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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