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| Fact Sheet | |
| • | An offshore IBC (Also Known As Offshore Company or Offshore Corporation) is an entity (or company) that can only operate outside the country of its incorporation. Alternatively it can only trade with another offshore IBC in the country of its incorporation. |
| • | Panama taxes according to the territory principles (that is, it does not tax foreign-source income), only the income produced locally is taxable. |
| • | There are no requirements to file any reports with the Panamanian Government regarding any offshore activities, except the annual government franchise tax to remain in good standing |
| • | Meetings of the directors and shareholders may be held in Panama or in any country |
| • | There are no exchange controls, currency restrictions or reporting requirements. It is possible to keep a business under direct control while maintaining complete confidentiality. |
| • | Names of beneficial owners are not publicly available. |
| • | No requirements to file any changes to ownership schedule after registration is complete. |
| • | No citizenship or residency requirements or restrictions with respect to owners, directors and officers |
| • | Stockholders' and Directors' meetings may be held anywhere in the world |
| • | Shares can be issued to Bearer |
| • | Panamanian authorities insist that a Company has a Registered Agent in Panama who must be a Panamanian registered lawyer or firm of lawyers. |
| • | Data on Owners and Directors is not publicly available and remain confidential |
| • | No International Trade Tariffs, Income Tax, Corporate Tax, Sales Tax and also No Value Added Tax |
| • | No annual tax return requirements |
| • | Government Tax is $300 and must be paid at time of incorporation. The 2nd year Government tax $300 ($50 late fee applies) and must be paid before June 30th or before December 31st if registered after June 30th. |
| • | Panama IBC must have at least one shareholder whose name usually appears on public records. Directors' names also appear on public records and they have to appoint a company president, secretary and treasurer. One person might hold all three positions of a President, Corporate Secretary and Treasurer. |
| • | Upon registration of Company, you will receive the following:
a. Statutory documents in Spanish with a copy in English b. General Power of Attorney c. Declaration of Trust d. Certificate of Incorporation e. Share Certificate f. Directors with Letters of Resignation g. Resident Agent h. Courier to your door |
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Terms & Conditions | © 2006 Western Trust Corporation |