Legal Attorney in Panama - Offshore Services

Corporations

The corporations can be established to realize commercial activities in Panama, including investment, purchase and sell properties, leasing, real state and personal properties.

People of different nationalities subscribe the deed with the purpose to realize any legal activity in Panama. By law, the corporations must have a name, capital, objectives and shares. They need to be registered at the Public Registry. Approximately Time: 48 hours.

Our clients interested in establishing corporations do not need to come to Panama. We require three possible names for the corporation and the names of the persons to constitute the board of directors (minimum of three is required).

The shareholders control the operation of a corporation and their information is kept private not registered in any public office. The shares may be registered or not. The records of a corporation can be handled by the client in Panama or abroad. The board of directors will be in charge of administration and they can be named as dignitaries as well. The information regarding the directors is included in the deed.

The firm offers the possibility to have a Panamanian board of directors in order to guarantee the anonymity of the owners. In this case, the directors do not have any relation or responsibility regarding the actions or activities of the corporation. This service is available for an additional fee.

The annual fee for a corporation is US$ 450.00. This amount includes a franchise tax (US$ 300.00) and the resident agent payment to the firm. (US$ 150.00). The franchise tax is paid through the firm. The owner of a corporation doesn’t need to present financial statements if the activities are performed abroad.

At the firm, we offer corporations already constituted that can be requested by our clients. These corporations have been registered in the Public Registry and have never been used. Once requested the documents are sent immediately.

Regarding the confidentiality of your investment in Panama, we recommend the constitution of corporations since the information of the shareholders is totally private. It is a convenient figure that offers facilities and advantages in tax matters.

Private Interest Foundation

The Foundations are established to donate a patrimony and protect it in favor of one person or a family through the designation of one or more beneficiaries. These figures can be created also for a social purpose.

A natural or juridical person who makes a donation is called the Founder. The Foundation Council is in charge of administration and is formed by three members or a juridical person. The Beneficiaries receive the donation according to the foundation clauses.

It is important to mention that the founder may be a beneficiary. The founder can establish that in case of his absence the assets will be distributed among others. A corporation can act as a founder and Foundation Council as well.

The Foundations are created through a document named The Foundation Charter which contains the name of the foundation, initial capital, members of the Foundation Council, domicile, objects and the powers and responsibilities of the foundation council. This document must be registered at the Public Registry.
The founder can establish a private document in order to create the Regulations of the Foundation. This document does not need to be registered in the Public Registry and contains names and rights of the beneficiaries. This document is confidential.

The founder establishes the instructions for the administration considering the purpose of the foundation. The stipulations involving the patrimony are included too.

The annual fee for a foundation is US$ 450.00. This amount includes a franchise tax (US$ 300.00) and the resident agent payment to the firm (US$ 150.00). The franchise tax is paid through the firm.

The private Interest foundations cant issue any shares or perform commercial activities as regular activities. It is a protective figure that works like a will but includes the advantages of a corporation. The patrimony donated to a foundation is totally separated from the founder assets and this patrimony.

A private interest foundation's estate can not be attached, seized or be subject to any lawsuit or legal actions which may arise from obligations or liabilities of the founder or the beneficiaries of the Foundation.

The initial patrimony of the foundation can be increased time to time by the founder. The transfer of the assets is immediately since the regulations establish the administration procedure.

Corporations and Private Interest Foundations

Our clients can invest and conduct business through corporations and protect their patrimony through private interest foundations.

Both structures have rights and obligations and are formed by an administrative group.