Panama stands out as a privileged destination for the establishment of offshore companies, which are legal entities established in a country other than that of their main economic activity. However, the assistance of a law firm such as Legal Solutions Panama to start the process can be essential.
This country offers a series of advantages and benefits that attract investors and entrepreneurs from all over the world. It is characterized by its ease in establishing this company format, and by its agile and efficient establishment process, which allows entrepreneurs to quickly start their business operations.
Tax advantages in Panama for offshore companies
One of the main advantages of establishing an offshore company in Panama is the tax reduction compared to most countries in the world. If the company’s income is generated outside the country of establishment, it will not be subject to Panamanian income tax, which is currently 25%. This means that income generated outside the country will not be taxed in Panama, but neither will it be taxed anywhere else.
Benefits of offshore companies in Panama
In administrative and accounting terms, offshore companies in Panama enjoy certain flexibility. For those that do not operate in that country, it is not necessary to file annual income tax returns, the accounting records of these companies can be managed outside the Panamanian territory. However, Resident Agents must be able to access the person responsible for the records and the physical location of the records.
The benefit of an offshore company is centered on the possibility of invoicing commercial activities carried out in international markets without having to file income tax returns in Panama or anywhere in the world and with an annual cost of maintenance of the company of 701.25 USD.
Requirements to establish an offshore company in Panama
The requirements for the establishment of an offshore company include a current copy of the passport of the shareholders and directors, proof of domicile, bank certifications and income tax returns. In addition, the following forms must be completed, which will be sent to you by Legal Solutions Panama: Know Your Client, Company Formation and Due Diligence.
With these simple requirements, Panama has become an attractive destination for those seeking to establish offshore companies, offering a favorable environment and significant benefits for international investors and entrepreneurs.
Who can establish an offshore company in Panama?
An offshore company can be established by any person over 18 years of age, of any nationality, as long as they have a valid passport. Directors and shareholders do not need to live or be based in Panama to establish the company.
Legal Solutions Panama makes you easy the creation of your company in Panama
Legal Solutions Panama is a law firm specialized in the creation of companies in Panama. The company’s team of professional experts is ready to help you establish the company structure in the country and guarantee a fast, easy and safe process.
With their experience, they provide quality advice and solutions tailored to the specific needs of each client. The team’s commitment is to ensure that the experience of starting a company in Panama is successful and smooth. Contact their team and discover all the opportunities.