Offshore Corporate Brokerage Account

Basic corporate brokerage accounts are set up through the correspondent brokerage firm in Panama City, Republic of Panama. The brokerage firm is located in Panama and is an NASD registered, licensed and insured international firm. All securities and cash deposits are held in custody by one of the largest international securities clearing firms in the world. 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 all English/Spanish speaking, NASD registered, licensed brokers who can provide you with complete 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 buy or sell securities on most major 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 one market to another, however, the trade fees are about the same as any full service broker. Full service brokers normally charge a small percentage (about 1%) of the trade instead of a standard fee. However, when purchasing no-load mutual funds, the fund company will generally cover the trade fee.

Each account includes an optional Visa Debit Card, USD checkbook, and Internet access -
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$3,000 in order to qualify for a corporate debit card, however, once the card is issued, you do not need to maintain US$3,000 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 using a secured password and userID.
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.

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.
If you wish to be the signatory on the account, then you must also sign the account applications. There are only two simple forms, which include the corporate resolution, and the Debit Card/Checkbook application. On these applications, we do not provide any of your personal contact information, social security number or passport number - we only provide the corporate information with your signature. As signatory, you can place trades, write checks, make wire transfers, access your account on the internet, or use the Debit Card.

Nominee Signatory Services:
For those clients that prefer to remain 100% anonymous without revealing their personal names to the brokerage firm, nominee signatory services for additional confidentiality can be arranged. In this case, one of the nominee directors will acts as signatory for your corporate account. When you need to execute a transaction through your corporate account, you simply contact with your request, and they will process it for you.

Minimum Deposit Requirement:
The minimum account opening deposit is US$3000, which should be made by USD check, wire transfer, or ACAT / DTC securities transfer. After the account is set up, additional deposits may be made by USD check, securities transfers, or by wire transfer. The brokerage firm will forward you the check deposit, securities transfer, and wire transfer instructions once the account is set up.

· Account Opening Fee: Free w/ purchase of entity, otherwise US$500
· Wire Transfer In: US$15
· Wire Transfer Out: US$40 **
· Internal Transfer (journal): 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: 1% per account per year
· Inactive Account Mutual Funds Only: US$25
· Checking annual fee: US$75
· Debit Card annual fee: US$75
· Copy of Paid Check or Visa draft: US$2.50
· ATM Access: no charge if it is a withdrawal from checking
· Check Book (200 checks): US$10
· Foreign (non US) Check Deposit: US$25 ****

* Fees are subject to change without prior notice.
** Third party wire transfers are not permitted. Wire transfers out are only permitted to accounts with the same name. For example, "ABC Corp." can only wire funds to another account with the beneficiary name "ABC Corp.". For payments to third parties, you must use the checkbook or debit card.
*** Internal transfers (journals) to accounts within the same institution are permitted.
**** Acceptable deposits are USD Checks (personal or bank certified checks), wire transfers, or publicly traded securities. Unacceptable deposits are cash, money orders, traveler's checks, double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number.

IMPORTANT NOTICE:
Gowealthy.com has taken reasonable care in sourcing and presenting the information contained on this article, but accepts no responsibility for any financial or other loss or damage that may result from its use. Nothing on this site constitutes advice to make, or refrain from making, any particular investment. Users of the site are strongly advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. Some investment products described on this site are not vailable to the citizens of certain countries; users need to check local regulations.

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