We all know that Nevis and Panama are among the top offshore locations in the world. But being an investor, you also must be having a series of options in your mind where to base your offshore company.
In this blog, we will discuss the differences in offshore companies in Nevis and Panama.
Main Corporate Details of Nevis Offshore Company
Company Shares
A Nevis Offshore company is allowed bearer shares and shares with no par value.
Required Capital
A Nevis Offshore company has no minimum capital requirement
Financial Statements Required
A Nevis offshore company does not need to file any statements. Also, there are no audit requirements. The company must keep its financial records.
Directors
A Nevis offshore company must have a minimum of three directors. They need not be a local individual. Corporate directors are allowed.
Company Secretary
A Nevis Offshore company must appoint a company secretary. He can be an individual or a corporate entity. He does not need to be a local resident.
Shareholders
A Nevis offshore company needs a minimum of one shareholder.
Trading Restrictions
An offshore company cannot do business in Nevis. An offshore company can’t also conduct business in real estate in Nevis. It must get a license and proper approval to operate as a banking or insurance business.
Language
English
Registered Office Required
A registered office is necessary for Nevis, though any physical presence is not mandatory.
Time Required for Formation
One to two days
Name Restrictions
Restrictions to those names which are identical to or similar to an existing company or any name that is undesirable, suggests illegal activity. Any names that may imply government patronage by the register are also restricted.
Requiring a Special License
A Nevis offshore must obtain a license if the business is engaged in activities related to banks, building society, savings, loans, insurance, reinsurance, fund management, investment fund, etc.
Annual Government Fee
$ US 200
Main Corporate Details of Panama Offshore Company
Required Capital
No minimum capital is required in a Panama offshore company.
Financial Statements Required
A Panama offshore company is not required to file audited financial statements annually with the Financial Services Commission.
Company Secretary
The appointment of a company secretary is mandatory in a Panama offshore company.
Directors
A Panama Offshore Company must have a minimum of three Directors.
Powers of the Company
Offshore companies incorporated in Panama have equal power the same as that of a natural person.
Registered Office Required
A Panama offshore company must have a registered office
Local Presence
There are no mandatory local presence requirements in a Panama Offshore company.
Language of Name
The name of a Panama offshore company may be in any language
Annual Government Fee
In a Panama offshore company, there is an annual fee of US$350 with a one-time registration payment of US$250.
Name Restrictions
The name of a Panama offshore company must include one of the following legal endings: Incorporated, Corporation, Inc., Corp., S.A.
Shareholders
There must be one shareholder. He could be either an individual or a corporate body, issued one share valued at US$100.
Corporate Meetings
The corporate meetings can take place anywhere in the world.
Double Taxation Agreements
Panama offshore companies have signed twelve double Taxation Agreements with Barbados, Luxembourg, South Korea, Spain, Italy, Mexico, France, Netherlands, Portugal, Qatar, Singapore, and the United States of America.
Advantages of a Nevis Offshore Company
Remote Access
There is no need for your presence in Nevis to conduct the affairs of your offshore company. Banking, contract signing, and investing can all be handled remotely and also can remain in compliance with Nevis law.
The flexibility of Ownership and Management Structure
There is no need for any residency requirements for directors, shareholders, or officers. The corporate or trust entities may act as a director, secretary, or shareholder.
Citizenship and Residential Options
Nevis offshore company offers citizenship opportunities through its Citizenship by Investment Program. In Nevis, there are no dual-citizenship restrictions and no tax requirements for individuals who decide to take up residence.
Confidentiality and Privacy
The government of Nevis exhibits a total commitment to maintain the privacy and protection of those involved in legitimate business practices. Neither Nevis nor St. Kitts have been polluted by reports of money laundering or tax evasion, unlike a number of other offshore jurisdictions.
Tax Incentives
A Nevis offshore company is free from taxation on the income generated anywhere in the world. There are no income taxes, corporate taxes, and withholding taxes to be paid.
Advantages of a Panama Offshore Company
Anonymous Ownership
Panama offshore companies share certificates that can be issued in bearer form with or without par value.
No Reporting Requirements or Taxes
A Panama offshore company does not impose any reporting requirements or taxes on non-resident Panamanian companies.
No Piercing the Corporate Veil
A Panama offshore company does not allow "piercing the corporate veil," which is why your corporate books are maintained 100% private and confidential by law.
Nominee Directors
When a Panama offshore company appoints nominee directors for the entities that they establish for their clients, they always provide their clients with pre-signed, undated letters of resignation from the directors.
Favorable Incorporation Laws
A Panama offshore company offers the most favorable and most flexible incorporation laws in the world.
Strict Privacy Laws
Panama has one of the most reliable banking and corporate book secrecy laws in the world. Privacy and confidentiality are not only respected but also vigorously protected by constitutional law in Panama.
Stable Government
Panama has the most stable government in all of Central or South America.
We hope that all the above information will give you a clear picture of deciding whether to start an offshore company in Nevis or Panama.
Business Setup Worldwide is a platform to guide you through this. If you need any assistance, then you can contact us! We’d be glad to assist you.
