Panama Offshore Company

The Republic of Panama in Central America is one of the world’s oldest offshore jurisdictions. The services offered in Panama include incorporation of Foundations, Corporations, Foreign Companies, formation of Trusts among other services. The most frequently registered offshore entity in the Republic of Panama is the Panama Corporation also referred to as Panama Offshore Company. These business entities have been incorporated since 1927.

Panama Offshore Companies formation can be used for tax and estate planning and asset protection. Assets in a Panama company which are gained in foreign countries are not subjected to the following taxes; capital gains tax, income tax, inheritance tax, corporate taxes among others. Panama Offshore Company only pays a renewal fee to the Government of Panama each year so that the company may remain in good standing. Local taxes will only be paid if the company owns real estate or conducts business in the jurisdiction of Panama. An interesting online service includes Citizenship by Investment which is provided by authorised service providers. A second citizenship can be necessary and helpful in many ways. Second citizenships increase safety, makes it possible to own a home and property overseas and earn passive income through rent and other business ventures while away. Dual citizenship can also be useful in terms of retirement planning and asset protection. Estate and succession planning, interesting that Dominica citizenship available through real estate option, can be enhanced with well planned investments and advice. To get dual citizenship all requirements must be satisfied. Although application requirements are strict, licensed agents do their best to ensure that citizenship applicants get the necessary support they need and are guided step by step. Double nationality is held by many people whether they get it through permanent residency after which they become eligible to apply for citizenship or via these investment programs in St. Kitts and Dominica.

Panama Corporations once incorporated are free to conduct its business operations anywhere in the world as long as the business operation is considered legal in the country of operation. Panama Offshore Companies are free to conduct its operations in Panama which makes incorporating in Panama advantageous. In most offshore jurisdictions registered companies cannot operate business in the country of registration.

Panama Companies are not obligated by legislation to prepare and present any financial records to the government authorities in the Republic of Panama. Any financial records kept are for the benefit of the company’s shareholders and members. These records can be kept anywhere in the world. Meetings of shareholders and directors are not obligatory and like the financial records these too can be kept anywhere in the world convenient to the members. Meetings can be held via the telephone or any other form of communication suitable to the shareholders.

Panama company formation and Panama company registration is fast and conducted by efficient and professional offshore service providers who are normally attorneys with much experienced in Panama company incorporation. Panamanian Offshore Companies are easy and inexpensive to incorporate. A completed Articles of Incorporation notarized by a Notary Public has to be presented at the Public Registry of Panama. The Articles of Incorporation can be written in any language. If the Articles of incorporation is not written in Spanish it must be translated to Spanish and certified by a public translator or a recognized translator in the Republic of Panama.

Clients wishing to incorporate a Panama Offshore Company must do so through a Registered Agent. The Registered Agents most frequently used are lawyers and law offices which guarantee strict attorney-client privileges. Articles of Incorporation include information such as the name and address of the company, registered agent, subscribers and directors (no less than 3) of the company. The corporate capital of the company must also be included along with how this is to be divided and the rights and privileges attached to the shares of its members. The objectives of the company and the by-laws are crucial information which must also be added.

Panamanian Offshore Companies have many benefits to owners; The Corporations can have bank accounts in any location in the world, own real estate etc. Panama Offshore Companies can be registered using nominee directors and owners which ensure that the names of the rightful owners will not be made public record.