Panama has become an attractive destination for establishing offshore companies if you live in the United Kingdom 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.
Traits and advantages of a offshore company
An offshore company is a business entity established in a specific country but operating in another jurisdiction. This arrangement offers a range of attractive benefits such as safeguarding assets, confidentiality, and significant tax benefits for its proprietors.
Foreign entrepreneurs seeking global business expansion opportunities may find great value in creating a offshore company in Panama as a crucial strategic asset. Situated in regions with beneficial legal and fiscal structures, these entities provide a variety of benefits that can enhance the expansion and profitability of their ventures. The professionals at Legal Solutions are well-equipped to assist you in establishing your overseas corporation.
Advantages of establishing an offshore company in Panama
One of the key factors contributing to Panama’s appeal as a prime location for setting up an offshore corporation is its robust and sophisticated legal structure, as outlined in the Corporations Law of 1927. This legislation offers a high degree of adaptability for the formation and functioning of such entities across various aspects.
The tax regime in Panama dictates that offshore companies are liable for taxes solely on earnings derived within the national borders, leading to substantial tax advantages for enterprises conducting operations overseas. Furthermore, its advantageous prime position enables entry into the markets of Latin America and the Caribbean, presenting a priceless prospect for firms aiming to broaden their reach.
Panama also guarantees a high level of confidentiality by protecting the identity of shareholders and directors, without requiring the disclosure of financial information. Lastly, the costs of establishing and maintaining offshore companies in Panama are competitive compared to other similar jurisdictions.
Essential requirements for establishing a offshore company in Panama
To create your offshore company in Panama, you simply need to fulfill the following criteria:
• Personal documentation: a copy of the valid passport of all shareholders and directors of the company (minimum 1 shareholder and 3 directors). Additionally, it is necessary to have the home address of all shareholders and directors.
• Forms: you must complete the Know Your Customer (KYC) Form, where the identity and source of funds of those involved are verified. Additionally, you need to complete the Company Formation Form, where basic information about the company is provided, such as its name, objectives, and share structure, and the Due Diligence Form, which delves into information about the shareholders, directors, and activities of the company.
• Additional documentation: if the shareholder is a company or legal entity from Panama, a valid Public Registry Certificate (maximum three months since its issuance) is required. If the company was established abroad, a valid Public or Commercial Registry Certificate from its country (maximum three months since its issuance) duly apostilled is required.
It is important to note that these represent the fundamental prerequisites for setting up a offshore company in Panama. Seeking advice from experts in the field, like the professionals at Legal Solutions, is recommended to obtain tailored assistance and guarantee full compliance with all legal obligations.
Grow your enterprise in Panama with Legal Services
If you reside in the United Kingdom, Legal Solutions is a legal practice with vast expertise in forming offshore companies, boasting a proven history in the industry and dedicated divisions. They will streamline all these procedures, continuously aiming to offer you optimum guidance to set up your business operations in Panama effectively.
Are you contemplating investment opportunities in Panama? Explore their site for further details. Get in touch with an advisor to address any inquiries you may have and benefit from a complimentary 30-minute consultation.
