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About International Credit Unions Now the Credit Union is usable again, again, with the 1000 member limit, but 100% clear a deposit taking entity registered in a EU country, and without capital requirements. This entity is registered in the form of a "Economic Association" and financial services can be offered to members only. The Economic Association is exempted from bank license requirement if; "financial services are offered to a group of entrepreneurs with a common financial interest". The common financial interest is established by making the entrepreneur a member of the association. This entity can be used as deposit taking institution, to offer loans, issue guarantees and other financial instruments. Any potential customer can automatically become a member when opening and account, applying for a loan or engaging any other service of the Credit Union. The name of a Credit Union cannot include the name "bank" for obvious reasons, but names including words such as "Credit Union", "Savings & Loan", "Trust" etc are all allowed. Members can be of any nationality, and there is no requirement to report the identity of members to any a uthority. Directors (minimum 3) can also be of any nationality, although at least 50% of the board of directors must have a mailing address within the European Union. We can arrange for maildrop addresses for this purpose if required. The Swedish Credit Union serves as a excellent tool for raising capital through international deposit taking (issuing of CDīs etc) and for engaging in savings & loan activities in general. Main Advantages: This entity is registered in Sweden, a full European Union member and a highly respected jurisdiction. There are no annual license fee to pay, since the entity is exempted from license requirement. There are no qualification or paid up capital requirements. Main Disadvantages: High tax levels. Sweden is not a tax haven, and the association would have to pay 30% tax on any reported profit.It is highly recommended to use this entity together with a Panamanian licensed payment processing company, in order to accumulate profits in Panama rather than in Sweden. Document Requirements: Directors must provide photocopies of government issued photo ID. Half or more of the directors must provide aEuropean Union mailing address. We can offer a complete Credit Union formation package, including:
Time frame for the establishment of a new Credit Union is currently 4-6 weeks. Total cost including all legal
fees and registration costs is USD 34,500.00. There are no further capital requirements as long as the CU comply with the membership limitation.
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Additional information can be requested by sending a message to our fax number
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