Offshore Strategies For Fintechs

Offshore Strategies For Fintechs
FAS CPA & Consultants

Service Details

Your Fintech needs a MSB license and corresponding account to serve your clients with their money transfer.

International Payment Processor

If you want to start a payment processor of your own, you will need to partner with a corresponding bank. It is not easy to get a corresponding bank account nowadays, but with a sound AML policy and regular policies and procedures in place and in writing, corresponding banks may consider your application. Your Fintech may also plan to become an offshore bank itself. Puerto Rico, Cayman and Dominica are good jurisdictions. For Fintech companies doing blockchain and business in the EU, Lithuania also offers a special banking license designed for Tech and Cryptocurrency banking. Recently one of our clients’ special license application was approved in Lithuania.

Money Transmitter (MT) Licensing

In the US, one of the biggest challenges faced by startups in the fintech space, is that of money transmitter licensing. Obtaining money transmitter licenses is not easy. It involves a large amount of paperwork, money and time. It can take up to two years to amass all 50 state licenses for the USA. Needless to say, not every fintech startup requires money transmitter license coverage. For most, licenses would not be a requirement, but for those who do touch money as part of their business model, getting money transmitter licenses from the states in which their clients are based is very important.

Corresponding Bank Account

A correspondent account is an account established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.

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$35K

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$70K

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$75K

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Financing Options For Business

For investors in the United States and Latin America, consider the following financing options for business expansion:

• In the USA: Not less than $1 million, and in special cases, not less than $500,000.
• In Latin America: Not less than $10 million, except for the non-banking financial sector, which can be $2 million.

To assess the most suitable loan alternatives for you, we need the following information:

• A brief introduction of your company, including the names of the main shareholders and their percentage of ownership.
• Financial statements from the past three years.
• Updated financial statements as of the most recent month of the current year.
• The amount of the operation, the intended use of funds, and the guarantees you are willing to provide.

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Accounting Firm providing Accounting & Bookkeeping, Tax Planning and Offshore Strategies to grow your business and protect your assets.

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Accounting Firm providing Accounting & Bookkeeping, Tax Planning and Offshore Strategies to grow your business and protect your assets.

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