Offshore company registration in Panama
Registering a company-offshore in Panama is very demanded in USA and other countries of same region as a convenient way of tax optimization. Nevertheless, anyone and from any part of the world can register an offshore company in this country. Panama is a not too big state between North and South America. Beneficial geographical location and offshore legislation made this country the biggest offshore zone of the region.
Besides, Panama is in the list of the oldest offshore jurisdictions in the world. Corresponding jurisdiction in the area of commercial activity has been acting here for more than 80 years- the first law on commercial companies was passed in the middle of 1927.
The advantages of registering offshore company in Panama
Certainly the main Panamanian offshore advantage is liberation of these companies from taxes. In addition, the following advantages can be noted:
- Lack of requirements for keeping and providing any records;
- Company data is completely confidential (guaranteed by legislation);
- Bearer shares issuing is possible;
- No requirements for the size of charter capital
- The appointment of nominal shareholders and nominal director is possible.
In Panama various company types can be registered, but most frequently these are private foundations or corporations. Anyway the offshore company is not allowed to conduct any commercial activity in Panama, only on that condition it is dismissed from taxes.
Peculiarities and requirements for Panamanian offshore companies
While registering offshores in Panama, certain requirements which are established by the government legislation concerning such companies have to be considered. Despite the permission for having nominal directors, every company has to have three directors. Presence of other employees is compulsory as well, like secretary and paymaster. Same person cannot occupy the position of a secretary and the head of a company at the same time, but other positions can be combined.
It is compulsory for the company to have a registered agent. This is an individual or legal entity who shall be the representative of the company in the country of registration. Speaking about Panama, it has to be a local lawyer, local law firm or a company that specializes in providing services of managing an offshore.
The company-offshore has to pay annual fixed fee, which supports the office, nominal employees and agent; normally it is not significant and does not exceed US 1000.
The procedure of registering an offshore company in Panama does not differ from procedures in other offshore zones, but it has one peculiarity- the given registration documents are in Spanish language. It is not obligatory to be present during registration, the documents can be sent via post to any place in the world. The registration procedure takes quite an amount of time, up to three weeks.
Being an offshore zone, Panama is considered “white”, or in other words, has good reputation; the open register of Panamanian companies promotes business transparency. This contributes to its popularity as well. In addition the issue of bearer shares is allowed for the companies. Panamanian offshores are used not only as a tool for tax reduction but also as an effective tool of conducting commercial activity. In order to avoid any complications concerning offshore company registration, contact the specialists of our company Goldblum and Partners for consultation. We shall assist you in preparation of documents and paperwork, explain all nuances of local legislation and will help you register your offshore as quickly as possible.