The International investors find the ground of Panama to be a perfect offshore investment ground as the zone can be used to set up international business units. From asset and wealth protection to holding intellectual property, Panama offshore ground provides all the feasible opportunities to the investors.
An International Business Company (IBC) is one of the widely incorporated business entity that takes place in popular offshore destinations.
Panama offshore business unit allows the business investors to hold private and confidential business assets and move funds quite effectively from one destination to another.
Over the years, Panama has established itself as one of the solid offshore ground, and if you are planning to start an offshore company in Panama, this guide is for you.
Panama: A Suitable 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 centres for international businesses.
According to the legal laws and regulations, the business entities should submit accounting records, files, or other documents to foreign authorities with the express permission of the Courts of Panama.
The tax-haven jurisdiction is a perfect spot for an offshore company for asset protection purposes. Panama's advanced corporate code allows for maximum protection.
Main Corporate Details of Panama Offshore IBC Company
Since you have got a gist about the location, look at the corporate critical 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.
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 company 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 an intelligent 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 that going with experts can help you 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 to 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.