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Offshore corporations enable you to act as an international
citizen with complete confidentiality, privacy and
safety. Offshore corporations can legally open offshore
bank accounts, brokerage accounts, hold credit cards,
own property, stocks etc., and in many cases completely
exempt you from any tax reporting requirements and
with complete confidentiality.
Why Panama?
For many years Panama has been recognized worldwide
as a major international offshore banking center that
offers very attractive legal and tax incentives to
Panamanian corporations. For example, Panamanian law
allows Panamanian corporations to issue bearer”stock
certificates. This means the owners who control the
corporation do not have to be named in any public record,
since ownership is through physical possession of the
bearer ”shares. Panamanian corporations are not
subject to Panamanian tax on income earned outside
of Panama.
Also, Panama allows you to name your corporation with
an English name. This gives you many advantages when
using your Panamanian Corporation in English speaking
countries. These are just a few of the more important
reasons why Panamanian corporations are so popular.
Forming a Panamanian Corporation:
First, we recommend you select a name in English
followed by: Corp., Corporation Inc. or Incorporated.
You cannot use the words Bank, Trust, Foundation or
Insurance in the name of your corporation. You may
use any name as long as it is not being currently used
in Panama. If you own a U.S. corporation, you may find
some advantages in using the same name for your Panamanian
corporation, if available. This would allow you to
have identically named offshore and onshore bank accounts
as well as other similar advantages.
Panamanian corporations are typically formed with
nominee directors, president, secretary and treasurer.
These are Panamanian citizens who are modestly paid
officer workers. If you wish, you may select your own
directors and officers. However, the original directors
and officers selected are registered with the Panamanian
public registry, and it becomes public information
available to anyone who inquires. Therefore, if you
wish confidentiality, we recommend that you select
the nominee director option. Officers and directors
can always be changed later.
Panamanian law allows corporate shares to be issued in bearer
form. This means that whoever physically possesses the shares,
owns the company. This allows for total confidentiality of
ownership, since the person who physically possesses the shares
is not identified in any public or even private record. Having
a Panamanian corporation with bearer shares also makes transfer
of ownership completely private and not a matter of public
record, since transfer of ownership is a simple process of
physically transferring the bearer shares to a new owner very
similar to passing a $20 bill to someone else versus writing
them a check. This feature makes it very easy to sell or transfer
properties confidentially by simply transferring the bearer
shares and ownership of the Panamanian corporation. Thus you
may avoid many forms of taxes and closing costs because title
to the property remains in the name of the Panamanian corporation.
Essentially you are simply selling the corporation that owns
the property.
Your Panamanian Corporation comes with a notarized
General Power of Attorney (in English) signed by two
officers named in the articles of incorporation. This
power of attorney provides a blank space for you to
fill in the name of any person you want to act as the
legal agent for the corporation with the authority
to open and sign on corporate bank accounts, enter
into contracts for the corporation, sign and transfer
assets for the corporation, etc. Although you fill
in your name or another person's name as having Power
of Attorney, this is not evidence of ownership.
The person named is simply an agent, similar to an
employee empowered to act for the corporation. You
may order as many additional Power of Attorney forms
as you wish.
As you can see there is a world market for Panamanian corporations
because they are extremely popular. Older Panamanian corporations
with established bank accounts sell for thousands of dollars
or more. Selling your Panamanian corporation is a matter of
physically transferring the bearer stock certificate together
with the other corporate records to the new owner.
The one-time cost for setting up a simple Panamanian
Corporation is about $1600. You will have to pay an
annual Registered Agent and Director's fee of $595
yearly, due one month before the anniversary date of
the corporation.
For forming a Panamanian corporation or foundation, we highly
recommend Roberto I. Guardia. A number of Americans we interviewed
speak very well of him. You can contact him at: Tel: (507)
263-3917, Fax: (507) 263-3924 Cel: 612-5429 E-mail: rig@orcag.
com, http://www.orcag.com. |
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