Puerto Rico
International banking license of Puerto Rico is an access to the U.S. financial market, the ability to work with a large number of correspondent banks.
The island belongs to the U.S., so it has not signed an agreement on the exchange of tax data under the CRS protocol. This means that the data from offshore banks will not be available to the tax authorities of the country where the client lives.
Puerto Rico is the country known for having the lowest cost for a banking license. Automatically, it reduces the cost of company formation, other expenses.
Advantages of a Puerto Rican license
The main advantage of a Puerto Rican banking license is confidentiality. A customer who works with a financial institution in this jurisdiction can count on the fact that information about his/her transactions will not leave the institution's walls.
On the list of other advantages:
- Banks in Puerto Rico are given a 20-year tax break on foreign capital income. It's also possible to get a 4% tax rate on local capital gains. The exemption will be valid for 15 years, with the possibility of extension for the same period.
- Not only banks, but also insurance companies, investment advisors, etc., can obtain a permit for international financial activities.
- Interest, profit distributions paid by the bank to non-residents are not subject to income tax and capital gains.
- Gross receipts, which are assessed by municipalities depending on the size of the business, are exempt from fees.
What the license allows to do
A company that obtains a Puerto Rico Class B banking license will operate as an IFE - International Financial Institution. The term bank can not be used if the plan is to work only with non-residents. IFE can provide services to all non-residents, but not to local residents.
IFE is available for all types of offshore banking, including:
- Open deposits from non-residents.
- Borrow/lend money from non-residents.
- Invest money in local government securities exempt from income tax.
- Engage in exchange of currency, precious metals.
- Deal with securities that have been issued by a non-resident.
- Assist in the organization and capital management of international financial institutions, which are outside the jurisdiction.
Stages in obtaining a license
- Permission from OCIF to conduct financial activities outside the country.
- Formation of the company structure, registration of the office, payment of share capital - these procedures should be initiated after the permit is obtained.
- Application and obtaining a license - the procedure takes about four months. After the license is issued, you have to find a correspondent bank, otherwise you will not be allowed to work.
- Filing a copy of the license to the State Department of the island within 10 days after issuance.
It takes three to four months for approval.
Requirements for the recipient
The banking license is issued by (OCIF). The applicant must show proof of solvency to convince of his or her reliability.
Other requirements for the recipient:
- The permit is issued to legal entities.
- The company must be registered as an LLC, corporation or partnership.
- A physical office must be opened on the island with at least four employees.
- The company must show a plan of operation for the next 5 years.
- All directors and owners must not have a criminal record, be known for fraud.
- Minimum share capital $550,000 ($300,000 blocked, $250,000 on the balance sheet as working capital, i.e. cryptocurrency, stocks/bonds).
- Minimum number of shareholders - 1.
- Minimum number of directors - 1.
How to get a license
Сontact IT-OFFSHORE specialists to quickly get a license.
Ready-made companies with bank accounts
Or you've already got own business and there is a need to expand the scope of activities. To avoid the loss of time and effort to register juridical individuals, you can arrange a ready-made company. You will have a fully prepared company with a package of documents, which is mandatory for conducting a full-fledged activity.
Companies with licenses
Buying a ready-made company is the best option for operational business development in a new industry, as well as the need to expand the scope of the existing organization increase its scale. Acquisition of a company with mandatory permits and license means the ability to enter a new market in a short period of time.
Banks
Acquisition of a ready-made bank allows you to save time, as well as quickly carry out all reissuing operations. On average, the procedure takes about one day. As a result, the client becomes the head of the bank, which already has a client base, as well as status in the market and ready staff. Our company conducts all operations in accordance with existing legislation.
Funds
Investment fund is a modern investment tool designed for all types of assets. The purpose — managing of assets as well as solving number of tasks in a way that works best for individuals. There is no open subscription, meaning that a private investment fund has a closed structure. This is the most optimal solution for distributing capital through broad instruments.
SEMI for sale
When conducting business related to foreign exchange transactions, electronic money and cryptocurrencies, it may be necessary to open a financial company with a SEMI license. This type of license covers the production of debit cards and cryptocurrencies, the acceptance and sending of payments, the execution of transfers from third parties, and the opening of merchant accounts.
Crypto Offshore
When working with cryptocurrency it is important to choose the right country, where it is most profitable to open a company. Each country has a different attitude towards this type of currency. A country that has a loyal or positive attitude towards cryptocurrency can be called a crypto-offshore.
