The Complete Handbook: How to Establish Panama Offshore Company

The Complete Handbook: How to Establish Panama Offshore Company

Investors and business individuals prefer doing business in offshore locations such as Panama, Seychelles, Belize, and the British Virgin Islands. Each location has its advantages, but today, we will discuss Panama in particular.

Panama has a history of stable economic growth. The stringent rules, a thriving banking industry and essential privacy characteristics have made Panama a desirable place to establish offshore companies.

The Key Benefits of Panama Offshore Company 

The following are some advantages of considering Panama company setup.

  • Politically stable business environment for conducting offshore business
  • Strict shareholder and director confidentiality
  • There is no minimum paid-up capital requirement
  • There is no need to do an annual audit
  • Affordable company setup cost
  • Streamlined company incorporation process
  • Quick banking assistance
  • Favorable tax laws
  • Asset protection

A Simple Step-by-Step Guide to Registering an Offshore Company in Panama

When setting up any business, knowing the steps for company incorporation is essential. Our group of incorporation experts in Panama has listed them below for better understanding. 

  1. Seek an Expert's Guidance

When you proceed with Panama offshore company formation, the primary task is to seek assistance from a business consultant. The expert will act on your behalf in every follow-up, such as documentation, bank account opening, and application form submission, and help you reduce your burden and save money. 

  1. Finalise a Legal Structure

After that, you need to finalise a business structure. Choosing a legal structure based on your business needs can be challenging. To make the process easier, contact Business Setup Worldwide.

  1. Choose a Company Name 

Once you finish finalising a business structure, you must give a name to your Panama offshore company. The name should be unique and not in use by any other business.

  1. Submit the Documents 

After choosing a business name, the next step is to submit the documents required for Panama company formation to the concerned authority.

The following are some of the documents required to set up a company. 

  • Certified proof of address
  • Certified passport
  • Business plan
  1. Wait for the Approval for Your Business Setup

Once you submit the documents, you must wait for the relevant authority to accept your business proposal. The difficulty level in getting the approval may vary depending on your choice of business jurisdiction.

  1. Get Assistance in Opening a Bank Account

After following all the steps, you must focus on opening a bank account. Opening an offshore bank account in Panama requires some additional documentation. To carry out the transactions and virtually open the bank account, seek the assistance of a business setup consultant.

Our Role in Supporting Clients

After reading the requirements for setting up an offshore company, contact us if you still have doubts. The business advisors at BSW are experienced in the company setup and can help you solve your business queries.

FAQs

What is the VAT rate on products in Panama?

The VAT rate on products in Panama is given below:

  • 7 % for certain products and services
  • 10% for alcohol
  • 15% for cigarettes.

 

What are the different types of Panama offshore companies?

  • Trading Company
  • Shipping Company
  • Services Company
  • Investment Company
  • Holding Company

 

 

What are Panama's main business sectors?

  • Manufacturing
  • Travel and tourism
  • Logistics

What are the required documents for offshore company formation in Panama?

The required documents for offshore company formation in Panama are

  • Name of the proposed corporation
  • The name and address of your proposed or nominated shareholders.
  • Your corporate goals and your company
  • Your suggested corporate capital contribution
  • Addresses and names of directors (or nominees)
  • Your company's registered agent information and address