Payment with: Money Order, Cashier's Check, Personal Check,
These have proven particularly popular for those looking to set up offshore financial services
companies. A license from the Ministry of Commerce can be obtained which can allow the
company to provide such financial services as payment processing, factoring, bullion trading,
e-currency exchange, debit cards plus other activities which can be added on request.
These companies can work very effectively with a Swedish Credit Union, both as a way to
outsource services offshore for tax purposes as well as to provide additional services to credit
union members that the Swedish finansinspektionen may have an issue with.
For businesses that routinely handle third party funds, more and more banks are requiring to
see some form of license to be able to do so. The risk in engaging in a financial service type of
business without such a license is substantial as one risks having the account closed or worse,
having funds frozen.
The license is readily available within about two weeks although a provisional license is
available the same day. A certified English translation with apostille is also included alongside
the original Spanish original.
Please note that these licenses still do not allow the company to engage in securities (brokerage
or investment fund), savings and loan (financiera) or fiduciary (trust company) services which
are regulated differently and all require a different type of license with minimum capitalization
(usually $500,000) and public audit requirements.