PANAMA OFFSHORE COMPANIES (IBC)
BENEFITS
Among the benefits that are specifically enjoyed are the following:
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Panama offers complete tax exemption on foreign source income and on transactions carried on outside the Republic of Panama, even though it is managed from Panama.
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The companies are not required to file annual accounts
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They only have to pay an annual fee within 3 months of incorporation and on every anniversary thereafter
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These corporations can conduct business and exercise their powers from foreign countries.
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They can borrow money, incur in liabilities in connection with their business or for any lawful purpose, issue bonds, promissory notes, bills of exchange and other debentures
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Panamanian corporations cannot be forced to divulge confidential information to the country's or foreign authorities
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Bearer shares are allowed
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If the company has a bank account, the identity of the bank account holder cannot be divulge, unless deposits are guarantees of assets and the accounts are under investigation by the Superintendency
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There are no exchange controls in Panama, and corporations may transfer funds with complete freedom
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Transactions may be carried out in any currency
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Two natural or legal persons, not necessarily residents in Panama, can act as shareholders and directors.
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There is no minimum of share capital
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The books, records, account, etc., may be kept by electronic means and can sit anywhere in the world
