Start a Bank - Entrepreneurs and Hedge Fund Managers Pay Attention

By: Brett Schoneman
Submitted: 2008-11-20 13:35:46
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If you can afford to buy a small franchise, then you can afford to own and run your own bank. Not only that, but you can even run the entire operation yourself all out of your home or office.

A New Zealand Offshore Finance Company (OFC) can be used to offer financial and investment services to customers worldwide. An OFC can offer virtually anything a fully licensed bank can offer. The word "bank" cannot be included in the name, however there are acceptable alternatives, such as "Bancorp" and "Bankgroup".

A greater number of business owners and entrepreneurs are using OFC's for loans to their clients, issuing debit and credit cards, checking and savings accounts, wire transfer services, fund management, payment processing services, hedge funds and virtually everything else that a bank can offer.

• Deposit taking & lending
• Debit and credit card services
• Issuing of financial guarantees and instruments
• Cash management services
• Current accounts
• Checking accounts
• Savings accounts
• Term deposits
• Issuing of CDs
• Wire transfer services
• Payment processing services
• Fund management
• Marketing of investments

With all of the complicated restrictions and initial financial hurdles that are required to set up a United States bank, most people shy away from the idea. However with a New Zealand OFC, there is no capital reserve amount required and it's far less complicated than setting up an actual United States bank. A bank, for example, will often need a $1 million to $30 million reserve account before licensure. The OFC does not require this. Directors and shareholders can be of any nationality and reside anywhere as well.

"Who would have ever thought they could turn something as complicated as creating a bank into what could best be described as a simple turn-key service", remarks Kevin Wessell, CEO of Offshore Company. "Take away the complicated restrictions, remove the multi-million dollar reserve requirement and provide all the assistance to start it up and running and you can see why so many business owners and entrepreneurs are doing this"

Offshore Company offers a complete turn-key service to help entrepreneurs start their OFC. This includes organizing the New Zealand company, forming a holding company in Panama, providing online banking software and wire management tools.

All of the company documents will be drafted and submitted to the appropriate New Zealand government office and will have a physical address, phone number and office space in New Zealand for the OFC. The owner will receive a corporate kit and seal as well as a record book. Offshore Company makes sure that all of your operating licenses, permits and documentation is in full compliance with local regulations for operating a New Zealand online bank.

The use of a Panama holding company allows the owner to receive inbound wire transfers that will be bulk transfered into the OFC bank account. This creates a fast and secure way to manage wire activity.

Offshore Company will provide assistance obtaining online banking software, if desired, to administer ther finance company. Plus Offshore Company can arrange a bank account where the owner will have the ability to send and receive wires for the institution.

The author of this article is Brett Schoneman, the Director of Marketing with Companies Incorporated, the parent company of Offshore Company. Brett Schoneman interviewed Kevin Wessell whom is the CEO of Companies Incorporated and Offshore Company so he was able to contribute a great deal of information for this article.

Article source: Expert Articles