OBTAINING AN OFFSHORE PHARMACY LICENCE
A pharmacy license permits a company to offer almost any kind of drug or medication to costumers, this can range from over-the-counter medicines to prescription drugs and antibiotics. The license also allows the company to buy and sell an extensive range of generic medications. A pharmacy license in essence authorizes the licence holder to import, export and purchase pharmaceutical products from any supplier worldwide often at very favourable prices in locations such as India, Panama and Singapore and then resell them in locations where significant profits can be generated.
We come across a lot of clients who either already run a pharmacy or are planning on starting an online pharmacy business but do not realize they have to obtain a license that authorizes the company to sell these products. This is the reason why when starting the business thorough research has to be carried out. It is vital to consider the legislation in the jurisdiction where the company is going to be set up or if already operating the country of formation, also important are the standards required by the authorities. Not having a license or breaching any of the jurisdiction´s regulations will often end in serious criminal and legal consequences.
To secure a legitimate pharmacy licence you have to meet certain due diligence. Although ORCA will proceed with the formation and incorporation procedures no documents will be forwarded to the applicant until the following due diligence materials have been received:
- Original completed application form which you obtain by email
- Notarised copies of the passports of the beneficial owners, shareholders, directors and secretaries of the company.
- Address confirmation with a copy of a recent utility bill or bank statement or alternatively a major credit card bill (2 different documents) for all persons. The final item which is important is a detailed business plan.
Note: The above items are required for the beneficial owners, shareholders, directors and secretaries of the company.
Complete the application form and prepare the above documents for all persons
Send us all required documents by fax or email that we can check them
We will then issue an invoice
When we receive the payment we will incorporate the company
Costs: Much will depends on where the pharmacy is formed and the local requirements but the cost would generally range from $9;000 to $35,000. In some locations such as India it is a requirement to arrange premises, accountants and local facilities and these costs are reflected in the above figures.
We will send you all the company documents at the time when we receive the required original documentsand notarized passport copies. If you have some questions about setting up pharmacy trading company and the required documentation please contact us.