Offshore Company Formation
Offshore Company Formation Forming an offshore company in Panama will offer you unparalleled investor confidentiality, a flexible corporate plan and the capacity to perform legal business in the international community.
For the purpose of incorporation, you should have at least two people who are authorized to act as organizers for your company as well as a minimum of three directors, the names and addresses of whom will be kept on public record as directors of your Panama based corporation. The two people that will act as organizers should also appear in front of a Public Notary to have their identity documents authenticated.
If you are a trifle apprehensive with the idea of having your name show up in the company's registered documentation, you would be well advised to employ the services of a Panama legal service that will be able to offer nominee directors with signed resignation letters on your behalf.
Panama law also requires that corporations should have officers for the positions of President, Treasurer and Secretary. One individual is able to serve as both a President and Treasurer, but the same person cannot be a President and Secretary. These officers can be supplied by a Panamanian lawyer which in effect removes your name from the public registry in Panama.
One of the advantages of establishing an offshore company in Panama is the fact that it is not compulsory to have paid-in capital. However, Panamanian corporations have a standard capitalization requirement of $10,000 for every offshore corporation established.
All of your offshore company records will be filed in the mercantile registry in Panama. Although it is not obligatory to maintain any records of your accounts it may be a good idea to do so, especially if you are a citizen of the United States. There is also no requirement for the issue of financial statements for your company so long as all of the income for the company has been derived offshore from Panama.
Shares can be made out anonymously in a bearer share format which in essence means that an individual who holds the actual physical share certificates also owns the company. Thus, ownership can easily be passed from one individual to another with no public record of the sale required.
A non-resident Panama offshore corporation can take anything from four to six days to form but in some cases a twenty-four hour express service is available depending on which law firm or service you choose to utilize. When forming your offshore company it is highly recommended that you enlist the assistance of a Panama lawyer or law firm. A Panamanian legal firm can supply you with nominee officers and directors for your offshore company as well as perform the filing all of the necessary paperwork on your behalf.
A lawyer will also physically go to register your company with the Panamanian public registry since only a lawyer can do this by Panamanian law. It is very possible though, to create a company in Panama without ever having to physically visit the country provided you work with a good firm. Copies of your identity documents will need to be notarized and apostilled and couriered to your lawyers office.
About the Author:
For more information about offshore company formation or incorporating a Panama corporation please visit the author's website: www.offshorelegal.org/
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