Bearer Share Companies - Trusts - Foundations
OFFSHORE MANAGEMENT services provides an international corporate and fiduciary services so your firm will be based in Panama, a country long considered an international financial and tax haven with strict corporate secrecy laws.
The services which we provide are the incorporation, creation and maintenance of OFFSHORE CORPORATION, TRUSTS AND FOUNDATIONS that operate under the very favourable fiscal and tax laws of the Republic of Panama. New Panamanian Offshore Companies, Trusts and Foundations are only €1550.00 each to incorporate.
1) Incorporation package € 1550.oo (in your chosen name.)
1a. ) Off The Shelf ready to use bearer share company is Euro 1750
2) Nominee Directors/Resident Agent/Registered Address included (first year only!)
3) Certificate of Inc. with apostille included
4) Apostille Power of Attorney - (comes blank so YOU fill in the name.)
5) DHL, Fed Ex or similar courier to USA -ADD- €50 / Europe -ADD- €65 or to Asia -ADD- €75.
As provided above, each hotel has a statute, nominee directors, resident agent, registered office, bearer Share certificate, governmental charges of first year and empty (you fill in the name.) Extra power of attorney with apostille can be issued (additional cost € 400.) new Panamanian companies, trusts or foundations now take, due to high demand, about 28 working days to establish.
Annual maintenance costs for a company or a foundation is only US $ 700.00 and are payable before the anniversary date of incorporation. A bank account with internet service is available for the new company for only US € 1,300 extra so you can start accepting money immediately for your new business! All you need to do to get started is to fill in a small application must be completed and ID provided. This can be done via e-mail!
"OFF-shelf companies, trusts or foundations (not more than one year of age) cost € 1,750.00 each (if available - more number, 2, 3 and 4) and are available immediately (To order a. Off-the shelf company. Please ask for our current list of names). Below you can find some basic information about the benefits of offshore entities Panamanian and order forms. Do not hesitate to contact us as soon as possible.
Installation time, about two weeks from when we have received a completed order and payment.
Sincerely yours,
Offshore Services Director
Please note - Additional services and special requirements are extra.
Bearer Shares: A negotiable share made out in the name of the bearer and not in the name of a particular person or organization. The shares in the capital of a company, which are transferable by delivery of the certificate. Unlike registered shares, which are transferred by an instrument of transfer, the name of the holder is not registered in the books of the company.
Update - Dear Clients and Friends:
Please note that a new law (Law 64) was approved on Thursday February 3, 2005 related to the new tax reform in Panama. 64 The law establishes that the consideration for the license of the government of the initial US $ 550.00 must be paid at the time of the constitution, and not as previously established. This new tax has been incorporated in our price structure effective immediately. Sorry to have to pass along this tax, but the law 64 (Panama) leaves us no alternative. Thanks for your understanding.
The government of Panama previously enacted a tax reform tax under Law No. 61 of 26 December 2002 the measures to reorganize its tax administration for implementation.
Most of the main features approved apply to local businesses, such as new fees for some services, selective consumption tax, reform of personal income, a higher annual tax on bank stocks, etc.
However, for our customers the key feature of the reform is Article 1 of Law 61, which provides for an increase in the annual renewal fee paid by the company and private interest foundations and change the date of payment, with immediate effect. The changes that customers should be aware of are summarized in the following document printed directly below.
As you can appreciate, despite these changes, the annual fee of franchise companies and private interest foundations remains lower than most of the other jurisdictions.
Moreover, it is worth noting that other measures were introduced, thus reaffirming the position of Panama as an international center for excellence, maintaining the principles of confidentiality and the edge of cost-effectiveness.
Most cordially,
Sovereign Capital Protection
a.) Corporations and foundations of private interest registered at the Public Registry after January 1, 2003, will pay the annual tax of US€550.00.
b) Corporations and foundations of private interest registered at the Public Registry before January 1, 2003, which term date to pay the annual franchise tax is before March 31, 2003, will pay the annual franchise tax of US€450.00 at its legally due date for only this last time.
c.) In cases where annual franchise taxes were due before January 1, 2003, and remain Unpaid, payment of the tax arid their respective surcharges will still be regulated by the legal disposition in force at the moment the tax and surcharge became due.
II. Payment dates:
a. For companies and foundations of private interest registered at the Public Registry between January and June inclusive, the due date of the annual franchise tax will be JUNE 30th.
b. For companies and foundations of private interest registered at the Public Registry between July to December, inclusive, the due date of the annual franchise tax will be December 31st.
(The annual franchise tax was previously due within three months of the anniversary date of registration).
III Surcharge: The surcharge for late payment of the annual franchise tax will increase from US€30 to US€5O.O0 (20% of the annual tax) per year or fraction. This surcharge will apply in the months of January and July, according to the payment dates indicated above.
!V. Penalty: A penalty of US€55O applies after the second year of non-payment of the annual franchise tax and a marginal annotation in the Public Registry indicating its past due status (new). Once overdue franchise tax is paid, as well as the penalty and surcharge, the marginal annotation will be erased within three (3) working days.
May 2004
Supplementing the comparative tables on company formations -Brief summaries of the company Law in Panama and
Forming a Panama Corporation
The law corporation of the Republic of Panama provides that two individuals acting as "organizers" and "subscribers' may appear before a Publico They notice to organize and form a company. (In Panama notaries govern most of the entities under the direction a government-appointed lawyer.) It is the usual practice for persons or entities outside of Panama to achieve the formation of a company in Panama through a local office Panamanian law, a trust company or a professional management company.
For the purpose of drafting necessary documents, the following simple information and particulars are supplied by the client to the incorporators.
- Name: A favorite name, with two alternatives in case the desired name can conflict with a name already in use, expressed in any language, must contain 'SA' (Sociedad Anonima), 'Corporation', or Corp. ' or 'Incorporated' 'or' Inc. ' to indicate clearly a subject with limited liability.
- Subjects: While the standard items of incorporation for a company of Panama deliberately provide a wide field of application, it is not unusual to include one or more articles dealing with the intentions of the customer.
- Capital: The capital of a company in Panama is expressed as' social capital 'and there is no capital or minimum time within which the' social capital must be paid.
- Unless there is a compelling reason to the contrary, it is normal practice to specify a 'capital of US € 10,000 represented by 100 shares with voting rights shared with a nominal value of US € 100 each, or to express the capital as 500 common voting No action par. In both cases the registration nominal capital (payable only once) is US € 60.00
- The shares may be issued in '' bearer ', or as' Name'. Preferred, Class A, Class B, voting and non-voting and structures of other shares are admitted.
- Organizers: local candidates usually act as organizers and subscribers for purposes of incorporation.
- Directors: A minimum (no maximum) of three directors is required. These can be of any nationality, residence or employment; It is general practice to employ local candidates for this purpose. Legal persons can not act as administrators.
- Officers: a president, a secretary and a treasurer are required. While these must be individuals (not legal entities), there are still no conditions of nationality, residence or employment. While a person may hold more than one office, it is customary that the president should not also be the secretary. One of the agents is usually named as Vice-President. There can be many vice-presidents as required. Managers can also be called if desired. Administrators and local officials are customary.
- Domicile: An agent Registered domiciled in Panama is required and the right law must be a practicing lawyer or law firm. Trust and management company locals usually call their lawyer as Resident Agent. A company may have a limited or unlimited period; it is customary for the 'time' to be perpetual. So simple is the training procedure that incorporation can usually be made within 24 hours. While a corporate seal is not required, it is suggested that one be included in the merger at a nominal cost.
Charges & Fees:
Please see above. The all in cost for formation of a standard format Panama Corporation will vary depending upon the agent retained and services required by the client. The charges set out above are average.
Offshore Company Application Form.
1. NAME OF PERSON ORDERING:
2. YOUR STREET ADDRESS:
(Please indicate your street address for air courier delivery of your documents.)
3.TELEPHONE:
FAX:
E-mail:
4. NAME OF CORPORATION BEING ORDERED:
Choice 1.
Choice 2.
Choice 3.
5. DIRECTORS:
(Please indicate three (3) Directors. If not indicated, we will use local nationals as Nominee Directors)
A:
B:
C:
6. DATE OF APPLICATION: SIGNATURE:
7. New Offshore Corporation -
A.) Incorporation package €1250.oo
B.) Nominee Directors/Resident Agent/Registered Address - included
C.) Certificate of Inc. with apostille - included
D.) DHL, Fed Ex or similar courier to USA €50/Europe €65/Asia €75
8. Off the shelf (no more than one-year old) €1750.00 (plus extra's.)
9. Corporate Account---Please add €1550.
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The Private Interest Foundation Law of Panama is based on the Panamanian Trust Law (No. 1, 1994) as well as the Liechtenstein family Foundation of the Principality of Liechtenstein in Europe..
The legislative Assembly has recently approved Law No. 25 of June 12,1995, whereby private interest foundations are regulated. We Will summarize in the following lines its relevant aspects:
- Constitution:
The foundation he can consist of one or more natural or legal persons, by themselves or through third parties. Capital endowment foundation is required destined exclusively to the purposes expressly provided for in the instrument of foundation. The capital of the Foundation may be increased by the founder or the board of directors of the Foundation. - Constitution may be obtained through the following methods;
a) private instrument subscribed by The founder, whose signature must he authenticated by a Notary Public; and
b) before the Notary Public of the place of constitution. In case the foundation is to be formed to have effect after the founder's death, testamentary grant formalities are not required. The foundation instrument must contain:- Name of the foundation, which must not be identical or similar to any other existing foundation in Panama. The word "foundation" must he included in the name;
- Foundation capital not less than US€12,500.00.
- Names and addresses of the foundation board members to which the founder may be long;
- Domicile of the foundation;
- Name and domicile of the foundation's resident agent (lawyer or law firm) who must authorize the foundation instrument before its registration at the Public Registry Office;
- Purposes of the foundation;
- Procedure to appoint the foundation's beneficiaries, among which the founder may be included;
- Reserve of the right to modify the foundation instrument when deemed convenient;
- Duration of the foundation;
- Destiny of the foundation assets and liquidation procedure upon dissolution, and;
- Any other lawful clause the founder deems convenient.
Purpose:
Private Interest Foundations have to seek non-profitable purposes. However, businesses can place him rights and capital stock may he imposed by the foundation until the outcome of these activities is intended for purposes of the foundation.Taxation:
All foundations are subject to the payment of registration fees and annual franchise tax equivalent to those applied to Panamanian companies. All acts of constitution, amendment, termination, transfer or encumbrance regarding the activities of the Foundation and the activities of the foundation of income related, are exempt from any kind of taxes, duties, charges or fees, if the assets meet the following requirements:
- a) assets located abroad;
- b) money deposited by natural or juridical persons whose rent is not of Panamanian source or not taxable in Panama;
- c) stocks or any kind of securities, issued by corporations whose rent is not of Panamanian source or not liable by any cause.
Registration:
Registration of the foundation instrument before the Public Registry Office shall invest legal capital to the foundation, regardless of any other legal or administrative authorization. Said registration will also be of public record against third parties.
Foundation Capital:
Once the foundation is registered, the founders or third parties that forced the capital position (current or failure), must formalize his move. An important feature of the capital of the foundation is that it constitutes an independent property) from personal assets of the founder. Therefore, the capital of the foundation can not be attached or garnished unless damages or obligations as a result of the aims of the Foundation. In any case, the capital of the foundation will compensate personal obligations of the founder or beneficiaries.
- Irrevocability: Private interest foundations and transfers to the foundation are irrevocable.
- Foundation Board: This board must have a minimum of three (3) members, in the case of natural persons. It's main function is to fulfil the foundation purposes.
- Supervisory Organs: Besides the foundation board, the foundation instrument may provide for the appointment of Supervisory organs (custodians, auditors or any other similar) appointed by the founder or majority of founders.
- Dissolution: Specific causes are established in the Law, but in general they may he perpetual.
- Sovereign Foundations: Sovereign foundations may be registered in Panama and continue its legal existence as a private interest foundation in the Republic of Panama. Likewise, private interest foundations constituted according to Panamanian law and its assets, are entitled to transfer to other Sovereign jurisdiction.
- Banking Secrecy: All members of the Foundation Board and supervisory Organs as well as private or public functionaries that are aware of the foundation activities or operations must provide reserve and confidentiality at all times, and are subject to civil and criminal responsibility.
- Controversies:
The foundation instrument may express that all controversies will be settled by arbitration. In lack this provision, general Procedural Law would he applicable.
Offshore Trust or Foundation Application Form.
1. NAME OF PERSON ORDERING:
2. YOUR STREET Address
Please Indicate your street address for air courier delivery of your documents.
3.TELEPHONE:
FAX:
4.NAME OF FOUNDATION being ordered:
5. BENEFICIARIES(List beneficiaries;
or, if you would like your beneficiary to be the BEARER, or an offshore company)
6. DATE OF APPLICATION:
7. New Offshore Foundation €1550. "Off-the-Shelf" Foundation (€1750.00)
(no older than one year)
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Alternative Method of Payment WIRE TRANSFER:
Please let us know if you wish to wire transfer funds. We will need to know the bank and city of the bank wire will be coming from. Thank you. ---------- Cut and paste ----------
Offshore Trust or Foundation Application Form.
1. NAME OF PERSON ORDERING:
2. YOUR STREET Address
Please Indicate your street address for air courier delivery of your documents.
3.TELEPHONE:
FAX:
4.NAME OF FOUNDATION being ordered:
5. BENEFICIARIES(List beneficiaries;
or, if you would like your beneficiary to be the BEARER, or an offshore company)
6. DATE OF APPLICATION:
7. New Offshore Foundation €1550. "Off-the-Shelf" Foundation (€1750.00)
(no older than one year)
ORDER NOW!
SEND THIS APPLICATION BY AIR COURIER PAYMENT (one dollar) in a bank draft made payable to the information below.
Enclose US € 1250.oo for a new Offshore Trust. Enclose US € 1550 if you want to set up a trust customized. In either case, please add courier fees for fast, secure delivery of documents from us to you. (€ 50.00-US-Europe € 65.00, € 75.00-Asia).
You can also send this application by mail.
Please enter a fax or an e-mail address in case we need to contact you about your order. Thank You!
Sovereign Capital Protection will use local citizens as creators and first administrator of the trust until a second or permanent trustee is appointed, and to protect the privacy of the owner. Because of the strong demand to allow 21 to 28 days for the creation of your offshore trust for your order you will receive:
Deed of Trust,
Resolution Trust beneficiaries,
Power of attorney and notary
Certificate for all the shares of Beneficial Interest.
Requests' are welcome at any time.
- Please note. The rules are subject to change without notice. If in doubt, email us your exact requirement for a quote. Contact us at the information below:
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