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Panama Legal Services Frequent Questions

 

Panama FAQ's

 

About Panama Offshore Corporation and Private Interest Foundation

What Is an Offshore Corporation?
A corporation is an entity recognized by law as a separate "person" with limited liability. A corporation has the option to sell shares, the right to sue and be sued, and has perpetual existence. Panama corporations are used by individuals from all the world who are interested in asset protection, tax minimization, privacy, investment diversification, banking transactions, etc..

 

How Are Offshore Corporations Used?
Offshore corporations are private and closely held, some are publicly traded on major stock exchanges. Panama Offshore corporations may be used to own and operate businesses, issue shares, bonds or otherwise raise capital, guarantee obligations, hire employees, buy goods and services, sell goods and services, make contracts, rent office space, maintain checking and saving accounts, and maintain retirement plans for employees.

 

What Are Articles of Incorporation?
The Articles of Incorporation is the document which establishes the corporation and contains basic information such as the name, share structure, and purpose of the corporation.

 

Why is the Panama Corporation good for privacy?
There are no ownership records in any public registry or database so the owners are anonymous. When the Panama Corporation sends and receives wires no one can tell who the natural persons are behind the corporate veil. The owners name stays private and do not appear.

 

What Does a Corporate Search Reveal?
A corporate search will reveal the name of the corporation, the date of existence, amendments, and any other publicly filed document. For instance, there is no requirement that the names of corporate officers, directors or shareholders be filed in any public registry. Such information, therefore, remains confidential. The requirements under Panama law are a little different which is solved through the use of nominees as directors and shareholders

 

What Are By-Laws?
The By-laws, or in some jurisdictions "Articles of Association", are rules the corporation creates for its shareholders, officers, and directors. By-laws are adopted by the Board of Directors as one of the first organizational steps in setting up a corporation. Upon instruction, we can adopt a standard set of By-laws for a new corporation. Unlike Articles of Association, By-laws are usually maintained internally but may be publicly filed if requested.

 

What Are Bearer Shares?
Bearer share certificates do not indicate the name of the owner. The certificate is endorsed in blank such that the person having physical possession of the document is the owner. Bearer shares facilitate the transfer of assets because transfer of ownership is accomplished simply by the transfer of the certificate. As a rule, we do not advise the use of bearer shares because of its negative connotation in the eyes of judges and lawmakers.

 

Do you supply the required three nominee directors for the Panama Corporation?
Ye, if you want. You will receive signed but not dated letters of resignation from the nominee directors and council members. You also will receive a General Power of Attorney in your favor signed by the nominee directors of nominee council members.The nominees are included in the Panama corporation service. You only need pay for every firm $15 sometimes in the year.

 

Do the Panama Corporation stock certificates need to be made out in the name of any person of entity such as a foundation or corporation?
No. The stock certificates can be in blank. They are bearer instruments similar to bearer bonds. Ownership is based on who owns the stock certificates.

 

About Our Panama Law Firm "Panama Legal Consultants"

Who are us and where are located?
We are a full service law firm in the Republic of Panama that specializes in establishing corporations and foundations . We are located in Panama City, Panama and our physical address and PO box is listed in the website. Our attorneys are registered agents in the Panama Public Registry.

 

How can I trust your service, can you provide references?
We are a reputable provider in the offshore industry. If you would like, we can provide you with a list of professional correspondent references. Unfortunately, due to the confidential nature of our business, we cannot provide our clients as references.

 

Do I need to come to Panama to finalize anything?
No. Everything can be done through email or courier. Our attorneys would be more than happy to schedule a meeting with you for special consultations. However, Panama is a beautiful country to visit and we encourage you to do so. Our attorneys charge an advance fee of US$100 per hour (with a minimum of 3 hours) for consultations.

 

About Panama Bank Accounts

Can I get a Numbered Bank Account in Panama?
Numbered bank accounts have been eliminated since 9/11. The banks can not send wires to numbered accounts or receive funds from them. The Panama Bearer Share Corporation is just as anonymous as the numbered bank account was, it just uses a corporate name instead of a number.

 

Why use a Panama Bank
Panama banks are excelents choices for Privacy and Asset Protection. Some of the most important aspects of offshore banking are personal or corporate privacy and banking secrecy. Funds and other assets are significantly better protected from creditors, and/or any other form of lien or confiscation action, in an offshore jurisdiction than in your country of residence.

 

Why you charge a fee for a Panama Bank Intro?
Because we prepare the necessary board minutes with the resolution which appoints the signatories to the account, we provide the signature cards and application forms, in some cases, partially filled. We advise on how to complete the application forms to the satisfaction of the bank. Most importantly, we know the bank requirements and know how to open the account fast and without serious delays. We do not require you to use our bank introduction service and you should feel free to approach any banks in the world yourself.

 

What can I do when my bank refuses to provide me with a bank reference?
You must ask that they make a direct request to your bank for your bank reference. In order for them to do this, they will require the relevant contact information for your bank including; Bank name, Branch address and information on the contact person at the bank including name, telephone number and email address where possible. After, you must provide your bank with an authorization letter, granting your permission for them to respond to the bank we have introduced you to, with the relevant bank reference.

 


Panama Legal Consultants

- Panama Law Firm -
For more information please contact us:
info@panamalegalconsultants.com
Tel: (507) 6714-9326