Set Up Fees
About the Brokerage Firm
Trade Fees
Account Features
Debit Card
USD Checkbook
Internet Access
Currency
Documentation Requirements
Nominee Signatory Services
Minimum Deposit Requirement
Miscellaneous Fees
Set Up Procedures
Set Up Fees:
Account Set up fee is
US$500.
BACK
About the
Brokerage Firm:
The corporate online
discount brokerage accounts are established through our correspondent online
discount brokerage firm in Panama City, Republic of Panama. The brokerage firm
is an NASD registered, licensed and insured international financial institution.
All securities and cash deposits are held in custody by one of the worlds
largest international clearing firms. Each account is insured through the SIPC
(Securities Investor Protection Corporation) up to US$500,000 and carries
additional insurance up to US$99.5 million through a major international
insurance carrier.
The brokers/financial
advisors are English or Spanish speaking, NASD registered, licensed brokers who
can provide you with sound investment advice for investing in mutual funds,
stocks, bonds, options, money markets, etc. They mainly trade on the US and
Canadian stock exchanges (NYSE, NASDAQ, AMEX, Toronto, etc.), however, they can
trade on most major securities exchanges around the globe.
BACK
Trade Fees:
Trade fees vary depending
on the trade amount, type of security traded, and the stock exchange traded on.
We cannot provide a fees list for trade fees since it varies so much from
security types and from one market to another, however, we can say that their
discount brokerage fees range from US$50 to US$75 per trade depending on the
security traded and the market it is traded on. However, when trading no-load
mutual funds, the fund company will generally cover the trade fee.
BACK
Account
Features:
Each account includes an
optional Corporate USD checkbook, Internet access, and Corporate MasterCard
Debit Card.
BACK
Debit Card:
Annual fee for the Visa Debit Card is US$75. There are no transaction fees
charged for ATM cash withdrawals. You must have a minimum balance of
US$25,000
in order to qualify for a corporate debit card, however, you do not need to
maintain US$25,000 in the account during the use of the debit card.
BACK
USD Check
Book: The corporate USD checkbook is used to make payments by check to
anyone around the globe. The checks are internationally accepted by most banks
around the globe. The checkbook will be provided once the initial minimum
deposit of US$3000 is made.
BACK
Internet
Access: Internet access is provided so you can access your corporate
account information online and begin trading using a secured password and userID.
BACK
Currency:
Funds can only be held in
USD. Any transfers received in other currencies will be immediately converted to
USD prior to entering the account.
BACK
Documentation Requirements:
The following
documentation is required:
A. Photocopy of
passport for each signatory. The photocopy of passport should be notarized,
and 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.
Note: If a passport is not
available, a notarized photocopy of a valid government issued drivers license
may be substituted as long as it has your signature, personal details, and
photo.
B. One (1) Financial Reference Letter. The financial reference letter can
be from any bank, brokerage firm, credit union, insurance company, trust
company, or finance company. 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.
Example of Financial Reference Letter
* Documentation
requirements are subject to change without notice.
** Brokerage firms other than our correspondent brokers may require other
documentation.
C. Account
Applications: If you wish to be the signatory on the account, then you must
also sign the account applications. There are only three simple forms, which
include the corporate resolution, the Debit Card/Checkbook application, and a
questionnaire. As signatory, you can place trades, write checks, make wire
transfers, access your account on the internet, etc.
BACK
Nominee
Signatory Services:
For those clients that
prefer to remain 100% anonymous without revealing their personal names to the
brokerage firm, we offer nominee signatory services for additional
confidentiality. In this case, we will provide one of the nominee directors as
signatory for your corporate account. When you need to execute a transaction
through your corporate account, you simply contact us with your request, and we
will process it for you. We charge a US$1000 (or 1%, whichever is higher) annual
administration fee for nominee signatory services.
BACK
Minimum
Deposit Requirement:
The minimum account
opening deposit is US$3000, which should be made by USD check or wire transfer.
After the account is set up, additional deposits may be made by USD check,
securities transfer, or by wire transfer. We will forward you the check deposit,
securities transfer, and wire transfer instructions once the account is set up.
BACK
Miscellaneous Fees *:
-
Account Opening Fee:
Free w/ purchase of entity, otherwise US$500
-
Wire Transfer In: US$15
-
Wire Transfer Out:
US$40 **
-
Internal Transfer: No
charge***
-
Margin Extensions:
US$50 per event
-
Returned Checks: US$40
per event
-
Stop Payments: US$20
per event
-
Retail Confirmation
Fee: US$7 per confirmation
-
Inactive Account
Custody Fee: US$50 per account per year
-
Inactive Account Mutual
Funds Only: US$25
-
Personal Gold Pro-Plus
Account: US$75
-
Corporate Gold Pro-Plus
Account: US$150
-
Copy of Paid Check or
MC draft: US$2.50
-
ATM Access: US$0.75 per
transaction
-
Check Book (200
checks): US$10
-
Foreign Check Deposit:
US$25 ****
*
Fees are subject to change without prior notice. OffshoreSimple Inc. does not
guarantee the accuracy of the above published fees.
** Third party wire transfers are not permitted. Wire transfers out
are only permitted to accounts with the same name. For example, "ABC Corp." can
only wire funds to another account with the beneficiary name "ABC Corp.". For
payments to third parties, you must use the checkbook or MasterCard debit card.
We recommend that if you need to make payments to third parties by wire
transfer, you should set up a corporate bank account instead of a brokerage
account.
***
Internal transfers
(journals) to accounts within the same institution are permitted.
****
Acceptable deposits are USD Checks (personal or bank certified
checks), wire transfers, or publicly traded securities. Unacceptable deposits
are cash, money orders, travelers checks, double endorsed checks, foreign
items/thrift withdrawal orders, returned checks, and checks referring to more
than one account number.
BACK
Set Up
Procedures:
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 brokerage firm.
The account number will generally be provided within 5 business days from the
date the documents are submitted to the brokerage firm.
E. Begin Using Account
- Once we receive the account number, we will send you the complete account
protocol for making deposits, executing trades, contact information of the
brokerage firm, etc.
