Panama Offshore Company

Panama Offshore Company Incorporation

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Panama Offshore Company Formation
Panama
Year 1:
£699
Year 2:
£549
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Panama Company Formation

Brochure Download: Panama Company Formation

Schuss & Co. offers offshore company formation and management in Panama. Panama is growing in popularity as an offshore company jurisdiction due to its stable economy, favourable tax regime and fast company incorporate process.

We can have your Panama offshore company incorporated within 2-3 business days and we can provide nominee directors and shareholders on your behalf, should you require them. We can also assist you with opening bank accounts and help in the ongoing management of your company.

Read through the jurisdiction overview of Panama below for more information on why Panama is an ideal location for your offshore company structure. The PDF brochure provides a downloadable introduction to a Panama offshore company. If you are unsure about which jurisdiction is best suited to your needs or would like advice on any of our services, please contact us for a confidential discussion with no commitment.

Geographical Overview

The Republic of Panama, between Colombia and Costa Rica, has a population of approximately 3,309,000 (2008) and a land area of 76,000 sq km. Panama was part of Colombia until the US helped it to become an independent country alongside construction of the famous canal, beginning in 1903. As of the end of 1999, the canal and all its US facilities and bases reverted to Panama, creating a major economic opportunity for the country. The official language is Spanish, but English is understood in business circles. Panama’s currency is effectively the US dollar, with the official Balboa pegged to the dollar but used only for small transactions. Panama enjoys a tropical climate.

Economic Overview

The service sector contributes more than three-quarters of Panama’s economy, which is based on banking, tourism, shipping, mining and commerce. The Colon Free Zone is very successful, accounting for around 10% of GNP. The Balladares administration pulled Panama back from a very poor situation between 1994 and 1999, reorganising debt, trimming state expenditure, liberalising and privatising. Since 1999, the government has been trying to make productive use of the canal’s facilities with export processing zones and many investment incentives.

In the 90s, economic growth was around 4%. However, under Torrijos Panama is enjoying something of a boom with growth figures climbing from 8.1% - 10% 2006 to 2008. GDP per head is $11,900 (2008) at Purchasing Power Parity and unemployment levels are at 6.3% (2008).

Taxation Overview

Panama has territorial taxation, thus only locally sourced income is taxed.  Locally sourced income is taxed at up to 30%.  Although there are no ‘offshore’ regimes as such other than the Colon Free Zone and the export processing zones, there are more than 120,000 companies in Panama, most of which trade or hold assets externally. It is reasonably easy to form corporations, and privacy is assured. Banking and shipping are Panama’s two main ‘offshore’ industries and Panama is the world’s largest shipping registry.  In mid 2005, there were 80 licensed banks, of which 30 had international licences.

Advantages

  • The benefits of a trust, corporation and a will in one hybrid solution
  • Foundations can own corporations and assets all over the world
  • Similar to a holding company but a much more dynamic structure

Political and Economic Stability

  • High

Taxation

  • No applicable taxation

Time

  • 2-3 working days