For individuals residing in the United Kingdom, Panama has emerged as a popular choice for forming offshore company given its advantageous legal structure, taxation policies, and prime geographical position. These aspects facilitate the establishment of enterprises in Panama with the ability to conduct business effectively across various nations.
Traits and advantages of a offshore company
An offshore company is a corporate entity registered in one nation but conducting its activities in another. This setup provides numerous appealing advantages, including asset protection, privacy, and substantial tax savings for its owners.
For foreign investors looking to expand their businesses internationally, establishing an offshore company in Panama may be an invaluable strategic tool. Located in jurisdictions with favorable legal and tax frameworks, they offer a range of advantages that can drive the growth and profitability of their investments. The experts at Legal Solutions can guide you in establishing your offshore company.
Benefits of setting up a offshore company in Panama
One reason why Panama is such an attractive destination for establishing an offshore company is its solid and developed legal framework, established by the Corporations Law of 1927, which provides flexibility for the establishment and operation of these entities at multiple levels.
Panama’s tax system means that offshore companies only pay taxes on profits generated within the country, which can result in significant tax savings for companies operating abroad. Additionally, its favorable strategic location facilitates access to the markets of Latin America and the Caribbean, representing an invaluable business opportunity for companies with expansion plans.
Panama also guarantees a high level of confidentiality by protecting the identity of shareholders and directors, without requiring the disclosure of financial information. Lastly, the costs of establishing and maintaining offshore companies in Panama are competitive compared to other similar jurisdictions.
Requirements for establishing a offshore company in Panama
To form your international corporation in Panama, you simply need to fulfill the following criteria:
• Identification documents: a photocopy of the valid passport of each shareholder and director of the corporation (with a minimum of 1 shareholder and 3 directors). Furthermore, the residential address of all shareholders and directors is mandatory.
• Application forms: completion of the Know Your Customer (KYC) Form is essential, ensuring the verification of identities and funding sources of all parties involved. Additionally, the Company Formation Form must be filled out, providing fundamental details about the business such as its name, objectives, and share distribution. The Due Diligence Form is also required, gathering information regarding the shareholders, directors, and operational aspects of the entity.
• Supplementary papers: in cases where the shareholder represents a domestic corporation or legal entity in Panama, a valid Public Registry Certificate (issued within a maximum of three months) is obligatory. If the entity originates from overseas, a current Public or Commercial Registry Certificate from its respective jurisdiction (issued within a maximum of three months) and properly apostilled, is mandatory.
Remember, these are the fundamental prerequisites for founding a offshore company in Panama. It is recommended to seek advice from experts in the field, like the professionals at Legal Solutions, to obtain tailored assistance and guarantee compliance with all legal obligations.
Expand your business in Panama with Legal Solutions
If you reside in the United Kingdom, Legal Solutions is a legal practice with vast expertise in forming offshore companies, boasting a proven history in the industry and dedicated divisions. They will streamline all these procedures, continuously aiming to offer you optimum guidance to set up your business operations in Panama effectively.
Thinking about investing in Panama? Explore their site for further details. Get in touch with an advisor to resolve any queries and avail of a complimentary 30-minute consultation.
