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panama offshore survey
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Panama offshore, whats that?
TV-Interview: Jens Hoffmann, Asia-Pacific - berlinstartup.de
The way business in Panama works is quite simple.
What does that mean?
First, who may incorporate. For example, 2 persons, either individual or corporate, of any nationality, usually a lawyers or their staff Members. One person in case of a Private Foundations.
What type of company is preferred for international transactions, Mr. Hoffmann?
It depence, Corporations and Private Foundations.
No minimum paid-in capital and no time limit in which capital must be paid up.
The costs to incorporate(excluding government fees) :
Very competitive costs compared to other Jurisdiction. Approximately the minimum registered Authorized Share is US Dollar I0,000, plus annual fees paid to authorities :
US$ 250.00 (Annual Franchise Tax), irrespective of the level of the authorized, share capital.
The taxation of companies?
There is no tax on any transactions or business activities carried on outside Panama; no tax on any foreign source income.
What is the method of incorporation?
Notarial protocolisation and registration of articles of incorporation/ foundation charter at the Panana Public Registry.
Are there ready made companies available, Mr. Hoffmann?
Yes, available for immediate delivery. The
procedure for making changes in the corporation is as follows:
Company name, directors, officers and foundation council members can be changed in three to five working days.
How long does it taketo incorporate a new company?
Jens Hoffmann: One week, minimum members also "One".
Can the registered office be a bank/ lawyer/ accountant's office ?
Registered agent must be a lawyer
Directors and secretary :
Three directors minimum and three officers minimum (President, Secretary and Treasurer, either individual or corporate). One corporate council members enough for Private Foundations. In order to keep anonymity our firm can appoint a nominee board of directors or a nominee Foundation Council.
Must a director/ secretary be resident ?
No.
Are Corporate Directors allowed ?
Yes.
Appointee directors/ secretary possible ?
Yes, no nationality requirements. Can be furnished by the client.
Amount of fees payable to appointee directors/ secretary :
US$ 300.00 per year (three directors / three officers).
Meetings :
Shareholders / board meetings - as established in the articles of incorporation. May be held anywhere in the world. No periodic meetings are required by law
Annual returns :
None for offshore companies and private foundations. Required only of companies operating inside the Panamanian territory.
Must financial statements of a company be audited ?
Not for offshore companies and private foundations.
Is disclosure of profits required by filing balance sheets with annual returns ?
Not for offshore companies and private foundations. Only if the company / private foundation operates inside the Panama territory.
Are there any exchange control or other financial restraints imposed upon a company ?
No exchange control. The US Dollar is the currency of Panama and US coinage circulates freely.
Companies formed per year in general :
18,000 Companies l 2,000 Private Foundations
Number of companies on the company register altogether :
8000 Private Foundations / 350,000 Active Companies /
How, if any, is migration into and out of the jurisdiction achieved ?
Re-domiciliation of companies and private foundations to Panama is allowed. Re-domiciliation out of Panama depends on new jurisdiction. Companies and private foundations remain effective in Panama if not dissolved in Panama.
Disclosure of Information ?
Panama has not participated in any treaties in reference of disclosure of information with any country or Institution. Panama as one of the world financial centres have maintained its business confidentiality in a admirable form in the past decades.
Anticipated amendments to company law over the next 12 months :
Panama has regulating the quick money transfer and cash collection business, a law that completes a package of more than 10 laws preventing the use of the Panamanian banking, corporate and financial centre for money laundering, drug trafficking or terrorism. Panama has also adopted strict local rules concerning Corporate Governance for banking institutions registered with the Superintendence of Banks and local public companies listed by the National Securities Commission.
Anticipated law changes regarding the Offshore Business :
There is no law in the pipeline that would amend Offshore, Corporate, Trust, Private Foundation or Banking Laws / Regulations.
Thanks, Mr. Hoffmann.
Good luck.
Jens Hoffmann, Asia-Pacific - berlinstartup.de
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