Myths About IBC and Offshore Corporations

Myth about IBC and Offshore Corporations in PanamaMany business owners believe myths that prevent them from starting offshore corporations and IBCs. These mistaken beliefs could cost them more money and prevent them from conducting their businesses freely.

If you've thought about forming an IBC or offshore corporation, you should learn about these common myths. Once you know the truth about these organizations, you might decide that it makes sense for you to move your business to a jurisdiction that helps you meet your goals.

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Panama Free Trade Zone

The Panama Free Trade Zone, also called the Colón Free Trade Zone (CFZ), offers numerous benefits to international and offshore businesses. Panama's Law Number 18 of June 17, 1948 makes the free trade zone an autonomous institution that continues to help organizations succeed by letting them:

  • lower their tax and duty burdens
  • take advantage of affordable services that promote smart business decisions
  • access markets throughout the world easily
  • benefit from a stable banking system

Before establishing a business in the Panama Free Trade Zone, it makes sense to learn more about these benefits so you will understand how they apply to your organization.

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Facts about Panama Offshore Bank Accounts

Did you know that ...

1. Panama still has strict laws to preserve secrecy, in regards of revealing who are the shareholders and/or signatories of the accounts.
Is worth mentioned that the only country that Panama has signed an agreement to exchange tax information, is the United States of America. Although the agreement allows the exchange of information, this will only be carried out under the strictest security measures and complying with the provisions of the agreement, meaning that the U.S. authorities cannot request this information directly to the Panama Bank and they cannot require general information (for example they cannot require information of all Americans who has accounts in such bank) on the contrary, the person which are requesting information must have a proceeding already establish in the U.S,  the request must be made formally to the Panamanian tax authorities an it must be for a specific citizen, not general.

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Delvalle & Delvalle Attorneys at Law Panama Launches New Website

We are pleased to inform to our customers, that since a while we have been testing’s for the official launch of our new website.

The all new improve Delvalle & Delvalle web site, preserve the same characteristics of the old one, which was highly praised by our clients on regard of the organization on which the services provided were listed, and the sharpness of the design, which allows visitors to find in a easily and rapidly way, the information they are requesting, but now adding a modern and contemporary touch that reflects our law firm style.

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Panama and Double Tax Treaties

According to guidelines and requirements of the Organization for Economic Cooperation and Development (OECD), which require countries considered "tax havens" to adopt certain measures in order to be removed from their "grey list", the Panama Government has signed Double Tax Treaties with different countries to meet these requirements.

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Organizing your Businesses through a Panamanian Corporation

Panamanian Corporations are a legal instrument that allows the adequate management of any assets that are destined to the business and fiscal planning of your companies.

Locally, the main advantage of corporations is that the shareholders are excluded from the personal responsibilities in the obligations of the company, maintaining their right to participation of the profits that the business may generate, but their largest advantage is observed in its use for international businesses, since Panama’s fiscal regime turns them in to excellent means for administration, with clear advantages in comparison to other instruments used in the business world.

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Offshore activities of the Panamanian Corporations

With the purpose of incrementing the income from taxes, has taken legal measures that directly tax some of the extraterritorial activities of the Panamanian Corporations, pulling away from the territorial principal that has been the ruling base of the Panamanian tax law.

Any legal person that may require the Notice of Operation which is referred to in Law 5 of 2007 is obligated to retain the dividend tax or participation fee of ten percent (10%) of the amounts distributed to its shareholders or partners when they are from a Panamanian source and five percent (5%) when it is income from a foreign source or export operations….”

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About the Republic of Panama

The Republic of Panama was formed in 1903 when it seceded from Colombia. The country is located in Central America on an isthmus that attracted the U.S. Army Core of Engineers in 1904. The Army Core of Engineers planned to establish a canal that would make it easier for boats to travel between the east and west coasts of North America. The Panama Canal was completed in 1914.

The Panama Canal has had a significant influence on how the Republic of Panama approaches business regulations. As a truly international country that deals with organizations all over the world, Panama created loose regulations that would let offshore businesses perform as they saw fit. Since the country earns most of its GDP from the canal tolls, it simply made sense for Panama’s government to open its doors to more businesses.

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Panama City, Rep of Panama.

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