The advantages of offshore companies in Panama.

Polity and administrative division: Presidential Republic. The country is administratively divided into nine provinces and autonomous region of San Blas (San Blas), controlled by the leaders of the Indian tribe Kunas (caciques). At the head of each province is the Governor, who is also appointed by the president. Each province is divided into several municipalities.


 Capital: Panama

 Resident companies:

 Resident.

 Types of companies:

 Sociedad Anonima - stock corporation;

 Sociedad de Responsibilidad Limitada (SRL) - a limited liability company.

 Company Law:

 General Corporation Law, 1927; Law Regulating Enterprises of Limited Liabilty No. 24.

 Restriction of activities:

 Conduct business with residents of Panama, to own real estate in the jurisdiction to conduct banking, insurance, freight forwarding activity without obtaining special licenses and permits.

 Capital:

 There are no requirements for minimum size and payment. May be denominated in any currency.

 Stock:

 Possible to issue any shares. Bearer shares are available only after the full payment.

Shareholders:

 At least 1. Restrictions on residence there. May be individuals or legal entities.

 Annual Meeting of Shareholders:

 Mandatory. Should be held in Panama, unless otherwise specified in the constituent documents of the company.

 Directors / Board of Directors:

 At least 3. There may be a natural person. Resident status does not matter. Directors may work in several companies.

 Secretary:

 Management staff of the company appointed by the Board of Directors: President Secretary and Treasurer. They may not be members of the Board of Directors.

 Chartered agent:

 Availability required.

 Registered office:

 May be in the territory of Panama or any other country.

 Annual report:

 Not required if the activity is conducted outside of Panama.

 Maintenance of registers:

 Be sure to include inventories:

 Shareholders, directors.

 Access to the registry information are open.

 Disclosure of Beneficial Owner:

 No.

Annual Accounting:

Not necessarily, if the activity is conducted outside of Panama.

Audit:

Not required.

Registration period:

3-4 weeks.

Prohibited activities:

Only requires certain licenses.

Taxation:

Subject to tax only income earned in Panama. Taxation is on a territorial basis. The corporate tax rate is 30%.

Advantages of the company in Panama.

•     Corporate profits earned outside of Panama, is not taxed. Not subject to income tax, corporate tax, trade, value added tax, etc.;

•     Extensive legal infrastructure, which has evolved over time;

•     low taxes when registering and maintaining the status of the company;

•     lack of reporting requirements;

•     The ability to keep the business under the direct control, while maintaining complete confidentiality. The names of the beneficial owners are not subject to public;

•     There is no requirement of citizenship and place of residence, as well as restrictions that apply to the owners, directors and officers, as in most other areas with preferential tax treatment;

•     Meeting of shareholders and boards of directors can be held anywhere in the world;

•     Share capital may be issued in the form of a nominal or bearer - Ideal protection and confidentiality of the owner of the corporation;

•     Money and making a profit can be placed or invested in any country in the world, and they are not taxable in Panama.

Finance company.

Type of company:

Panamanian financial company with a commercial license (offshore company).

Activities:

Purpose - commercial and financial activity offshore nature (mediation in making payments on behalf and for the benefit of third parties; brokerage of and billing on behalf of and for the benefit of third parties; service payments on credit cards, the management and administration of portfolio investment, leasing, factoring, and other financial activities).

Restrictions:

Banking, insurance, securities.

Registration:

Company registration within 2-3 weeks.

Charter capital:

USD 10 000.

Taxation:

Offshore companies are not taxable.

Exchange control:

No.

Benefits:

•     Panamanian financial company may obtain a license to engage in financial activities;

•     Panamanian financial company may be engaged in mediation in making payments on behalf and for the benefit of third parties, mediation and billing receipt on behalf of and for the benefit of third parties, or others;

•     Jurisdiction is not listed and the current Ukrainian FATF list of offshore zones.