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Corporate
Bank Account Antigua For setting up Corporate Bank Accounts with our primary correspondent bank in Antigua, we charge a set up fee of US$700. For setting up Corporate Bank Accounts with other correspondent banks in Antigua, we charge a set up fee of US$1000. If you know of a particular bank that you would like to set up an account at, you simply notify us and we can assist you in setting it up. * Time frames for setting up accounts with banks other than our primary correspondent bank may take longer due to additional documentation that may be required.
There are several international banks in Antigua. We have relationships with a variety of international banks in Antigua through which we open corporate accounts for our clients. However, we mainly open corporate accounts for our clients through our primary correspondent bank, with whom we have an excellent working relationship. Our primary correspondent bank is a medium sized international bank established in Antigua since 1997. Our primary correspondent bank has an excellent reputation and it is very advanced technologically for internet banking transactions. All accounts are multi-currency accounts which can receive or send funds in any currency through the banks online banking service. The bank is a commercial investment bank, offering excellent rates and returns for investment products such as time deposits, funds, etc. All of our clients are handled by the Private Banking Department of our primary correspondent bank. An English speaking customer service staff is available 24 hours a day to attend to clients via telephone or email. Interest Rates: Annual interest on savings accounts,
and time deposits (Certificates of Deposit) change from time to
time depending on various factors such as the LIBOR rates, exchange
rates, etc. Please consult with us to get the most up to date
information about interest rates. Our primary correspondent bank in Antigua offers credit cards (Visa, MasterCard or American Express). The minimum credit limit is US$1000, and the security deposit is twice the credit limit chosen. Credit Card: Our recommended banks offer secured credit cards (Visa or MasterCard). Our firm charges a processing fee of US$100 for assisting in setting up of secured credit cards. Secured credit cards require that the client place a security deposit as collateral for the credit line in an amount equal to 125% of the credit limit chosen for their credit card. The security deposit is frozen in the corporate bank account (savings account or CD/time deposit) until the card is closed, although the collateralized funds still earn interest while in the security deposit. As the credit card is used, the bank will automatically debit the entire monthly balance of the credit card charges from the remaining balance in the corporate checking account at the end of the monthly credit card billing cycle. Therefore, the client must maintain enough funds in the bank account to pay for the monthly credit card charges. Annual fees for credit cards start at US$50 or more according to the type of credit card chosen. Silver, Gold, Platinum, and Airline miles credit cards are available for earning airline flight miles for credit card usage. American Express is also available through certain banks. Through our primary correspondent bank, debit cards are available for individual or corporate bank accounts in Antigua. Debit cards allow you to access your funds through the Maestro / Cirrus system at ATM's worldwide, as well as EPOS terminals worldwide. Maestro Debit Card is a great solution to access your funds and is valid at millions of ATMs and EPOS terminals worldwide. With this card, the cardholder can spend only the amount that has been credited into the card account. Internet online account access is enabled via the Bank's Online Banking System that allows to view accounts, send payments, replenish a card account and exchange messages in a fast and secure way at convenient times. The bank's Online Banking System uses the capabilities of your standard Internet browsers (Netscape Navigator or Microsoft Internet Explorer) so you will require no special software at all. Requirements : -
Security Deposit: $1000 for the first plastic card The Maestro Card is accepted all over the world at over 714,000 ATM machines that display the Mastercard/Maestro and Cirrus logos and over 5.4 million POS merchants. The bank imposes a daily ATM cash withdrawal limit restriction of $2000 and a Point Of Sale (POS) daily limit restriction of $3000, which cannot be changed. Maximum balance allowed on the card at any one time is $5000. You may accumulate in transfers up to $10000 to your card in any one calendar month but you cannot exceed the maximum balance allowed. The card can only take $5000 per week. If you have spent $3000 in one week you can only transfer $2000 that same week if not you will have to wait for 7 days to transfer more funds into the card. For cash withdrawals, you simply enter your card into any Maestro / Cirrus participating ATM (there are millions of them around the world), enter your pin, select withdrawal, select “CHECKING ACCOUNT WITHDRAWAL”, enter the amount of money you wish to withdraw, and the ATM hands you your cash - it's that simple! Additional Advantages: - No credit check or income verification. - Card transactions are not reported to credit agencies. - Existence and details of card account activities are not disclosed.
Most banks in Panama offer time deposits (certificates of deposits, or "CD's"), which are referred to as "Plazo Fijo", in Spanish. Each banks rates vary according to their banking regulations, business practices, etc. Under Panamanian law, the minimum amount for a time deposit at a Panamanian bank is US$10,000. Some of our recommended banks currently offer up to 5% annual interest** on USD time deposits (Certificates of Deposit).* *Please note that for deposit amounts over US$200,000.00, we are able to negotiate special deposit rates with the bank, depending on the amount and term. We generally charge a small one time commission (percentage fee) for negotiating special rates for our clients. **Quoted rates on checking and
savings accounts may; change without notice, vary depending on
the LIBOR (London InterBank Offering Rate), be subject to minimum
deposits and/or minimum balance requirements and/or certain terms
for CD's. Through our recommended banks, Savings Accounts are available. Interest rates vary depending on the deposited amount, but one of our recommended banks currently offers up to 3% annual interest* on savings accounts with balances above $5000. *Quoted rates on checking and
savings accounts may; change without notice, vary depending on
the LIBOR (London InterBank Offering Rate), be subject to minimum
deposits and/or minimum balance requirements and/or certain terms
for CD's. Through our recommended banks, there are two types of Checking Accounts available: A. International Checking: This account is useful for those who need an offshore bank account with internationally accepted USD checking facilities. The checks from this account are accepted around the globe. Minimum Initial Deposit: US$5000.
Minimum Initial Deposit: US$1000.
A. Photocopy of Passport. The photocopy of passport 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.
The following documentation is required for each signatory: A. Photocopy of Passport. The photocopy of passport 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. B. One (1) Financial Reference Letter. The financial reference letter can be from any established bank, brokerage firm, or credit union. 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, however, we have provided an example below for your reference. C. One (1) Personal or Professional Reference Letter. The personal or professional reference letter can be from any friend, business associate, attorney, accountant, or any company you deal with personally or professionally. If from a professional or company, the letter should be on letterhead, and should include the signature of the representative issuing the letter, and the contact information (address, telephone, fax, email, etc.). D. Proof of Address . This can be a utility bill, phone bill, insurance bill, bank statement, or any bill or statement showing your physical address. * Documentation requirements are subject to change
without notice. If you wish to be the signatory on the account, then you must also sign the account applications. As signatory, you can place trades, make wire transfers, access your account on the internet, or use the Debit Card. Nominee
Signatory Services: Minimum Deposit Requirement: The minimum account opening deposit is US$5000, which should be made by USD check or wire transfer. After the account is set up, additional deposits may be made by USD check or by wire transfer. The brokerage firm will forward you an introductory email providing the check deposit and wire transfer instructions once the account is set up and initially funded. -------------------------------------------------------------------------------- Account Opening Fee: Free w/ purchase of entity,
otherwise US$500 for the introduction and account processing.
** Third party wire transfers are permitted on a case by case basis with written request from the signatory of account. We recommend that if you need to make payments regularly to third parties by wire transfer, you should set up a corporate bank account instead of (or along with) a brokerage account. *** Internal transfers (journals) to accounts within the same institution are permitted. **** Acceptable deposits are USD Checks (personal
or bank certified or official checks), or wire transfers. Unacceptable
deposits are cash, money orders, travelers checks, double endorsed
checks, foreign items/thrift withdrawal orders, returned checks,
and third party checks or checks referring to morethan one account
number. Below we have included bank account set up procedures for our primary correspondent bank (Please note that set up procedures may be different if dealing with other banks): A. Submit an Online Application - Click on "Order Now", and complete an online application, then hit "submit". B. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, E-Gold, USD Check, or USD International Money Order. C. Receive Documents - Once we receive payment, we will forward you the corporate documents and account applications for your signature (account applications are only included if you wish to be signatory on the account). You should sign the account applications where indicated, and forward them back to us along with the required documentation. D. Account is Set Up - When we receive the signed applications and required documentation, the account applications will be completed with the corporate information, and forwarded to the bank. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank. E. Begin Using Account - Once the bank issues the account number, you will receive the complete account protocol for making deposits, executing wire transfers, contact information of the bank, online access codes, etc.
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