Corporate Bank Account in Belize:

Set Up Fees About Belize Banks Online Banking Credit Cards Debit Cards Interest Rates Time Deposits Savings Accounts Miscellaneous Fees Documentation Requirements Nominee Signatory Services Set Up Procedures

Set Up Fees:

For setting up Corporate Bank Accounts with our primary correspondent bank in Antigua, we charge a set up fee of US$700.

For setting up Corporate Bank Accounts with other correspondent banks in Antigua, 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 primary correspondent bank may take longer due to additional documentation that may be required.

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About Antigua Banks:

In 1981 Antigua gained its independence from the British. Antigua has a democratic Government system, which is based on the British Parliamentary system. English is the official language. Its financial offshore industry and commercial activities have grown tremendously since its Independence and there has been the collateral development of a unique infrastructure to support its commercial and financial activities. Antigua possesses the most thriving tourist industry in the Eastern Caribbean and enjoys one of the highest standards of living in the Caribbean, with excellent communications, courier and travel services. Antigua’s currency is the Eastern Caribbean Dollar which is fixed to the United States Dollar at the rate of US$1.00 to E.C.$2.70. The combination of excellent service, modern corporate and fiscal legislation, as well as strict privacy and confidentiality laws provide an extremely attractive environment for international banking.

There are several international banks in Antigua. We have relationships with a variety of international banks in Antigua 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 medium sized international bank established in Antigua since 1997.

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.

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Online Banking:

Internet access to your corporate bank account is offered through our primary correspondent bank, as well as through most of the other banks in Antigua. Banks in Antigua use the utmost in internet security technology so your banking information is 100% secure and confidential. All transactions can be executed online, 24 hours a day, 7 days a week using the internet banking services of our primary correspondent bank. The internet banking services are offered in English. Using the internet banking service, you can access up to the minute account statements, make currency conversions in any currency, and execute wire transfers to any third party.

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Credit Cards:

Our primary correspondent bank in Antigua offers credit cards (Visa, MasterCard or American Express). The minimum credit limit is US$1000, and the security deposit is twice the credit limit chosen.

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Debit Cards:

Through our primary correspondent bank, debit cards are available for individual or corporate bank accounts in Antigua. Debit cards allow you to access your funds through the Maestro / Cirrus system at ATM's worldwide, as well as EPOS terminals worldwide.

Maestro Debit Card is a great solution to access your funds and is valid at millions of ATMs and EPOS terminals worldwide. With this card, the cardholder can spend only the amount that has been credited into the card account. Internet online account access is enabled via the Bank's Online Banking System that allows to view accounts, send payments, replenish a card account and exchange messages in a fast and secure way at convenient times. The bank's Online Banking System uses the capabilities of your standard Internet browsers (Netscape Navigator or Microsoft Internet Explorer) so you will require no special software at all.

Security Deposit: $1000 for the first plastic card $ 500 for the second plastic card $ 250 for the third plastic card and each plastic card afterwards. Applicant must be or 18 years or older and a copy of a valid passport with at least one year before expiration Original copy of the application form duly completed and signed. You can apply for a card if you already have an account with Barrington Bank. The card will be activated only after confirmation from the owner that he/she has received the card and PIN code.

The Maestro Card is accepted all over the world at over 714,000 ATM machines that display the Mastercard/Maestro and Cirrus logos and over 5.4 million POS merchants. The bank imposes a daily ATM cash withdrawal limit restriction of $2000 and a Point Of Sale (POS) daily limit restriction of $3000, which cannot be changed. Maximum balance allowed on the card at any one time is $5000. You may accumulate in transfers up to $10000 to your card in any one calendar month but you cannot exceed the maximum balance allowed. The card can only take $5000 per week. If you have spent $3000 in one week you can only transfer $2000 that same week if not you will have to wait for 7 days to transfer more funds into the card.

For cash withdrawals, you simply enter your card into any Maestro / Cirrus participating ATM (there are millions of them around the world), enter your pin, select withdrawal, select “CHECKING ACCOUNT WITHDRAWAL”, enter the amount of money you wish to withdraw, and the ATM hands you your cash - it's that simple!

Additional Advantages:

- No credit check or income verification.

- Card transactions are not reported to credit agencies.

- Existence and details of card account activities are not disclosed


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Interest Rates

Annual interest on savings accounts, and time deposits (Certificates of Deposit) change from time to time depending on various factors such as the LIBOR rates, exchange rates, etc. Please consult with us to get the most up to date information about interest rates.

Time Deposits

Our primary correspondent bank currently offers the time deposits in US Dollars or Euros starting at US$1000 with interest rates ranging from 1.5% to 7.5% depending on currency, type of deposit, amount and term, and interest is paid either monthly or upon maturity of the time deposit (depending on type of time deposit).

*Note: Interest rates published on this site are subject to change without notice. We do not guarantee the accuracy of these rates as the bank may change rates without notification. Quoted rates may vary depending on the LIBOR (London InterBank Offering Rate) and may be subject to minimum deposits and/or minimum balance requirements and/or certain terms for CD's.

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Savings Accounts:

Our primary correspondent bank offers savings accounts with the following features:

Set Up Fee is US$700.00 Corporate or Personal Accounts. Multi-Currency Account. No Minimum Initial Deposit. No Minimum Balance Requirement. Interest can be earned on deposits*. No Monthly Maintenance Fees. Account statements may be accessed online. Wire transfers may be executed online. Certified International Checks may be requested online. English Speaking Customer Service 24 hours a day, seven days a week Friendly Online or Telephone Customer Service. Debit Cards are available for Corporate or Personal accounts. Secured Credit Cards are available for Corporate or Personal accounts.

* Note: Interest payment qualification may be subject to a minimum balance requirement.

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Miscellaneous Fees:

Account Set Up Fee: $700.00 (law firm’s fee for bank intro/processing) Account Opening Fee (corporate): $200 Account Opening Fee (personal): $200Account Maintenance Fee: $10 (if balance is below $1000) USD Check Clearing Fee: $50 (3 month clearing time, max $10,000 checks) Foreign Check Clearing Fee: $75 Wire Transfer In Fee: No Charge Wire Transfer Out Fees: 0.1% of amount (min $40, max $200 Internal Bank Transfer: no charge Amendment/Cancel of Wire Transfer: $25.00 Faxed Information: $5.00 Statement Requests: no charge Mailing of Documents by Courier: cost Closing of Account: no charge Online Banking Service: no charge Debit Card Annual Fee: $30 Debit Card Cash Withdrawal Fee at ATM: $3 or 1%.

*Fees are subject to change without prior notice. POSI, Inc. does not guarantee the accuracy of the above published fees.

** Acceptable deposits are cash, checks (personal or bank certified checks), international money orders, travelers checks, or wire transfers in any currency. Unacceptable deposits are double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number.

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Documentation Requirements:

For set up of Corporate Bank Accounts in Antigua, we require that the client provide us with the following documentation:

A. Photocopy of passport for each signatory. The photocopy of passport should show the photo of the person, signature, personal details, should be clear and legible, and MUST BE NOTARIZED.

B. One (1) Financial Reference Letter. The financial reference letter can be from any bank, brokerage firm, or credit union. The letter should be on the financial institutions letterhead, in English, 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 for your reference.

Example of Financial Reference Letter

Note: If a financial reference letter is not available, a reference letter from your attorney or accountant may be substituted.

C. Company Profile Letter. The commercial or professional reference letter can be from any company or professional that you have a commercial business, or professional relationship with. The letter should be an original on the company or professionals letterhead, in English, and should include the signature of the representative of the company or the professional, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in.

Example of Company Profile Letter

D. Signed Account Applications. If you wish to be the signatory on the account, then you must sign the bank account applications. As account signatory, you will have the power to execute all types of banking functions with your corporate bank account.

* Documentation requirements are subject to change without notice.
** Banks other than our primary correspondent bank may require other documentation.

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Nominee Signatory Services:

For those clients that prefer to remain 100% anonymous without revealing their personal names to the bank, 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. We will provide you with the online access codes so you can operate your account by yourself. We charge a US$1000 (or 1%, which ever is higher) annual administration fee for nominee signatory services, and we require that you sign an account management agreement and provide us with an original financial reference letter, original commercial or professional reference letter, utility bill showing your physical address, photocopy of your entire passport (all pages), and a letter signed by you explaining the nature of your business in detail.

Set Up Procedures:

Below we have included bank account set up procedures for our primary correspondent bank (Please note that set up procedures may be different if dealing with other banks):

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, we will forward you the corporate documents and 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 and required documentation, the account applications will be completed with the corporate information, and forwarded to the bank. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank.

E. Begin Using Account - Once we receive the account number, we will send you the complete account protocol for making deposits, executing wire transfers, contact information of the bank, etc.

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Tel (Panama): ++ (507) 227-6645
Fax (Panama): ++(507) 227 7485
Toll Free Voicemail / Fax (USA): 1-800-716-3452

Note: If calling to Panama from the US or Canada, you must dial "011" prior to the country code (507).

Email: info@p-wos.com
Encrypted Email: posinc@hushmail.com

P-WOS, Inc.
PTY 296, PO Box 0832 - 2745, WTC
Panama City, Republic of Panama