Off-shore Companies: Panama

IBC Formation:

The offshore companies are considered the best fiscals instrument by excellence, because they have a diversity of functions and benefits.  Panama is well known because of their offshore business center, and stood out the International Banking Center.
At the time of forming a company it could be created under any name given by you, but you have to make sure that the provided name is has Latin characters and its permitted to include a second name in other languages but does not contain any disrespectful or insulting language, and it should be unique because if it’s similar to another company name it would be rejected.
The last part of the chosen name for the company as always end with a legal suffix such as: S.A., Sociedad Anonima.

The company name cannot be linked to any Government or Estate place.
Legislation
The offshore companies in Panama are regulated by the Law No. 4 of January 2009, which came into effect on January 15, 2009.

IBC Structure
Only one director or three shareholders are required for the company’s formation.
The shareholder(s) and director(s) can be a natural person.
It is required at least three secretaries.
Directors
All of the IBCs in Panama can have one or more person or corporate directors and they can be of any nationality. Without the needs of any statutory meetings to be held you can have them all or do business activities not being in the country at distance.
Taxation
In Panama they offer investors the benefit of a zero (0) Tax exception like all the offshore jurisdictions for foreigners around any commercial activity or commercial transactions made outside the country.
Privacy
One of the most important features about Panama for people in the business world is the security in such insecure times that we are living because of the privacy that Panama offers, because the shareholders and administrators names are not published in the public records.

Records/Books
By law a Panama IBC should keep accounting records that are able to explain all the transactions of the company and will be enable to show the position of the company with reasonable accuracy.

The books and records will not be show in the public records it should be kept at the registered office of the company.