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Wednesday 15 August 2007
Monday 5 February 2007
Why can anyone register a Panama Offshore Corp?
Panama Offshore Corp Registration, as mentioned before, is regulated by the Law 32 of 1927. As a main rule, the law in the Republic of Panama allows the registration of two types of corporations:
A: Onshore Corporations: business activities are (also) carried on in the Republic of Panama – this means e.g. that these corporations deal with Panamanian corporations, carry on manufacturing or service activities within the country (that means that part of their income and profit is produced in Panama)
B: Offshore Corps: all of their business activities are carried on outside of the Republic of Panama. The name “offshore” indicates the type of business. In this case, the panama offshore corp can carry on any type of international trading, manufacturing and service activities tax-exempt (yes, with 0% tax paid), but exclusively outside of the Republic of Panama.
Further privileges of the Panama Offshore Corps:
- book-keeping is not compulsory
- financial reporting is not compulsory
- obligation to pay taxes: 300 USD per year (irrespectively of the realized profit of the company)
- the identity of the owner(s) is protected by strict laws – is impossible to track down
- possibility of opening a bank account all over the world
- registration of an offshore corp in Panama is allowed to any private individual or legal entity of any nationality
From the moment on when the offshore corp launches activities that produce income within the Republic of Panama, the corporation becomes taxable, the coporate profit tax is aprox. 20-30%. The corporation, moreover, looses its offshore status: both bookkeeping and financial reporting become compulsory towards the Panamanian Public Authorities.
Accordingly, the Panamanian laws themselves make Panama offshore corp registration possible under such conditions that not only cover the identity of the owners of a Panamanian offshore corporation but also dispense them from all the annoying record keeping and registration work.
Some interesting facts about the Panama Offshore Corp registration:
- the definition of the business is not necessary – the offshore corp is free to choose its business activity
- not compulsory to have local business or legal representatives
- no local employee required
- no local bank account required – the Panama Offshore Corp can open bank accounts anywhere in the World
- minimum paid-up capital not required
- the Panama Offshore Corps are registered with a capital of 10,000 USD (this amount does not have to be paid up neither at the foundation nor later)
- the Panama Offshore Corps are registered by two panamanian citizens, who at once resign their ownership and transfer it to the “real” owners, namely You
- the shareholder can even be one single individual or legal entity
- the board of directors need to be at least 3 individuals (Director President, Director Secretary and Director Treasurer)
- NOTE: all corporate-related actions/business/contracts need to be signed by the President or the Secretary. This is important while You need to choose the position for yourself correctly in order to be able to sign all required docs on your own in the future. In most of the cases one of the aforementioned directors’ signature is enough to have the contract approved officially.
- the board meetings can be held anywhere in the World, even on phone
- the registration of the Panama Offshore Corp takes 4-5 business days
- all the relevant company papers and documents are delivered within 20 daysto the owner
Among others the aforementioned favorable Offshore Corp Registration Rules resulted in the pretty high number of the so far registered Panama Offshore Corps - namely 439,139 offshore companies have been registered up to date in the Republic of Panama.
You surely have thought about why Panama allows offshore corp registration. Well, if you calculated how much income has been generated by the offshore business in Panama (439,139 * 1,100 USD) than You won’t be surprised. And the permanently growing number of offshore corps do pay a 300 USD fix tax each and every year afterwards till their liquidation.
A: Onshore Corporations: business activities are (also) carried on in the Republic of Panama – this means e.g. that these corporations deal with Panamanian corporations, carry on manufacturing or service activities within the country (that means that part of their income and profit is produced in Panama)
B: Offshore Corps: all of their business activities are carried on outside of the Republic of Panama. The name “offshore” indicates the type of business. In this case, the panama offshore corp can carry on any type of international trading, manufacturing and service activities tax-exempt (yes, with 0% tax paid), but exclusively outside of the Republic of Panama.
Further privileges of the Panama Offshore Corps:
- book-keeping is not compulsory
- financial reporting is not compulsory
- obligation to pay taxes: 300 USD per year (irrespectively of the realized profit of the company)
- the identity of the owner(s) is protected by strict laws – is impossible to track down
- possibility of opening a bank account all over the world
- registration of an offshore corp in Panama is allowed to any private individual or legal entity of any nationality
From the moment on when the offshore corp launches activities that produce income within the Republic of Panama, the corporation becomes taxable, the coporate profit tax is aprox. 20-30%. The corporation, moreover, looses its offshore status: both bookkeeping and financial reporting become compulsory towards the Panamanian Public Authorities.
Accordingly, the Panamanian laws themselves make Panama offshore corp registration possible under such conditions that not only cover the identity of the owners of a Panamanian offshore corporation but also dispense them from all the annoying record keeping and registration work.
Some interesting facts about the Panama Offshore Corp registration:
- the definition of the business is not necessary – the offshore corp is free to choose its business activity
- not compulsory to have local business or legal representatives
- no local employee required
- no local bank account required – the Panama Offshore Corp can open bank accounts anywhere in the World
- minimum paid-up capital not required
- the Panama Offshore Corps are registered with a capital of 10,000 USD (this amount does not have to be paid up neither at the foundation nor later)
- the Panama Offshore Corps are registered by two panamanian citizens, who at once resign their ownership and transfer it to the “real” owners, namely You
- the shareholder can even be one single individual or legal entity
- the board of directors need to be at least 3 individuals (Director President, Director Secretary and Director Treasurer)
- NOTE: all corporate-related actions/business/contracts need to be signed by the President or the Secretary. This is important while You need to choose the position for yourself correctly in order to be able to sign all required docs on your own in the future. In most of the cases one of the aforementioned directors’ signature is enough to have the contract approved officially.
- the board meetings can be held anywhere in the World, even on phone
- the registration of the Panama Offshore Corp takes 4-5 business days
- all the relevant company papers and documents are delivered within 20 daysto the owner
Among others the aforementioned favorable Offshore Corp Registration Rules resulted in the pretty high number of the so far registered Panama Offshore Corps - namely 439,139 offshore companies have been registered up to date in the Republic of Panama.
You surely have thought about why Panama allows offshore corp registration. Well, if you calculated how much income has been generated by the offshore business in Panama (439,139 * 1,100 USD) than You won’t be surprised. And the permanently growing number of offshore corps do pay a 300 USD fix tax each and every year afterwards till their liquidation.
Panama in pictures
After a „short” description let’s see some pics on Panama. Thus if you don’t visit the home country of you panama offshore corp at least you can image how Panama City looks like.
First let's see the location of Panama in the World, where the red dot locates the Republic of Panama:
And now a short taste of Panama in pictures:
And here follows the latest history of Panama:
Panama, with its area of 75,990 sqm, called as „ The Bridge of the Americas” or „ The Crossroads of the World”, sedeced from Colombia in 1903. The same year signed a treaty with the United States on the construction of the Panama Canal. It was built between 1904-1914 with the conduct and support of the US. The area by the Canal was passed over to US military control. In 1977 The Republic of Panama and The United States signed an arrangement to have the Panama Canal returned back to the supervision of Panama by the end of 1999. By Dec. 31st 1999 all the US Military Forces entirely moved out from Panama.
Panama, with its area of 75,990 sqm, called as „ The Bridge of the Americas” or „ The Crossroads of the World”, sedeced from Colombia in 1903. The same year signed a treaty with the United States on the construction of the Panama Canal. It was built between 1904-1914 with the conduct and support of the US. The area by the Canal was passed over to US military control. In 1977 The Republic of Panama and The United States signed an arrangement to have the Panama Canal returned back to the supervision of Panama by the end of 1999. By Dec. 31st 1999 all the US Military Forces entirely moved out from Panama.
The Panama Canal played a significant and important role in the history, economic and political development of the 20th-century-Panama. For further details on the Republic of Panama please visit the official CIA site @ https://www.cia.gov/cia/publications/factbook/geos/pm.html .
The panamanian corporate law is one of the most stabil ones in the World: it has not been changed since 1927. The incorporation of Panama Offshore Corps is still ruled by the Law 32 of 1927. This act ensures full tax-exemption for the companies that are registered in the Republic of Panama, but do not do any business on the land of Panama – namely they are Panama Offshore Corps. The designation of the Panama Offshore Corps is IBC (International Business Company). The form of offshore corps can be: Inc., Incorporated, Ltd., Limited, Corp., Corporation.
The panamanian corporate law is one of the most stabil ones in the World: it has not been changed since 1927. The incorporation of Panama Offshore Corps is still ruled by the Law 32 of 1927. This act ensures full tax-exemption for the companies that are registered in the Republic of Panama, but do not do any business on the land of Panama – namely they are Panama Offshore Corps. The designation of the Panama Offshore Corps is IBC (International Business Company). The form of offshore corps can be: Inc., Incorporated, Ltd., Limited, Corp., Corporation.
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Thursday 25 January 2007
Welcome on Panama Offshore!
Dear Visitor,
You might ask why I have created a blog for a service that requires trust and reputation. Why to choose a free source to create a service page? And how could you trace who I am?
You are correct. BlogSpot is a free source to get onto the internet. And why I have not invested in my own domain and stylish website? Because BlogSpot ensures top Search Engine Ranking, much better, than any SEO specialist can achieve...
You are correct. It is always difficult to trace a future partner's real existence - ID, nationality, how to be sure you get the proper service for your money -- or even getting anything for your money.
I know it. I have been fooled by several online services, and so have been my friends. But believe me - those having pretty design, neat content and promising office locations all around the globe, well, those can be the greatest cheaters on the net. Please let me not to pick examples. I have been fooled by one of the most trusty-by-first-sight offshore service provider agency. Having office in London, New York, Dubai, Sydney, charging horrible prices for each and every breath they take and in the end not even answering a mail of mine - and what hurts most: I paid 500 euros for a bank account that is otherwise free of charge and, that is still not opened after 8 months of waiting!!! Shameful... I can be happy that at least I had my corporation delivered, but it all has been enough to decide not to work with them any more. I had my company maintenance moved directly back the Republic of Panama, to the notary who originally registered my corporation. And also decided to offer the cheapest panama offshore company registration that has ever been available online and offline.
Fine, if you have any questions regarding myself, the registration procedure for a panama offshore corporation or let's say how to have a car with Vanuatu registration number, please do not hesitate to contact me in an email or via phone. You can reach me on phone about 12 hours a day in CET timezone (that is GMT +1) and I try to answer all mails within 24 hours.
+ 1 347 410 9676
+44 20 7870 3141 _____ panamaoffshore@gmail.com
Have a great day!
Cheers
You might ask why I have created a blog for a service that requires trust and reputation. Why to choose a free source to create a service page? And how could you trace who I am?
You are correct. BlogSpot is a free source to get onto the internet. And why I have not invested in my own domain and stylish website? Because BlogSpot ensures top Search Engine Ranking, much better, than any SEO specialist can achieve...
You are correct. It is always difficult to trace a future partner's real existence - ID, nationality, how to be sure you get the proper service for your money -- or even getting anything for your money.
I know it. I have been fooled by several online services, and so have been my friends. But believe me - those having pretty design, neat content and promising office locations all around the globe, well, those can be the greatest cheaters on the net. Please let me not to pick examples. I have been fooled by one of the most trusty-by-first-sight offshore service provider agency. Having office in London, New York, Dubai, Sydney, charging horrible prices for each and every breath they take and in the end not even answering a mail of mine - and what hurts most: I paid 500 euros for a bank account that is otherwise free of charge and, that is still not opened after 8 months of waiting!!! Shameful... I can be happy that at least I had my corporation delivered, but it all has been enough to decide not to work with them any more. I had my company maintenance moved directly back the Republic of Panama, to the notary who originally registered my corporation. And also decided to offer the cheapest panama offshore company registration that has ever been available online and offline.
Fine, if you have any questions regarding myself, the registration procedure for a panama offshore corporation or let's say how to have a car with Vanuatu registration number, please do not hesitate to contact me in an email or via phone. You can reach me on phone about 12 hours a day in CET timezone (that is GMT +1) and I try to answer all mails within 24 hours.
+ 1 347 410 9676
+44 20 7870 3141 _____ panamaoffshore@gmail.com
Have a great day!
Cheers
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