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Offshore Panama. Panama Corporation

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Panama has some unique features that make this a great asset protection jurisdiction for corporations, foundations, bank accounts and brokerage. Some call Panama in Switzerland in Latin America, but it's not true, Panama is far better than Switzerland and any other jurisdiction. Panama has no information exchange agreements with other countries. This means that an official letter from the tax authorities in your country, in any of Panamanian banks or government agencies will not be able to give the result. In most cases this letter will remain unanswered. That's what a sovereign country. Panama is an independent and unrestricted in any other country, it has its own government and not subject to other forces.



Panama is a jurisdiction with a number of different benefits for company registration, ie implement the statute in accordance with the laws of the Republic of Panama, the following information must be submitted. Company name (which may not be similar to the name of any corporation is already recorded in Panama), and must state that the corporation, adding to it or SA Inc., or corporation, or any other acceptable formula, which indicates that it is a corporation.

Its general object or objects.
Its capital and number of shares of stock in which it is divided. It should be noted that this amount may be expressed in legal currency of any country. With a share capital may be par value or no par value when the shares without par value, and that the amount of capital need not necessarily be higher, but it will be necessary to indicate the total number of shares on the stock exchange, the corporation is authorized to issue. Does the corporation may issue its stock certificates to bearer or nominative form, or in any way.

If the corporation to issue shares of different classes: the number of shares of each class and the designations, preferences, privileges, voting rights, restrictions and details of shares of each class of statement which said designations, preferences, privileges, voting rights, restrictions and other details can be determined by a resolution adopted by a majority of directors. Names and addresses of the directors of the Corporation, which may not be less than 3, and that should not be shareholders, and may be of any nationality and be residents of any country. The names of the first employees of corporations which need not be directors or shareholders, and may be of any nationality and reside in any country. The law requires that corporations, at least the president, treasurer and secretary, but one person may serve more than 1 of the building.

Offshore-derived income is not taxable and should not be reported to the (no tax returns in the file). You can have a Panama Corporation and / or fund, that banks in Panama and has an office in Panama, and yet will not pay taxes Panama, if all income received from the shore. Panama has no tax treaties of any kind with any country.
Panama is a registered place of residence more than 400,000 corporations and foundations, making it one of the most popular jurisdictions for inclusion in the world. It does not impose any reporting requirements for non-Panamanian corporation. Panama corporations share certificates can be issued in nominative or bearer form (anonymous form of ownership), with or without par value. Corporations do not require Paid-in capital, and no time limit in which authorized capital must be fully paid. Directors, officers and shareholders may be of any nationality and resident in any country. Neither the director nor the officers of the corporation, Panama should be the shareholders. Meeting of the directors, officers and shareholders may be held in any country and accounting books may be stored in any country. It is not necessary for interested parties to be present in Panama in order to create a corporation. Corporations doing business outside of Panama do not require a commercial license offshore business.


Advantages of the Panamanian corporation
Creating a corporation is, as soon as the information is received, approximately 24 hours for registration and 4 (4) working days must be registered in the State Register. In any case, if absolutely necessary, we Corporations are available for an additional fee if their registration date until this year.

Fixed number of shareholders is not required by our law for a corporation to exist. Thus, it can be wholly owned by one person.
All shareholding corporation may be issued in bearer form. In this case, no official report, nor the need to disclose the identity of the shareholders.
Capital of the corporation shall not be paid during registration. Thus, we may have in the existence of the corporation without undue binding of funds until such time when it is really necessary.
Panamanian law does not require any correlation between the capital and assets of the corporation. Thus, the corporation paid-up capital of U.S. $ 10.000.00 may have assets worth several million.

Directors and officers of corporations should not be Panamanians can be of any nationality and may be from any country.
Board of Directors shall consist of not less than 3 members whom the minimum set by law, but a greater number of directors may be appointed.
Board of Directors meeting Panamanian corporation may be held in any country.
Directors of a corporation may be present at the meeting of the Board of Directors in person or by proxy.
Meeting of shareholders of the corporation may be held in any country.
Shareholders of the corporation may attend meetings of shareholders in person or by proxy.
The Corporation may engage in any lawful business, even if he does not like any of the objects of the corporation specified in the statute.
The Corporation may, in accordance with the laws of Panama, to carry out any lawful business in any country outside the Republic of Panama.
Corporations only pay income tax in Panama on income derived from sources within the Republic of Panama, regardless of the place in which it was received by the corporation.
Income derived from business suffered outside the territory of the Republic of Panama is not income derived from sources in Panama, and therefore not taxable in accordance with Panamanian law.
Panamanian corporation engaged in economic activities in the Republic of Panama, as well as in other countries, will only pay income tax in Panama part of its profits derived from business transactions in Panama.

Laws of Panama does not tax dividends received by corporations, if said dividends are paid out of revenue generated outside the Republic of Panama. Thus, a Panamanian corporation receiving dividends from another corporation shall be paid out of revenue generated outside the republic, is not subject to taxation in Panama.

Panama continues to maintain what we believe the most reliable banking and corporate laws in the world of mystery books that are engraved on its "constitution. Panama savings and loans received a $ 10,000 insurance on individual accounts. Panama banks can conduct transactions with citizens of Panama, as well as citizens and companies located outside of Panama. The bank has branches in counters, drive through windows, ATMs, and so the bank to place a $ 10 million in cash with the government as one of the requirements of the license. This is in contrast to other jurisdictions where it can be dedicated to the "offshore banking" system that can not inspire confidence.

Approximately 150 international banks are located in Panama. Total assets in Panamanian banks over $ 150 billion. There was no bank failure in Panama for 7 years. Only a few banks have failed in Panamanian history of banking. Switzerland 5 bank failures just in 1999 - 2000, not to mention the other banks in tax haven facilities fail. The Panamanian government has strict guidelines for the audit of the bank, to monitor banking practices, credit guidelines, and overall management of the bank. Each bank must submit monthly audit reports in Panama Banking Main Directorate, which is under the direct supervision of the National Bank of de Panama (BNP).

Panama offers the best bank secrecy laws and the best corporate book secrecy laws in the world.
There is no such thing as "piercing the corporate veil" in Panama. Disclosure of banking information to third parties is a crime punishable by prison. Panama has no treaty on mutual legal assistance (MLAT) for the exchange of banking information with any other country, and not to recognize judgments from other countries. (In accordance with new legislation, they make exceptions in cases of drug money laundering or drug smuggling, plus terrorists and weapons smuggling-related cases) ..

 

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