Are you planning to open an offshore company in Panama? If yes, then you are definitely heading in the right direction. In this blog, we will provide you on the details of all the benefits of offshore company registration in Panama.
Panama is a Central American country that has been gaining a reputation worldwide for its respectable corporate and financial services. The government’s documented tax advantages and the promising economic performance of the country are the two factors in which the experts attribute progress. As a result of this, foreigners are more tempted to form an offshore company in Panama.
Panama Offshore Company
Panama is a Central American country that has the fastest growing economy and the largest per capita income. Panama is a presidential independent and sovereign state. It is one of the most developed centers for international businesses.
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.
Panama is a perfect jurisdiction for an offshore company for asset protection purposes. The legal system of Panama is well developed, tested, and professional. Panama's advanced corporate code allows for maximum protection.
Features of an Offshore Company in Panama
- No corporate taxation in a Panama offshore company.
- There must be a registered office in Panama.
- Minimum government fees excluding tax is the US $250
- Bearer shares are allowed but do not allow par value shares
- A minimum of three directors is required.
- A minimum of only one shareholder is required to form an offshore company in Panama.
Requirements for Incorporation Process of a Panama Offshore Company
- Names and addresses of all the shareholders of the company incorporated.
- A unique name for the company
- Company’s address and objectives
- The amount of share capital
- The number and nominal value of the shares in which the share capital is divided
- List of the board of directors including their designations
- A number of shares that each of the shareholders agrees to take.
- Name and address of the resident agent
- Company’s duration
Benefits of a Panama Offshore Company
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.
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 bank accounts and corporate book secrecy laws in the world. Privacy and confidentiality are not only respected but also vigorously protected by constitutional law in Panama.
Panama has the most stable government in all of Central or South America.
Business and Taxation
Panama is the best place in the world to run a business. It is one of the biggest advantages of Panama as a jurisdiction right now.
Another important thing about local trade-in Panama is that it is restricted to foreigners. The doctors, lawyers, accountants, etc. are restricted to Panamanian citizens, as are retail businesses. The foreigners who want to be in business in Panama focus on tourism-related opportunities or other service-related businesses.
If you’re looking for a place to open an offshore company, you won’t find a better place than Panama.
The offshore services available here is another very important benefit of Panama as a jurisdiction. Panama corporations do not pay any income tax in their own country. This makes Panama a very good place for you to set up your offshore company.
Pushing For First World Status
Panama is being pushed towards First World status. All the revenues are being thrown off by the Panama Canal and then being invested in infrastructure improvement projects across the country. You will find some or the other construction works when you drive through Panama City. This shows that investment opportunities are tremendous here to base an offshore company in Panama.
Business Setup Worldwide is a platform to guide you through this. If you need any assistance to open an offshore company in Panama, then you can contact us! We’d be glad to assist you.