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Panama Foreign Corporation

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   Panama Foreign corporations enable you to act as an international citizen with complete confidentiality, privacy and safety. Corporations can legally open bank accounts, brokerage accounts, hold credit cards, own property, stocks etc. and in many cases completely exempt you from any tax reporting requirements and with complete confidentiality.

   For many years Panama has been recognized worldwide as a major international offshore banking center offering very attractive legal and tax incentives to Panama foreign corporations. For example, Panamanian law allows Panama corporations to issue bearer stock certificates. This means the owners who control the corporation do not have to be named in any public record, since ownership is through physical possession of the bearer shares. Panama Foreign Corporations are not subject to Panamanian tax on income earned outside of Panama. Also, unlike Nicaragua and Costa Rica, Panama allows you to name your corporation with an English and any other foreign name, which has many advantages when using your Panama Corporation in other countries. These are just a few of the more important reasons why Panamanian corporations are so popular.


FORMING A PANAMANIAN CORPORATION:


   First you must select a name in followed by: Corp., Corporation Inc. or Incorporated. You cannot use the words Bank, Trust, Foundation or Insurance in the name of your corporation. You may use any name as long as it is not being currently used in Panama. If you own corporation in your country, you may find some advantages in using the same name for your Panama Foreign Corporation, if it's available in Panama. This would allow you to have identically named offshore and onshore bank accounts as well as other similar advantages.

   Panamanian corporations are typically formed with nominee directors, president, secretary and treasurer. These are Panamanian citizens who are paid officer workers. If you wish, you may select your own directors and officers. However, the original directors and officers selected are registered with the Panamanian public registry which becomes public information available to anyone who inquires. Therefore, if you wish confidentiality, you can select the nominee director option. Officers and directors can always be changed later.

   Panamanian law allows corporate shares to be issued in bearer form. This means that whoever physically possesses the shares, owns the company. This allows for total confidentiality of ownership, since the person who physically possesses the shares is not identified in any public or even private record. Having a Panama Foreign Corporation with bearer shares also makes transfer of ownership completely private and not a matter of public record, since transfer of ownership is a simple process of physically transferring the bearer shares to a new owner. It is very similar to passing a $100 bill to someone else versus writing them a check. This feature makes it very easy to sell or transfer properties confidentially by simply transferring the bearer shares and ownership of the Panamanian corporation and thus avoiding many forms of taxes and closing costs because title to the property remains in the name of the Panamanian corporation. Essentially you are simply selling the corporation which owns the property.

   Your Panama Foreign Corporation comes with a notarized General Power of Attorney (in English) signed by two officers named in the articles of incorporation. This power of attorney provides a blank space for you to fill in the name of any person you want to act as the legal agent for the corporation with the authority to open and sign on corporate bank accounts, enter into contracts for the corporation, sign and transfer assets for the corporation, and etc. Although you fill in your name or another person name as having Power of Attorney, this is not evidence of ownership. The person named is simply an agent, similar to an employee empowered to act for the corporation. You may order as many additional Power of Attorney forms as you wish.

   As you can see there is a world market for Panama Foreign Corporations because they are extremely popular. Older Panamanian corporations with established bank accounts sell for thousands of dollars or more. Selling your Panamanian corporation is a matter of physically transferring the bearer stock certificate together with the other corporate records to the new owner.

 

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