Just Other Articles

Today on the internet we see numerous entities selling Swedish Credit Unions. The presentation is obtain what is basically a bank inexpensively and operate it offshore using a Panama Financial Servi

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ces Company which does not let you operate as a bank. Will this work, theoretically yes. Practically the Swedish Credit Union will break down when it comes to the correspondent bank. What is usually

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

done is an ordinary bank account is opened with a bank that has correspondent banks. Please bear in mind the fees to open a correspondent bank account usually are in the $200,000 + range. When your

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

Swedish Credit Union starts pumping through 40 or so wires a week the correspondent bank, the bank that you have is using, will think their customer bank is operating as a correspondent bank and fi

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

d some excuse to cut them off if they do not drop your account. Remember they want people to pay $200,000 to have a correspondent bank. Having the wires go through a Panama Financial Services Compan

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

y mitigates the situation some since the credit union name does not appear in the wires. If one were to say process 3 or 4 wires a week with say three or four checks and the wires and checks were al

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

l made out to the financial services company, not a credit union, the scenario would probably have a reasonably long life. Of course you now really don’t need the credit union.

Bank Secrecy – Missi

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ng altogether. The Swedish Credit Unions do not have bank secrecy since they are from Sweden which is not a privacy jurisdiction. The Swedish authorities do not have reportage requirement for these

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ompanies but rest assured they can conduct an audit or request and require books and records readily because these entities are subject to Swedish taxation at a rate of about 30%. If one failed to c

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

omply they could cancel your corporation or credit union if you wish to name it such, or worse even going after you personally for fraud, income tax evasion, etc. Not a comforting thought. I should

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

say the Panama Financial Services Company bank account would be covered by bank secrecy in Panama. If the Swedish Government alleged that you were operating some sort of financial institution like a

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

bank taking deposits and making loans in Panama through this Panama Financial Services Corporation along with a corporation named as a credit union in Sweden, the Panamanian authorities would think

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

you were trying to evade buying a Bank License (expensive licenses) and shut you down. Would they turn records over to the Swedish? That would depend on the allegations and if there was criminal cas

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

e on file in Sweden for money laundering. If such a case was in the Swedish Criminal Courts I think under the circumstances the records would likely be turned over. Panama would likely deem you to b

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e operating beyond the scope of a Financial Services Company if the Swedish government was complaining about one of their credit union named corporations, I would not think the Panama Government wou

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ld be standing up for your company.

Legal Structure – The name of this so called Swedish Credit Union is an EKONOMISK F?RENING. It is an economic association actually and what the sellers of these

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

tructures do is name them as a credit union like; ABC Credit Union and sell them for inflated prices as a credit union just because the Swedes allow you to use credit union in the name, it is nothin

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

g like the American Credit Union. It is almost an oversight in the law that has been exploited.

Practical Applications – None that we know of. No bank is going to let you push a high volume of wire

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

s through the system. The wires will be a dead giveaway to the correspondent banks outside of Sweden and you will be cut off.

Suggestion – Forget this one. It is not really a scam, but it is not re

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ally a credit union per se either. It will not work in the banking system so drop this one. For more information go to: http://www.panamalaw.org

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Online home business income does not happen automatically, so here are a number of steps to help you achieve success.

If you want to make it in the online world, you need to be pulling the maximum amount of profits out of every source you have. The most profitable should be your mailing list.

So you've got a photography web site and want to get it to the top of the listings in Google, Yahoo and MSN. Some simple SEO tips for photographers.

Tags

Links

Just Other Articles - Swedish Credit Union - Scam or Not

Related Articles: