).
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Although the price of $3M of capitalization request in order to have an international licence offshore, it’s a higher cost compared with other legislations less known, only $25.000 of the sum is deducted from the bank, the rest remain as working capital. Frankly we do not know any jurisdictions accept less than $2M, to release a bank licence, even if the minimum total of capitalization is only $1M.
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Easiness to obtain the memberships SWIFT ( within 60 days). The department responsible in the bank will take care of the process to obtain the main bank services and allow your bank to become partner, without waiting 2 years, time scale necessary for the new banks.
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Guaranteed account opening because, usually banks recently set up have difficulties to open an account with others larger banks.
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Panama has the most strict legislation for the crime money laundering, also it’s a neutral country ( The channel of Panama), the USA and Europe left Panama on her own and they did not give her any pressure to modify the law on the bank privacy.
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Decisions guaranteed within 90 days. Decisions regarding the requirement of more information or documents.
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Panama posses the best technology and business infrastructure in the whole south united states and Mexico’s frontier.
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Panama is an optimum centre of communication compared to the majority Jurisdictions, which are difficult to reach, for clients who are interesting to visit them.
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Panama offers the opportunity to make your bank growing into an environment at 0% rate and less bureaucracy.
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Because of the recent bank’s stabilizations (EI: HSBC Panama bought Banistmo, Citibank Panama bought Banco Uno ect.), Panama bank head office is supporting the issue of new modules of bank’s licences, which can be an excellent opportunity for those who would like to take advantages of this situation.
Set up a bank in Panama it costs around £100.000 between licence and Legal tax. The cost can differ, all depends of the professional services supplied, or if you need help in Panama, to make a Business Plan or Provision plan of a Senior bank Director.
Are there more options available for the Financial Institutions of money fund, which require this type of protocol? Yes, there are many options, the important is that no banks can be used for activity such as money fund. The most popular is New Zealand Offshore Financial Company, who does not require proof of capitalization.
The New Italian Services is moreover able to search for you Offshore banks who have already been set up with Social Capital and immediately operative.
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