OFFSHORE CORPORATIONS OR COMPANIES IN PANAMA
Offshore corporations make it possible to eliminate obstacles to commerce and expedite trade, via the proper planning of a fiscal structure of companies, above all, utilizing the triangulation method and the re-invoicing of goods and services.
BENEFITS AND ADVANTAGES OF OFFSHORE COMPANIES IN PANAMA
Panamanian companies or offshore corporations are well known around the world and offer the investor a series of advantages associated with Panama's fiscal benefits.
Their importance resides in their versatility, their security, and the confidence derived of their easy administration, on the part of the investors.
Confidentiality in respect of beneficiaries, owners, or proprietors of a company or an offshore corporation, due to the fact that their names are only registered in the book of shares of the corporation and not in public offices.
Tax exemptions on goods, revenues, benefits, or earnings earned by the Panamanian company or offshore corporation, when these are obtained or produced outside the territory of the Republic of Panama.
Financial, Commercial and Tributary Declarations
It is not required the presentation of financial, commercial, or tributary declarations on activities carried out by the Panamanian company or offshore corporation outside of Panama.
Expeditious, simple and prompt Organization
Panamanian offshore corporations can be organized in a period between 48 and 72 hours. Nonetheless, the complete preparation of the package for its remittance can take from 5 to 7 business days, which will depend on additional services, which have been requested.
Language of the Corporate Charter
In Panama, the Corporate Charter of a company or an offshore corporation can be prepared in another language, in addition to Spanish.
Panamanian companies or offshore corporations allow the Shareholders or Board of Directors meetings to take place outside of Panama, and even in a virtual manner.
Capital of the Corporation
The capital of a company or offshore corporation in Panama need not be deposited in banks, or that the assets of the corporation be located in Panama.
The shares of companies or offshore corporations in Panama can be issued as Bearer or Nominative Shares.
One or more persons (natural or juridical), national or foreign, can be the proprietors of the Panamanian company or offshore corporation, except when the company in question is engaged in retail business within the Republic of Panama.
The composition of the Board of Directors must consist of no less than three (3) Directors, and a single person can occupy more than one position.
General Power of Attorney
In the event that total confidentiality is preferred, having the corporation nominal directors, the activities of the company or corporation can be addressed by means of a General Power of Attorney that does not require to be registered or inscribed in the Public Registry of Panama.
The flexibility of Panamanian companies or offshore corporations allows them to appear as proprietor or titleholder of all kinds of goods or assets, including bank accounts, located in any part of the world, without having these to be declared in Panama.
Invoicing and Re-Invoicing
The Fiscal Code allows that, under the territoriality principle, companies or offshore corporations constituted in Panama can carry out invoicing and re-invoicing operations for goods and merchandise, from an office located in Panama, if and when said products or merchandise do not enter the fiscal territory, these operations therefore being considered as extra territorial activities, and therefore exempt from income tax.