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The corporate online discount brokerage accounts are established through the correspondent online discount brokerage firm in Panama City, Republic of Panama. The brokerage firm is an NASD registered licensed and insured international financial institution.
All securities and cash deposits are held in custody by one of the world’s largest international clearing firms. Each account is insured through the SIPC (Securities Investor Protection Corporation) up to US$500,000 and carries additional insurance up to US$99.5 million through a major international insurance carrier.
The brokers/financial advisors are English or Spanish speaking, NASD registered licensed brokers who can provide you with sound investment advice for investing in mutual funds, stocks, bonds, options, money markets, etc. They mainly trade on the US and Canadian stock exchanges (NYSE, NASDAQ, AMEX, Toronto, etc.), however, they can trade on most major securities exchanges around the globe.
Trade Fees: Trade fees vary depending on the trade amount, type of security traded, and the stock exchange traded on. The trade fees varies so much from security types and from one market to another, however, the discount brokerage fees may range from US$50 to US$75 per trade depending on the security traded and the market it is traded on. However, when trading no-load mutual funds, the fund company will generally cover the trade fee.
Account Features
Each account includes an optional Corporate USD check book, Internet access, and Corporate MasterCard Debit Card - Debit Card: Annual fee for the Visa Debit Card is US$75. There is no transaction fees charged for ATM cash withdrawals. You must have a minimum balance of US$25,000 in order to qualify for a corporate debit card; however, you do not need to maintain US$25,000 in the account during the use of the debit card.
USD Check Book: The corporate USD checkbook is used to make payments by check to anyone around the globe. The checks are internationally accepted by most banks around the globe. The checkbook will be provided once the initial minimum deposit of US$3000 is made.
Internet Access: Internet access is provided so you can access your corporate account information online and begin trading using a secured password and user ID.
Currency: Funds can only be held in USD. Any transfers received in other currencies will be immediately converted to USD prior to entering the account.
Documentation Requirements
The following documentation is required:
A. Photocopy of passport for each signatory. The photocopy of passport should be notarized, and 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.
Note: If a passport is not available, a notarized photocopy of a valid government issued drivers license may be substituted as long as it has your signature, personal details, and photo.
B. One (1) Financial Reference Letter: The financial reference letter can be from any bank, brokerage firm, credit union, insurance company, trust company, or finance company. 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.
* Documentation requirements are subject to change without notice.
** Brokerage firms other than our correspondent brokers may require other documentation.
C. Account Applications: If you wish to be the signatory on the account, then you must also sign the account applications. There are only three simple forms, which include the corporate resolution, the Debit Card/Checkbook application, and a questionnaire. As signatory, you can place trades, write checks, make wire transfers, access your account on the internet, etc.
Nominee Signatory Services
For those clients that prefer to remain 100% anonymous without revealing their personal names to the brokerage firm, the nominee signatory services for additional confidentiality can be arranged. In this case, the nominee directors will act as signatory for your corporate account. When you need to execute a transaction through your corporate account, you simply contact with your request, and we will process it for you.
Minimum Deposit Requirement
The minimum account opening deposit is US$3000, which should be made by USD check or wire transfer. After the account is set up, additional deposits may be made by USD check, securities transfer, or by wire transfer. The check deposit, securities transfer, and wire transfer instructions will be forwarded once the account is set up.
Miscellaneous Fees
• Account Opening Fee: Free w/ purchase of entity, otherwise US$500
• Wire Transfer In: US$15
• Wire Transfer Out: US$40 **
• Internal Transfer: No charge***
• Margin Extensions: US$50 per event
• Returned Checks: US$40 per event
• Stop Payments: US$20 per event
• Retail Confirmation Fee: US$7 per confirmation
• Inactive Account Custody Fee: US$50 per account per year
• Inactive Account Mutual Funds Only: US$25
• Personal Gold Pro-Plus Account: US$75
• Corporate Gold Pro-Plus Account: US$150
• Copy of Paid Check or MC draft: US$2.50
• ATM Access: US$0.75 per transaction
• Check Book (200 checks): US$10
• Foreign Check Deposit: US$25 *
* Fees are subject to change without prior notice.
Source: www.p-wos.com
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