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Questions...Answers...An IBC (International Business Company), is a company formed in offshore jurisdictions. An IBC is not allowed to engage in local business activity in the country it is incorporated in. Some of the benefits of an IBC in Panama include: 1. No reporting requirements. A Panama Private Interest Foundation is an entity that is crossbred between a trust and a corporation. Characteristics of a Private Interest Foundation in Panama: 1. A legal entity that does not have owners. A Panama Private Interest Foundations is often used by people who wish to control a foreign corporation, such as an IBC, however, do not wish to own their corporations directly themselves. This effectively is a way around the Controlled Foreign Corporation (CFC) rules in their home countries. High tax countries as the UK, Australia, New Zealand, France, Canada, the USA, Italy and Spain have CFC rules that require its residents to declare to tax authorities any ownership they have in foreign corporations. By using a Panama Private Interest Foundation, then ownership of an IBC will be with the Foundation. The company shares are then issued to the Foundations' name. A Private Interest Foundation consists of the following: Founder: The person or entity that originally establishes the Foundation. This will usually be the agent
who goes to the public registry. The Founder has no influence over the control of the Foundation. Upon receipt of your setup fee, and lodging the required application forms to the local government in Panama, you can expect your IBC or Foundation to be setup within 2~3 days. Your documents will then be shipped to you via registered mail. An IBC and Foundation are different entities setup to achieve different goals. If you do not engage in commercial activities to make a profit, then we suggest a Foundation to protect your assets. If you engage in commercial activities to make a profit, then we suggest an IBC. IBC owners may then further consider a Foundation to hold their assets. There are many, but the main reasons people choose to go offshore include: 1. Tax exemption We will contact you within 24 hours to finalize your needs. You will then be asked to submit an online application form. The online application will gather your details which will be used when establishing either your IBC or Foundation. There is zero tax rate on corporate profits for IBCs and zero tax rate on profits from Foundations. If you decide to use the services of a Nominee Director or Nominee Foundation Council, then your details remain anonymous and not entered on the Panama Public Registry. Names must end with Limited, S.A., Inc., Corporation Incorporated or S.A. to denote limited liability. Names which include reference to Assurance, Bank, Building Society, Chartered, Co-operative, Municipal, Fund Management, Insurance or Trust require a special license. Yes. We can open corporate and personal bank accounts in Panama for Clients who have already setup an IBC or Foundation through us. Fees start from $500 and the services provided will depend on each bank. To satisfy OECD requirements, all Clients need to provide valid identification by means of a passport copy or national photo ID. Bearer share certificates indicates that the holder of a share certificate is the one whom holds title or ownership. No records are kept of ownership, as the holder of the bearer certificate takes on the ownership. Bearer share certificates can be used to avoid transfer taxes in certain situations. A Nominee Director is taken by a 3rd party professional director, and is included free of charge for the first year when setting up an IBC with us. A Nominee Director should be used as it effectively shields the management of an IBC from public records. The Nominee Director merely fills the position and doesn't get involved in the regular affairs of running the company. The Client will maintain control of the company. To do so, a Power of Attorney is drawn-up appointing the Client of their own company as representative. This allows the Client to raise invoices, sign contracts, operate bank accounts an so forth. Furthermore, Clients who choose to use a Nominee Director will receive pre-signed and undated Nominee Director resignation letters from each director. This allows directors to be replaced at any time. A corporate / foundation search will reveal the entity name, date of establishment, amendments, names of directors and corporate officers, foundation council members and any other publicly filed documents. Shareholder names are not required to be listed, hence remain confidential. A corporate / foundation search will reveal the entity name, date of establishment, amendments, names of directors and corporate officers, foundation council members and any other publicly filed documents. Shareholder names are not required to be listed, hence remain confidential. You can be appointed as a Director, however one person cannot hold more than two positions (minimum required by law is three positions). The Client (owner of the company) can choose who to appoint, or can use our nominees services if required for anonymity reasons.
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