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Offshore
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Certainly at one point or another, investors come to the decision that they would like to find a way to reduce their tax burden, protect their assets from ridiculous lawsuits and protect their confidentiality. Whether one is looking for these things, or simply to pre-plan for a way to save on estate taxation, the Panamanian Corporation and Foundation offers the most secure and least expensive way to accomplish these goals. The corporation law of the Republic of Panama provides that any two natural persons acting as the organizers and the subscribers may appear before a Notary Public to organize and constitute a corporation (In Panama Public Notaries govern most entities under the direction of a government institution). It is the usual practice for natural or juridical persons outside of Panama to accomplish the formation of a Panama corporation through a local Panamanian law office, a trust company, or a professional management services firm. For the purpose of drafting necessary documents, the following simple information and particulars are supplied by the client to the incorporation agent: Company Name - A preferred name, with two or three alternatives in the event that the desired name may conflict with a name already in use, expressed in any language, The name must also include a corporate ending such as (Anonymous Society), Corporation, or Corp, Incorporated, or Inc., Limited, or Ltd. to clearly denote that it is an incorporated company. Articles of Incorporation – One must specify the purpose of the company and certainly that can be as broad or specific, as you would wish. It is certainly possible to indicate a number of activities, if that is desired. The capital of a Panama corporation is expressed as Authorized Capital, and there is no minimum capital that must be paid in. I suggest that the indicated capital be no more than US$ 10,000.00 as the initial registration tax or fee is a function of the authorized capital. The minimum, initial capital registration fee is US$60.00 (based upon $ 10,000 authorized share capital). The annual minimum tax thereafter, assuming there are no profits derived from any business activity in Panama, is $ 150.00. You will need the services of a notary and accountant to make this declaration for you, but this is not a problem and costs less than $ 100.00 Shares may be issued in Bearer form or in Nominative form. Preferred, Class A, Class B, voting, non-voting, and other shares structures are also permitted. Keep in mind that the “Articles of Incorporation” are public record. Directors - A minimum (with no maximum) of three directors is required. These may be of any nationality, residence or occupation. Nominee directors are permitted and many offshore formation firms will try and convince you to use their nominees for this purpose. The decision to use nominee director is yours to make and really comes down to trust. Do you trust the person whose name appears on your documents as having control over your company? In reality, you can certainly choose anyone that you wish, but I advise you that there are some other strategies you can employ if you wish to remain anonymous. Juridical persons (other corporations or entities) can also act as a director. Officers - A President, a Treasurer, and a Secretary are required. These may be natural or juridical persons, and there are no requirements as to nationality, residence or occupation. While one person may hold more than one office, it is customary that the President should not also be the Secretary. One of the officers is usually named Vice-president. There may be as many Vice-presidents as required. Managers or other positions may also be named if desired. Normally the directors and the officers are one and the same, but they certainly do not have to be. Domicile - The company can be domiciled anywhere in the world, but I advise that you stay with Panama or another tax haven as the domicile of the Panamanian Company. The Panamanian Company must have a Registered Agent domiciled in Panama. It is required that the agent is a practicing lawyer or law firm. Domicile of registry is not necessary domicile of Business. A very important point to understand when planning tax strategies. Duration - The Corporation may have a limited or unlimited life, however, it is customary for the duration to be perpetual. Time To Establish The Company A competent attorney in Panama can get the incorporation process done in about 1 week to ten days. If the paperwork is being accomplished by mail, and your check needs to clear, then of course the process can take a month. But anyone in a rush can incorporate in person in about 1 week. As a word of advice, stay away from “shelf corporations” that some of these offshore firms will try and sell you. You do not know if the offshore formation company or attorney has actually made any material changes when you buy a shelf company and you also do not know if the company was engaged in something that will come back to bite you later on. The incorporation process is convenient and quick, so why not get a new corporation from the start? Corporate Minutes, Seals, Etc. - Corporate Seals or Minutes Books are not required, especially if the corporation does not operate in Panama. With your certified copy of the “Articles of Incorporation”, you should not have an problem opening a bank account or conducting other business. Expenses
Our experience is that some firms have charged up to $
3,000 for one single corporation. We usually work with our clients
on a flat fee basis. We prefer the flat fee basis, because we can
then shop for the lowest price for our client and truly work as an independent
advocate in this way. Regardless of what type of arrangement desired,
the entire cost should not exceed $ 2000.00 (with federal express fees,
legal fees, etc. included in this amount)
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