Thetaworld Corporation

We have succesfully launched the Thetaworld Customer’s Area, available only for customers coming who applied for the US bank for non-US residents or citizens where every customer can insert his correct data and thus help us and the bank to complete the application.

Documents are now sent directly by DHL from the bank to the customer and arrive in about 7 business days to any destination in the world.

This customer’s area can be reached only through the username and password provided by staff of Thetaworld Corporation.

We have got a bunch of new customers, non-US citizens, seeking for the US bank account. Many US banks, based on requirements of USA Patriot Act quits their contracts for US bank accounts with customers who are not US citizens.

The section 312 of the USA Patriot Act declares what the due dilligence is to be for correspondent accounts and private banking accounts in USA for non-US citizens. In general each financial institution in USA which establishes, maintains, administers, or manages a private banking account or a correspondent account in the United States for a non-United States person, including a foreign individual visiting the United States, or a representative of a non-United States person shall establish appropriate, specific, and, where necessary, enhanced, due diligence policies, procedures, and controls that are reasonably designed to detect and report instances of money laundering through those accounts.

There are some additional standards for certain correspondent accounts which apply to correspondent account which is requested or maintained by, or on behalf of, a foreign bank operating under an offshore banking license or under a banking license issued by a foreign country that has been designated as noncooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization of which the United States is a member, with which designation the United States representative to the group or organization concurs or by the Secretary of the Treasury as warranting special measures due to money laundering concerns.

The enhanced due diligence policies, procedures, and controls for above accounts shall, at a minimum, ensure that the financial institution in the United States takes reasonable steps to ascertain for any such foreign bank, the shares of which are not publicly traded, the identity of each of the owners of the foreign bank, and the nature and extent of the ownership interest of each such owner and to conduct enhanced scrutiny of such account to guard against money laundering and report any suspicious transactions and to ascertain whether such foreign bank provides correspondent accounts to other foreign banks and, if so, the identity of those foreign banks and related due diligence information.

Further, US banks are required to keep minimum standards for private banking accounts. If a private banking account is requested or maintained by, or on behalf of, a non-United States person, then the due diligence policies, procedures, and controls required shall, at a minimum, ensure that the financial institution takes reasonable steps to ascertain the identity of the nominal and beneficial owners of, and the source of funds deposited into, such account as needed to guard against money laundering and report any suspicious transactions under subsection and to conduct enhanced scrutiny of any such account that is requested or maintained by, or on behalf of, a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure that is reasonably designed to detect and report transactions that may involve the proceeds of foreign corruption.

The term `private banking account’ means an account (or any combination of accounts) that requires a minimum aggregate deposits of funds or other assets of not less than $1,000,000 and is established on behalf of 1 or more individuals who have a direct or beneficial ownership interest in the account and is assigned to, or is administered or managed by, in whole or in part, an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account.

That seems to be a lot of work for US banks, so many of them rather decide to make policies or internal rules to not accept non-US citizens any more. Thus many non-US citizens get their US bank accounts closed and need to find a new US bank which would accept them.

There are STILL US banks which accept non-US citizens to open the US bank account. Thetaworld Corporatioon will assist any of them to get the US bank account for the fee of 400 USD payable in several different ways: E-gold, Western Union, postal money order, ACH transfer, SWIFT international wire transfer, Paypal and in many other ways. If you would like more informations, proceed to: informations on US bank account for non-US residents.

CONTACT US TO GET YOUR US BANK ACCOUNT (400 USD)

Panama’s official language is Spanish. However, English is widely spoken as a second language in the main cities. Panama has excellent local and international telephone services. Direct dialing is available to more than 150 countries worldwide. There are 170 radio stations and five television stations in Panama. Office space both permanent and temporary is readily available.

Health conditions in Panama are good, especially in the urban centers. Running water is available in almost all parts of the country and is usually potable. Use of bottled water or boiling before use is necessary only in some rural areas and small towns in the provinces.

There are several international level hotels, and furnished apartments are available for longer stays. Transportation from the International Airport into Panama City is by a special taxi service. Car rentals are available. There is no bus service at the airport. Buses and Taxis are readily available in urban areas. Taxi fares are low and usually range from one to five dollars depending on the trip’s length.

U.S. citizens may enter Panama with a passport or a certified copy of
a U.S. birth certificate and an official picture I.D., (e.g. driver’s
license) and a Tourist Card purchased for US$ 5.00 from an airline serving
Panama. The Tourist Card is valid for 90 days and may be extended for
another 90-day period. The following are three types of Visas available
to businesspersons wishing to spend extended periods of time in Panama:

* Inversionista (Investor): A minimum of US$ 100,000 must be invested
and US$ 600 must be deposited in advance (US$ 500 with the Ministry of
Government and Justice and US$ 100 with the Ministry of Economy and
Finance).
* Visa de Visitante Temporal (Temporary Visitor’s Visa): For
executives or technicians working with a company in Panama for a limited
time. The Visa is valid for one year and is renewable.
* Temporal Especial
(Working Permit): For professional or skilled personnel transferred from
an overseas office to work in Panama temporarily. The applicant must
prove his earnings will come from outside of Panama. The Visa is valid
from three to six months.

There is a USD$ 20.00 departure tax on leaving
the country.

Business practices and customs in Panama are a unique blend of North
American methods and traditional Latin style. Foreign corporations
operating in Panama are important in shaping the style and manner of
doing business.

Private business offices are open from 8:00 a.m. until
5:00 p.m., Monday through Friday, and Saturdays from 8:00 a.m. to 12 noon. Banks are open from 8:00
a.m. to 3:00 p.m., Monday through Friday. Most local banks open Saturdays
from 9:00 A.M. to 12:00 Noon. Government offices are open from 8:30
a.m. to 4:30 p.m., Monday through Friday.

* Traditionally, Panama has maintained a rather liberal regime for foreign investment and investment
in financial instruments. The government and the Panamanian business
community actively encourage foreign direct investment (FDI). Laws in
general make no distinction between domestic and foreign companies.
*Panama has no legal restrictions on the transfer abroad of funds associated
with or capital employed in an investment. There are no restrictions on
capital outflows or convertibility. Panama uses the U.S. dollar as legal
tender. Currency conversion therefore is not an issue.
* Embassy is unaware of any outright expropriation of property by the Panamanian government
in recent years.
* The business community generally lacks confidence in the Panamanian judicial system as an objective, independent arbiter in legal or commercial disputes, especially when the case involves powerful local
figures with political influence. When disputes with foreign investors arise, as they do from time to time, the investors often choose not to pursue remedies available to them via the court system. In a few cases
the appearance of corruption has been so widely accepted as to constitute
conventional wisdom. The decision by investors to avoid the court system is moreover understandable, given massive case backlogs and the specter of corruption.
* An increasingly popular and viable alternative for settling disputes is the Center for Reconciliation and
Arbitration established by the Panamanian Chamber of Commerce. Rulings by arbitrators are generally fair and reasonable.
* There are no legal performance requirements such as minimum export percentages or significant
local procurement rules.
* With the exception of retail trade, the media, and a few professions, foreign and domestic entities have the right to establish, own, and dispose of business interests in virtually all forms of remunerative enterprise.
* Some of Panama’s business, corporate, and banking codes have been modernized and are, in general, enforced so as to strengthen confidence in property rights.
* Protection of intellectual property rights (IPR) in Panama has improved significantly over the
past several years.
* Panama’s relatively recent accession to the WTO, wholesale privatization, and overhaul of various laws that regulate economic activity created a fluid regulatory climate. Panamanian
regulators have been exposed only recently to complex issues, many of
them technical. Regulators’ responsiveness to the concerns of those they
regulate have been mixed, depending on the sector. U.S. businesses
have complained of arbitrariness or a lack of responsiveness by
officials responsible for issuing sanitary/phytosanitary permits for
the importation of agricultural products and, more recently, that those
same officials have applied unannounced and costly sanitary controls
upon arrival of various shipments of agricultural products that had
previously been pre-cleared for importation.
* Political violence in Panama is relatively rare, however, in 2002, there were several public
demonstrations, including a major public protest against corruption in
Panama City.
* Panama suffers from an expansive, unproductive labor force,
due, in part to, inflexible labor laws
* By regional standards, Panama is a strong advocate of trade liberalization, in part because a relatively
large proportion of its economy is outwardly focused: A.T. Kearney
ranked Panama as the most globalized country in Latin America on its
Globalization Index for 2003. Panama’s strong international thrust
was also evidenced by the fact that it served as Secretariat for the
Free Trade of the Americas from 2001-2003, and continues to lobby to
become the permanent headquarters of FTAA offices.
* Panama has bilateral investment agreements with the United States, the United Kingdom, France,
Switzerland, Germany and Taiwan.

In 2003, Panama completed a
free trade agreement (FTA) with El Salvador. Negotiations are under way
for a FTA agreement with the rest of Central America. Another FTA is
being negotiated with Taiwan. Panama also has bilateral preferential
trade agreements with Costa Rica, Honduras, Guatemala, Nicaragua and
the Dominican Republic. These accords are limited in scope and for
some products are based on quotas. Panama also has limited preferential
agreements with Mexico and Colombia. Previous negotiations with Chile
and Mexico are now on hold. Panama has also agreed to negotiate a more
broad preferential agreement with the Andean Free Trade Agreement (Pacto
Andino). For the past three years Panama has shown a strong interest in a
FTA with the United States. Following a presidential visit to the U.S. in
June 2003, the U.S. expressed its willingness “to explore options for
free trade” with Panama.

Panama is a beneficiary of the Caribbean Basin
Economic Recovery Act, better known as the Caribbean Basin Initiative
(CBI), which provides for one-way free trade access for specific
Panamanian exports to the U.S. In 2000, the U.S. Government enacted
new legislation enhancing the CBI program. The new CBI Law permits more
liberal treatment of textile imports from CBI countries. Since Panama
is not an important textile exporter, the new legislation has limited
value for Panama.

EPZs are well-defined areas for the
establishment of industrial, commercial and service facilities, which
operate in a free trade system. All or most production is exported. A
range of incentives has been established to attract companies into the
EPZs.

The Colon Free Zone (CFZ), the largest in the Western
Hemisphere and second in the world to Hong Kong, is located in the
City of Colon, 90 kilometers from Panama City. The CFZ offers free
movement of goods and complete exemption from taxation on imports and
re-exports. There are no taxes on the export of capital or the payment of
dividends. In addition, there are reduced income tax rates on earnings
from re-export sales. Furthermore, firms located in the CFZ are exempt
from import duties as well as from guarantees, licensing, and other
requirements and limitations on imports. Due to its geographic location,
the CFZ is a major factor in channeling goods from large industrialized
countries to consumer markets in Latin America. Unfortunately, the CFZ
has also been used by the Colombian drug cartels for money laundering
and drug trafficking. Other problematic transactions include trade in
pirated intellectual property and stolen vehicles.

The Government of
Panama designated the Comision Panamena de Normas Tecnicas (COPANIT),
an agency of the Ministry of Commerce and Industry, as the domestic
registering authority for participation in the International Standards
Organization ISO9000 program. There is no legal limitation in Panama
on participation in ISO-9000 by firms doing business here. In fact,
an increasing number of Panamanian firms are seeking or have already
obtained ISO-9000 certification. Panama is a member of the Pan American
Standards Commission (COPAN), headquartered in Venezuela.

Plants, seeds, or animals may be prohibited for import into Panama if so
determined by the Ministry of Agriculture.

Panama has no
special regulations for labeling and marking. Labels are required
to have basic information regarding the name and address of the
manufacturer, expiration date, list of ingredients, lot number, and
the product form, e.g. powder, liquid, etc.

Labels in English are
accepted, except for medicines, household products and foods which
require special instructions. In these cases instructions regarding
dosage, usage, warnings, etc., must be in Spanish. All goods arriving
in Panama intended to be reexported immediately must be marked “PANAMA
IN TRANSIT” on each box or outside container. In general, products which
comply with U.S. labeling and marking requirements will also meet local
requirements and are suitable for sale in Panama.

The Panamanian Fiscal Code
establishes a temporary entry regime of up to one year for all types
of merchandise.

The Vice Ministry of
Foreign Trade was created in 1998 to promote exports and investment. It
facilitates the processing of export documentation through a “One Stop”
(ventanilla unica) office which can reduce the export process to a few
hours. Export documentation required by Panamanian Customs authorities
includes: Commercial Invoice; Export Declaration (usually prepared and
signed by a Customs Broker); Certificate of Origin (issued by the Chamber
of Commerce, Industry and Agriculture of Panama or the Panama Trade
Development Institute); Bill of Lading; Airway Bill; and Veterinary,
Sanitary or Phytosanitary Certificate (when applicable).

There is no requirement to utilize export brokers for export
documentation.

Processing of customs documents in
Panama for imports is fast, efficient and reliable. A customs broker
licensed by the Government of Panama must clear merchandise imported
into Panama through customs. The following goods are imported under duty
free status: consigned to national or municipal governments, imported
by foreign diplomats, consigned to the Panama Canal, sold to vessels
transiting the Canal, or intended for reexport.

Basic import documentation
required by the Panamanian Customs office includes: Import Declaration
(Prepared and signed by a Customs Broker); Commercial Invoice (To be
presented in English or Spanish in quadruplicate); Airway Bill; Bill
of Lading (To be presented in triplicate); Commercial License Number;
Phytosanitary Certificate (In case of animal and plants products, to be
obtained from the U.S. Department of Agriculture); and Certificate of
Free Sale (if required).

Any food product or other item used for human
consumption (including for use on human skin or clothes) may be subject
to the Certificate of Free Sale (CFS) documentation requirement. The
main purpose of the CFS is to prevent the dumping of inferior goods,
especially for human consumption, on the Panamanian market. The CFS
must verify that a product is sold freely and used widely in the
U.S. Potential exporters of items subject to the CFS documentation
requirement may wish to either contact: (1) their trade association which
may provide the service of issuing the documentation, or (2) the Food
and Drug Administration, Division of Programs and Enforcement Policy,
200 C Street, SW, Washington, D.C. 20204.

If for any reason the bill
of lading or any other required document cannot be presented within 24
hours after the shipment has arrived, clearance of the goods will be
permitted by posting a bond equal to the amount of import duties. The
bond is cancelled if the prescribed documents are presented in due
form within a period of 90 days. The bond may be extended in justified
cases, an additional 90 days.