Panamanian offshore corporations are an easy vehicle to negotiate and close deals. The simple and yet formal provisions of the Law, render the users to trust the system. The amendments necessary to close one deal are quickly done by registering them at the Public Registry Office, and since it is a government institution, the certificates and Apostilles are easy to obtain in order to sign a contract in a short period of time.
Directors of the companies do not necessarily have to be shareholders and vice versa. Panamanian companies are not bound to issue shares. Powers of Attorneys may or may not be registered in the Public Registry Office.
For over seventy five (75) years the Panamanian offshore corporations has been recognized worldwide as a suitable offshore vehicle and with the proper legal advice can be utilized in a diversity of structures to conduct international business, asset protection, and estate planning, among others.
Among the most important features of the Panamanian offshore corporations we can mention:
- Quick registration in 24 to 48 hours.
- The Panamanian offshore corporationss can be registered notwithstanding the nationality of its directors or shareholders.
- The income produced by a Panamanian offshore corporations outside the territory of the Republic of Panama is exempt of paying Income Tax in Panama.
- The capital of the company does not have to be paid partially or fully at the moment of incorporation.
- There is no obligation to file annual reports, financial statements or sworn income declarations, always that the company does not generate Panamanian sourced income.
- Legal entities of any country can be appointed as directors, officer or shareholder.
- There is no obligation to undertake annual meetings of the Board of Directors or Shareholders.
- The directors and shareholders can meet in person, by Proxy, phone or by any other electronic mean.
- Three (3) directors are required, either physical persons or legal entities of any nationality.
- The officers (usually a President, a Secretary and a Treasurer) not necessarily have to be directors and one person can occupy one or more or all offices. The officers can be either physical persons or legal entities.
- The shares can be issued in nominative or bearer form. In any case, the name of the shareholder is not required to be registered at the Public Registry, so anonymity is guaranteed.
- The corporate books can be kept in any part of the world and can be managed by electronic files or program.
- A Panamanian offshore corporations can do transactions and own assets in any part of the world, without having the obligation to maintain assets in the Republic of Panama.
- The Panamanian offshore corporations can undertake any type of legal business activity in any part of the world.
- The use of the Apostille is permitted.
Among the most important uses of the Panamanian offshore corporations we can find:
- As a holding entity for shares, bonds, bank accounts, term deposits, investment projects or any other financial or commercial title.
- Owner of shares in other companies, be them Panamanian or foreign.
- Owner of unmovable property, such as apartments, lots, houses or any other asset, be them movable or unmovable.
- Manager or promoter of international commercial transactions.
- International lease of aircraft, vehicles, machinery, vessels and others.
- Instrument to receive and deliver loans in cash or commissions for products and services.
- Marketing and promotion of products and services.
- Other financial or commercial activities.