Have you heard about investing in the tax-haven of Panama?
Are you looking forward to investing and earn high-end returns?
Well, if you are keen on it, then one of the right moves is investing in an IBC unit.
Panama is a Central American country gaining a reputation worldwide for its exemplary corporate and financial services.
As a result of this, foreigners are more tempted to form an offshore company in Panama.
Panama: A Profitable Offshore Jurisdiction
Panama is a Central American country that has the fastest growing economy and the largest per capita income.
It is a presidential independent and sovereign state, and one of the most developed international business centres.
The laws of Panama only allow the submissions of accounting records, files, or other documents to foreign authorities with the express permission of the Courts of Panama.
It is a perfect jurisdiction for an offshore company for asset protection purposes.
The tax-haven jurisdiction’s legal system is well developed, tested, and professional, and the advanced corporate code allows for maximum protection.
Panama is generally considered a banking haven, and a perfect place for you to open an offshore bank account.
Panama is an international banking centre, and there are currently 78 licensed banks in Panama, out of which two are state-owned, 28 are international banks, and 48 are general licensed banks.
Main Corporate Details of Panama Offshore IBC Company
Since you have got a gist about the location, have a look at the corporate key parameters required to start an offshore company in Panama.
- No minimum capital is required in a Panama offshore company.
- A Panama offshore company is not required to file audited financial statements annually with the Financial Services Commission.
- The appointment of a company secretary is mandatory in a Panama offshore company.
- A Panama Offshore Company must have a minimum of three Directors.
- Offshore companies incorporated in Panama have equal power the same as that of a natural person.
- A Panama offshore company must have a registered office
- There are no mandatory local presence requirements in a Panama Offshore company.
- The name of a Panama offshore company may be in any language
- In a Panama offshore company, there is an annual fee of US$350 with a one-time registration payment of US$250.
- The name of a Panama offshore company must include one of the following legal endings: Incorporated, Corporation, Inc., Corp., S.A.
- There must be one shareholder. He could be either an individual or a corporate body, issued one share valued at US$100.
- Corporate meetings can take place anywhere in the world.
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 Starting a Panama Offshore Company
Since you have understood the key parameters, now have a look at the advantages that you can grab.
·No Reporting Requirements or Taxes
·No Piercing the Corporate Veil
·Favorable Incorporation Laws
·Strict Privacy Laws
How to Start an IBC in Panama?
Well, by now, you have got a complete idea of the essentials required. Let’s have a look at the process of incorporating one.
- Seek a certified expert’s professional who can assist you in incorporating one
- Submit the essential documents that include:
- A duly filled company incorporation form
- Passport-size photo of the shareholders and directors
- Identity proof of the shareholders and directors
- Address proof of the shareholders and directors
- Letter of reference for bank
- Professional reference
- Concrete proof of profits
- The third step is to grab the approvals from the required authorities
- In the next move, you can open an offshore bank account
Incorporating an offshore business is a smart move to earn more profits on investments made.
Additionally, it is essential to know that the legal proceedings are to be carried out effectively.
Thus, it is essential to note to understand that going with experts can help you to complete the task in a hassle-free way.
At Business Setup Worldwide, we provide a reliable platform for you to interact with our business experts who can provide you with tailored solutions to incorporate a company at ease.
If you need any assistance, then you can contact us! We’d be glad to assist you.