There are many places one can utilize to incorporate their business offshore that are satisfactory. You will find places in the Carribbean, Central America and even Europe dotting the offshore company formation landscape since almost any country will allow for companies to be incorporated. You need to decide for yourself which jurisdiction offers all the benefits you require when you make your mental checklist of what you would like when incorporating an offshore company.
There is one offshore incorporation center that is getting more coverage in the media lately than any other destination and that is lovely, charming Panama. One of the best known centers in Latin America, Panama City has over four hundred thousand offshore companies registered there making it one of the largest offshore incorporation centers worldwide behind only Hong Kong.
The number one reason why Panama has skyrocketed in popularity is because corporations there have the greatest amount of anonymity of any country worldwide. Remembering that privacy is one of the key ingredients to forming an offshore company, the anonymity that Panama provides is a huge factor to consider when deciding where you’re going to incorporate.
Under Panama law, a bearer share corporation (or SA corporation for Sociedad Anonima) can be sold or transferred privately without the need to record the sale in any way. You will receive pre signed resignation letters from your nominee directors to ensure they can not do any funny business with your corporation. You can also replace these directors with your own at any point but you may lose the anonymity if you choose someone you know. Not always advisable.
Without ever revealing ownership, incorporating your offshore company in Panama is now easier than ever according to the various websites promoting the jurisdiction. And unlike some offshore jurisdictions, you can even own bank accounts, stock trading accounts, and real estate with your Panamanian corporation. There are additional financial strategies available as well, and an attorney can be employed in order to perform certain corporate functions. Panama allows strong privileged communication between attorney and client, and of course, it’s all protected by strong confidentiality.
The article of incorporation is the only document recorded in the public registry when you incorporate an offshore company in Panama. Neither the people of Panama nor the Panamanian government knows the true identity of the company owner. The bank you register your offshore company bank account will have records of the bank account signatory but this information is confidential and can only be accessed for a serious criminal investigation. Furthermore, this litigation must be registered in a court in Panama since only Panama courts have jurisdiction over Panama banks.
The fee for a corporation in Panama is $300 the first year, then the second year, the annual fee is $695 per year and from then on. But the $695 includes the government fee of $300. The $695 is actually a good price when you compare that to the $1,000 to $1,500 that the attorneys charge when they’re involved in the equation. And that is another plus with incorporating your offshore company in Panama — the price is right.