e-Money and wallet license. Provide Electronic Money Issuing to Your Customers.
E-MONEY PAYMENT PROVIDER LICENSE PANAMA
A full package for you. Offer e-money electronic payment services to your clientele. In addition to the Panama Offshore Electronic Payment Issuing License, IFLS Corporate Services is assisting in setting up your very own debit card program. Speak to us. Offer Electronic Money Issuing and Crypto Services to the public.
eMoney licenses can be applied in various jurisdictions. But only a handful of countries do it really for you without complications. Not just the price is important, also the legal safety, the additional services, the infrastructure and the reporting issues (regulatory environment) often have an impact. Our recommended destination for an eMoney license is Panama.
Our partner notaries and lawyers in Panama help you to set-up such a licensed and regulated company in no-time.
A Panama Financial Services Company is a special type of Panama Corporation (IBC) that has been approved for a special license by the Panamanian Ministry of Commerce. Known as an "Aviso" (Operational Status), it grants these companies with the ability to transact certain financial operations that do not require a more stringent regulated license.
More importantly, it provides some sort of documentary evidence of the ability, under Panama law, to conduct the services defined in the document.
The standard description for eMoney activities in Panama's Ministry Aviso is:
Proceso de cobro y pago a clientes, procesamientos de pagos electronicos en linea, pagos directos y en lineas para terceros y otras actividades relacionadas.
Processing of payment activities (charging and paying), online payment processing, direct payments online even on behalf of third parties and other related activities.
These Licensed Panama Corporations have proven particularly popular for those looking to set up offshore financial services companies that handle third-party funds for providing electronic payments services and other related payment processing activities.
More and more, banks are requiring companies to show some form of license to be able to routinely handle third party funds. The risk in engaging in a payment services type of business without such a license is substantial, as one risks having the account closed or worse, having funds frozen.
These financial services companies can work very effectively with other foreign structures – perhaps as a way to outsource services offshore for tax purposes and/or to provide additional services to clients of a company in another jurisdiction (which might have an issue with a local company offering such services).
The Full Package
Virtual Office Service
In Panama, it is required to have a place of business other than the company's legally registered office address. This means, at a minimum, having a virtual office with a shared receptionist, a telephone in your company name with fax and mail/fax/phone forwarding service. IFLS' Virtual Office service provides you with an official place of business in Panama that the Ministry inspector can visit. Total cost for this service for one year is $3,200, paid in advance.
Having a legitimate place of business also means that the local "Municipio" (city council) will expect to collect its monthly tax as it does from all local businesses. Other than this the Panama Financial Services Company will still be considered "non-resident" for tax purposes.This is the only annual compliance requirement to maintain this type of company in good standing, along with the normal annual company renewal payment of government franchise tax and resident agent fees of $750. This company is ideal to reduce taxes from other jurisdictions.
Our incorporation services:
Full documentation up front via email pre-scan
Virtual Office (*)
Nominee Directors (*)
Municipal Tax (*)
Apostille & Translation of all documents (*)
Aviso (Operation Notice) from the Ministry (*)
AML / CFT Compliance Program Setup
Setup of Internal Procedure and Compliance Manuals (surcharge)
We incorporated more than 50 emoney providing companies in the last years. We are working 100% transparent and would like to give you a free document view in one of our references. Just add us on skype financiallicenses and we liberate our screens and enabling you a detail document overview before you decide to order a license with IFLS