Panama Offshore Incorporation: Protect Your Hard Earned Assets

Most people have either heard of Panama offshore company incorporation but do not

know what exactly it means, or have never heard of it and are clueless as to its meaning. Many people assume that having an offshore account or business is a way for people and businesses to hide their money or avoid paying taxes. This is usually because the media brings these to public attention when someone has used an offshore company or account to commit a crime. However, for every one or two businesses that are guilty of a crime, there are hundreds more that are legitimate. So what is an offshore incorporation? Why do people and businesses decide to incorporate offshore? How does one incorporate offshore?

Offshore companies are those that have incorporated a business outside of the country where the business is located. That is to say that these companies conduct and manage that business in the owners home country but have registered the business in a foreign country. While companies have a variety of reasons for choosing to do this, the most common are for asset protection and tax advantages. One of the most common choices of jurisdictions for an offshore incorporation for businesses in the U.S. is in Panama. Panama offers its business owners financial privacy and anonymity, and incorporating there is a legitimate practice for many businesses for a variety of reasons.

From a privacy standpoint, incorporation in Panama allows the business owner to remain anonymous. The business can be owned either by the actual business owner or by a Panama foundation, which would add further financial privacy. The laws in Panama state that a foundation does not have an owner, which means the court systems cannot bring any charges against one since there is no owner. Moreover, the business owners name is never recorded anywhere for the public to see; however, corporation directors must be publicly registered. Attorneys who offer Panama offshore services would have access to that list of directors. Each business owner would have his or her own personal reasons for wanting financial privacy or anonymity. These reasons often include protection from frivolous lawsuits and protection from identity theft because of the perception that the business owner is wealthy. Business owners also become frustrated with the government prying into personal and business accounts.

Incorporating a business in Panama does not exclude that business from having to pay taxes in its home country; however, there are tax advantages for the owner. The Panama government does charge an annual fee for corporations but does not charge income tax on money earned outside of the country. Of course, the owner is required to pay his or her taxes on that earned income in the country the actual business is in, but after that, the money is safe and not subject to any other taxes in Panama.

Attorneys who specialize in Panama offshore services will often be able to complete the incorporation within four to five business days. The attorney should guide and assist with the incorporation and handle all aspects of creating a foundation for the business owner, if they should choose a foundation. Because Panama accepts U.S. currency, there should be no misunderstandings as far as payment, and the business owner is not required to travel to Panama. Attorneys who specialize in this area will explain, in detail, the advantages and disadvantages of the incorporation, and they will help the business owner decide whether this is a beneficial route and will keep all matters private, as well.

Business owners work very hard for their money and have every right to keep their finances private. Incorporating offshore in Panama is one of the most advantageous ways to keep personal and business accounts safe, secure and, most importantly, private.

by: Jordan McPelt

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