If you are from the Canada, Panama has become an attractive destination for establishing offshore companies due to its favorable legal framework, tax system, and strategic location. All these features allow companies to be established in Panama and operate actively in other countries.
Qualities and advantages of a offshore company
A offshore company is a business organization incorporated in one country but operating in a different one. This configuration offers a range of attractive benefits such as safeguarding assets, confidentiality, and significant tax reductions for its proprietors.
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
A key factor behind Panama’s appeal as a prime location for setting up a offshore companies is its robust and sophisticated legal structure, outlined in the Corporations Law of 1927, offering versatility in creating and managing these entities across different scopes.
The tax regime in Panama dictates that foreign corporations are taxed solely on income generated within its borders, leading to substantial tax advantages for companies conducting business overseas. Furthermore, its advantageous geographical positioning enables easy entry into the markets of Latin America and the Caribbean, presenting a valuable prospect for enterprises looking to extend their reach.
Panama also ensures strict confidentiality by safeguarding the anonymity of shareholders and executives, eliminating the necessity of revealing financial details. Moreover, the expenses associated with starting and managing offshore companies in Panama are competitively priced in comparison with alternative jurisdictions.
Requirements for establishing a offshore company in Panama
To establish your offshore company in Panama, you only need to meet the following requirements:
• Personal paperwork: a copy of the valid passport for all shareholders and directors of the corporation (a minimum of 1 shareholder and 3 directors). Furthermore, the residential address for all shareholders and directors is essential.
• Forms: completion of the Know Your Customer (KYC) Form is mandatory to confirm the identities and funding sources of the involved parties. Additionally, submission of the Company Formation Form is necessary to provide fundamental details about the company, such as its name, goals, share structure, along with the Due Diligence Form that requests information regarding the shareholders, directors, and business activities.
• Supplementary records: in the event that the shareholder is a Panamanian company or legal entity, a valid Public Registry Certificate (issued within the last three months) is obligatory. If the establishment is overseas, you must present a valid Public or Commercial Registry Certificate from that specific country (issued within the last three months) duly apostilled.
Remember, these are the basic requirements for establishing an offshore company in Panama. It is advisable to consult with specialists in the field, such as the team at Legal Solutions, to receive personalized guidance and ensure that all legal requirements are met.
Expand your business in Panama with Legal Solutions
If you are from the Canada, Legal Solutions is a law firm with extensive experience in establishing offshore companies, with a long track record in the field and specialized departments. They will facilitate all these processes, always striving to provide you with the best advice to establish your operational business in Panama successfully.
Thinking about investment opportunities in Panama? Check out their site for further details. Get in touch with an advisor to address any queries and enjoy a complimentary 30-minute consultation.
