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Corporate
Bank Account in Latvia For setting up Corporate Bank Accounts with our recommended banks in Latvia, we charge an introduction and documentation processing fee of US$700. For setting up Corporate Bank Accounts with other banks in Latvia, 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 recommended banks may take longer due to additional documentation that may be required.
There are approximately 20 international banks in Latvia. We have relationships with a variety of international banks in Latvia 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 10 year old medium sized international bank with seven branches spread throughout Latvia and three representative offices in Russia, Ukraine, and Kazakhstan. The bank as a whole administers over US$500 million in deposits, making it one of the largest banks in Latvia in terms of assets, and one of the largest banks in the Baltic Region. The main offices of the bank are located in Riga, Latvia. 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. 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: The banks in Panama offer very attractive interest rates*. Currently, our recommended banks offer up to 3% annual interest on USD savings accounts, and up to 4.5% annual interest on USD time deposits (Certificates of Deposit). *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. Interest Rates: The banks in Panama offer very attractive interest rates*. Currently, our recommended banks offer up to 3% annual interest on USD savings accounts, and up to 4.5% annual interest on USD time deposits (Certificates of Deposit). *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. Internet access to your corporate bank account is offered through our recommended banks, as well as through most of the other banks in Panama. Panamanian banks use the most up to date online security technology so your banking information is 100% secure and confidential. Please note that some of our recommended banks only offer online banking for account viewing or transfers between internal accounts, not for international wire transfers. Wire transfers must be requested by sending instructions on a signed fax to the bank. 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. Debit cards are offered for corporate bank accounts through some of our recommended banks in Panama. Debit cards have the "Clave" symbol on them, and can be used at any point of sale or ATM that accepts "Plus" or "Interlink" cards (accepted world-wide). The banks annual fees for debit cards are from US$15. There are no per transaction fees for local ATM cash withdrawals, although there may be fees associated with point of sale transactions, or ATM cash withdrawals at ATMs outside of Panama, depending on the merchant you purchase from or what country you are in, or what bank or ATM you withdraw cash from.
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. 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 for the structure, we will forward you the corporate documents and brokerage 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, the account applications will be completed with the corporate information, and forwarded to the recommended brokerage firm. The account number will generally be provided within 5 business days from the date the documents are submitted to the recommended brokerage firm. E. Begin Using Account - You will receive an email
from the recommended brokerage firm containing the complete account
protocol for making deposits, executing trades, contact information
of the brokerage firm, etc. You fund the account by check or wire
transfer to activate it, then once your account is funded, you
may begin trading. Order Now or Contact Us Today!! |
