This is a anonymous S.A. Bearer Share Panama Corporation that is additionally licensed by the Panama Government as a financial services corporation. The license is in the name of the Corporation and your name does not appear on the license so privacy is preserved. This license allows the corporation to engage in certain financial activities in Panama. The license does not allow the entity to act as a bank, for this a bank license is required. Banks provide checking accounts, take deposits directly, make loans personal and otherwise, write mortgages etc. You can have another corporate entity contract with your Panama Financial Services Company to engage in activities in Panama that your other corporation may not be allowed to engage in due to it´s domicile jurisdiction and lack of such a license there. This can all be done via e-commerce. Remember offshore derived income is tax free in Panama.

AUTHORIZED ACTIVITIES:

General Financial Consulting – In some jurisdictions this is hard to get.

Third Party Payment Processing (Online included). This is the provision that is used to allow one to operate a Swedish Credit Union in Panama through a Panama Bank.

Factoring – This allows one to operate a factoring company factoring receivables.

Leasing – This allows one to do full service leasing.

Trading of Gold, Silver and Platinum (they consider this as a buy/sell transaction). If it is wholesale it is Type A License, if it is retail is a Type B License. In this type of Retail License the Directors of the corporation have to be Panamanians and we do provide this and is included in the price. This allows one to be say an E-Gold or E-Bullion merchant.

Trading of Foreign Currency. (The first 5 days of each month this type of business must submit a declaration with client data for all transactions over $10,000 to the Financial Analysis Unit in Panama as part of their anti-money laundering program). This would allow one to operate as a money changer service.

Debit and Credit Card Management – This allows one to operate a service for third party ATM and Debit cards, processing payments to the cards etc.

NOT AUTHORIZED:

Financial Administration Services

Debt Collection – you would not be a collection agency.

Receive deposits from third party – you are not a bank.

The corporation which holds the license can engage in the above listed authorized activities. In addition the corporation can also engage in any other lawful activity that corporations in general can engage in, it is not restricted to the above activities only.

This is NOT a financial institution per se such Read More »

When it comes to managing money many times it is best left up to the professionals and financial services that are knowledgeable and experienced. Financial services include a whole range of services, so if you need some form of financial services to help you with your money management, banking, assets, and the like you will certainly be able to find the assistance you need through financial services firms. The following financial services are just an overview of the different financial services you can choose from and that are offered.

Financial Services #1 Wealth Management

Frequently individuals who are wealthy need financial services in order to manage their money and stay wealthy. Many wealthy individuals who do not use financial services for wealth management see their money slipping out the window. However, those who use wealth management financial services not only maintain their wealth and enjoy it, but also see it increase.

Financial Services #2 Investment Banking

Investment banking is another offering of financial services that many individuals enjoy. This is because investment banking financial services focus on creating capital through client investments.

Financial Services #3 Asset Management

Financial services offer asset management for individuals who cannot or prefer not to manage their own assets in the form of cash, property, bonds, and stocks. Fortunately, financial services are able to handle asset management competently.

Financial Services #4 Business Banking Services

Business banking financial services are also an option for businesses that need help in managing accounts, income, payments, loans, and any other types of financial services needed. Business banking services are a very important part of the financial services sector.

If you are interested in financial services helping you manage your wealth, assets, make investments for you, or manage your business banking, and then you should contact several financial services providers in order to compare services and fees so you can find the one that is best for you.

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One of the first things you hear about offshoring is that it would increase the potential for data theft. Let us assess this perception in a common sense way.

When we talk about any “increase” we have to say compared to what. In this case the CPA has to assess the data security for on-shore operations before he can assess the increased risk posed by offshoring.

What is the typical level of data security in a small business or a CPA office?

• Since there are few staff members, there is little separation of duties. Such lack of separation encourages internal security problems.

• The data resides in paper files. Paper files are vulnerable to fire and water damage.

• The office is not physically secure. Staff members, leasing office personnel, and janitors have keys to the office. Any of them can copy confidential data.

• Paper records are not shredded before being discarded.

• The computers have no protection from unauthorized users or have relatively weak password control. Often the password is taped to the workstation.

• Any email communication is done in the clear.

• Workstations have recording devices which makes it easy to copy data.

• Usually all workstations have email and internet access. It makes unauthorized transmission of data easy.

Let us look at how these factors change when accounting is sent offshore.

• Internal control improves because the people who are authorizing the transactions are separated from the people doing the record-keeping.

• All files are maintained electronically. Such data is backed up to an off-premises secure server. So threats from fire, water, and copying are significantly reduced.

• Offshore contractors restrict physical access to keep unauthorized people out.

• Workstations have access to only the data that is processed on that workstation.

• Email communications are encrypted.

• All recording devices on the workstations are disabled.

• Only supervisors have access to email and internet.
We believe that best security practices can be installed when the client, the CPA, and the offshore contractor work together.

The first line of responsibility lies with the client. Technical solutions are not enough. They must be combined with good practices in everyday management of the company.
The CPA should advise the client to implement the common sense measures advocated in this pamphlet.

The offshore contractor must apply the same real world as well as technical solutions to security. The offshore contractor must consider the sensitivity of the data Read More »

The bank process the check with a very cognizant practice. The real works just begin as the check is processed on the counter of your bank branch. Banks are open for 24 hours to process financial transaction under with tight deadlines’ pressure and bulky volumes. The journey of the check starts on the distribution area where all assured proof work is handed over the incurring department.

Secondly, the incurring department measures the proof check and estimate the number of items then distributes it to the operator.

Third, the operator encodes the dollar amount along with any missing account number and routing numbers with micro ink: the magnetic ink will enable sorting machine to read the check. The operators make sure that all transactions are on balance before sending them on the sorter. The sorter reads the micro ink on the bottom of the check: sort them and categorize them. The sorter machine microfilmed the check as it sorts and also endorses the check, and prints them with unique sequence number.

Fourth, when the sorter can not function, the proof check can be then delivered to the reconciling department. The reconciling department finds and corrects all the rejected items from the sorter when it is needed. Then the department balances all of the captured check and sends the transfer out to the other banks.

Afterwards of all the reconciling works done, information on account is transferred to the holding system. When holding finish processing any exceptions were on composed items it is preceded to auditing. Auditing the check essentially needs speed and accuracy.

Finally, all Non-Sufficient Funds (NSF) or Bounced Check is returned to other banks within 24 hours or the bank takes the lost. Adjustment of bank accounts with marking and keeping several years on microfilm and microform records for all checks. Branches can key in inquiry online and get the customer copy of their check for positive items. Obtain the sequence order, to obtain the copy of the check, from the holding system. When’s time to be mailed out to the check with customers’ statement. The checks are sorted to account number order and delivered to the matchmaker. Our customers’ statements are assembled with checks and the other mergers.

With all Read More »