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A Little On Panamanian Corporation
John Wayne was a popular figure in Panama; he owned an island in Panama, was friendly with many of the politicians in Panama, ran a fishing and shrimping businesses in Panama, and very much liked the country and its people. But he also liked Panama for its very private and confidential banking laws. Wayne incorporated in Panama as a way of improving his tax position in the U.S. All of the overseas earnings that were accrued from Wayne’s movies were kept in Panama so that his movie profits would be tax-free. And since the legal tender in Panama is the U.S. dollar, the profits were held in a stable currency. There are countless other investors who have done the same thing – in fact over 400,000 non-resident corporations have been created in Panama. Offshore Investment Solutions is a Panamanian Investment Corporation that can help you the investor open a Panamanian corporation in order to protect your assets and to keep your assets confidential. In Panama a corporation is known as a S.A. or “Sociedad Anonima” or in English “Anonymous Society”. The following is a summary of what you need to know in order to incorporate in Panama.
More About Panamanian Corporations
1. There are no laws enforcing a report on earnings.
2. Your financial books are absolutely private and confidential – this is stated very clearly in the Panamanian banking code.
3. Panama is one of the most popular countries worldwide to incorporate in: only Hong Kong has more corporations and foundations.
4. There are no capital requirements for incorporating in Panama.
5. The parties that wish to incorporate do not have to be in Panama to do so. Offshore Investment Solutions will manage all the paperwork and legal processes that are needed to open a corporation.
6. There is an annual flat-tax on any corporation in Panama. The tax rate is $250 a year and is due either on the 30th of June or the 31st of December. There is a late fee of $50 and a second late fee of $250.
7. When a corporation is created it must have a Board of Directors (Treasurer, Secretary and President). The Board can be made up of people from any nationality and reside in any country outside of Panama. What we must have is a copy of each member’s identification which will be kept on record at the public registry of Panama.
8. Board of Directors of corporations do not have to meet during the year, but if they choose to meet the meeting can be conducted via the Internet, telephone or fax. Any decisions and/or resolutions that occur in these meetings, whether these decisions and resolutions occur between people in different time zones or on different dates, will be accepted as binding. Some of our clients prefer to have “Assigned Directors” for their corporations. Many clients want to protect their identity behind a corporation and therefore do not wish to be named as a member of the Board of Directors. In this case a person is nominated to the Board, normally a Panamanian citizen who signs an undated resignation letter from their position on the Board on the day they are nominated to the Board – this allows the client to change Board members when they deem it necessary.
9. We provide a legal address for our clients in Panama
10. To open a corporation there is no requirement that one take out a commercial business license.
11. And finally you can transfer a corporation from another country to Panama. Say from Hong Kong to Panama.
12. There are no exchange controls or restrictions on the free movement of currencies.
13. Incorporation usually takes from 7 to 10 working days.
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