Panama is another lucrative business investment platform that has uplifted its position in the global investor’s eyes.
The Panamanian offshore model has become the world ideal due to its flexible formation structure, methods to provide customer privacy, and supportive legal framework.
Investing in the region is one of the best business moves you can make to grow your business and safeguard your accumulated assets and wealth.
With extensive banking secrecy laws, vibrant banking culture, and key privacy features, it remains an attractive choice of location for Offshore Company registration.
If you are an investor who is looking to investing in offshore, then this guide will help you to gist of the necessary information that you need to know.
Offshore Company in Panama
Offshoring in Panama has started way back.
Starting an offshore company in Panama has been preferred by numerous global investors. They can enjoy a bundle of benefits in the tax-haven jurisdiction, which you will be aware of later in this article.
Established in 1927, the General Corporations Law was given form to the Panamanian corporation and has since registered some 4 lakh corporations and remains one of the premier destinations for offshore company formation.
A Panama offshore company gives individuals and corporations the capability to incorporate in a place with an excellent reputation for financial and offshore excellence.
Benefits of Starting an Offshore Company in Panama
As mentioned earlier that the business investors enjoy numerous benefits by setting up an offshore company in Panama, let’s have a look at a few of them.
1. Politically stable state
A democratically elected government, Panama divided into nine territorial units (provinces). Registering an offshore company in Panama means obtaining the license to run or operate a business in Panama.
2. Favourable tax laws
This is probably the most persuasive argument working by Panama by stating its favourable business climate.
According to the Law “On Companies,” non-resident offshore companies in Panama are entirely exempt from paying taxes.
3. Offshore Banking
The business investors have the complete freedom to open an offshore bank account to carry on the business transactions.
Opening an offshore bank account leads to numerous benefits, and to know more, look at our latest guide on the advantages of offshore banking.
4. International Gateway
The business investors get a better opportunity to enter into the international market through the Panama market.
Due to time, the tax haven has gained a higher status just like the other popular offshore jurisdictions. Here’s a guide on Why Panama is a Tax Haven that will help you to know the essentials.
How to Start an Offshore Company in Panama?
Incorporating an offshore company in Panama involves a series of steps that are to be followed accordingly.
The list of the few steps includes the following:
- Get in touch with a certified offshore business expert
- Understand the laws of the business organization
- Duly fill the offshore company formation application form and submit the same, backed by:
- Identity and address proof of the company shareholders and directors
- Memorandum and articles of association
- Business blueprint
- Bank reference letter if required
- Make sure to submit the essentials and grab the approvals from the relevant authorities
- Open an offshore bank account to deal with the offshore business transactions
- Commence the business activities at ease
It is usually preferred to open an offshore bank account at the time of company incorporation. Although, the business investor has got the opportunity to open one later.
However, have a glance through our guide on Benefits of Panama Company Formation with Bank Account, which will give you better clarity on the same.
In short, you have gained an overall idea about the essentials that are to be focused on while setting up an offshore company in Panama.
It is recommended to get in touch with an expert who can assist you in clearing the legal process at ease.