International Money Transmission Services Licenses

International Money Transmission Services Licenses

Money Transmission Services Licenses

If you’re thinking about earning profits in an offshore company, you may think about having a permit for money transfer services. For an example of how much money gets transferred, a look at the financials of WU for the beginning of 2010 year will be instructive. The company reported revenue of $1.2 Billion in the first three months of 2010, and the company made a profit of 25% of revenues. PayPal has reported more than $650 million in revenues in 2009. Additionally, there are SWIFT transfers, from bank to bank transfers, and worldwide.

Companies like WU, Moneygram, and numerous others provide wire transfer services mostly to those who do not have any other options for transferring or sending money across the country or across the world.

It is totally possible to establish the business as an offshore company. There are many offshore locations that make this feasible. The first step is to determine the best way to effectively and profitably meet the requirement to transfer funds. It is essential to select a location and then purchase a license.

Who Needs the Service and How Can One Profit Offshore?

We have used WU and PayPal for an example because customers typically use these services to transfer hundreds rather than hundreds or thousands. This is a massive market as evident in the finances of these firms. Mexican people in the USA send money home to Nicaraguans employed in Costa Rica and Colombians working in Panama. While many ex-pat workers carry cash for home delivery, it is completely possible to pay via debit or credit cards in order to transfer money from one country to another.

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Is This a Feasible Idea?

There is a market all over the globe and with a strong business plan, there is a chance to profit from the demand to transfer funds. New companies are popping up each day. Establishing in the most tax-friendly area with the least documentation as well as capital requirements may provide the business or individual an advantage over rivals. First, speak with an experienced lawyer and then obtain the necessary licenses to transfer money.

Obtaining a Government License for Money Transmission Services

The first step is to pick a place that you will be operating. With the help of a professional, you’ll be able to choose an area with minimal paperwork, and the chance of making a profit is high. Costs for setting up typically range from $27,000, including the government application fee.

The required information for an individual or corporate application should include personal information, business records, and other similar information from all shareholders, directors, and executives of the company.

By utilizing an experienced consultant in creating offshore money transfer services, the business owners are able to effectively handle problems with paperwork, even in the case of competent nominee services in order to preserve the privacy of their clients in setting up the company. Another benefit of this type of operation is that the back-office tasks are able to be outsourced cost-effectively and professional software can be obtained. A competent counselor can assist you in the creation and maintenance of an online presence that will drive customers to your money transmission services business offshore.

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A bank and offshore formations specialist who works for a variety of firms on offshore structures, the formation of foundations, companies banks, financial institutions, and foundations in different jurisdictions, and the offering government-issued financial licenses.

Work for User Bancorp Ltd, which offers corporate and private accounts merchant accounts and offshore businesses like Belize IBC’s (International Business Company), Panama corporations and foundations, wire transfer service managed funds/forex debit and credit card issuing.

We also provide co-ownership and shares in various investment programs, like real estate investment in lucrative jurisdictions such as Panama, Belize, and Spain.

Credit Card/Term Deposit accounts are available at up to 9 % p.a.



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