panamaoffshorelegal

You can also open a bank account with your offshore company. For best asset protection a layered structure utilizing a Panama private interest foundation to own the corporation and bank account is best.

The corporation can be incorporated in bearer share form. The foundation cannot conduct for profit business but it can own a corporation, real estate, bank accounts etc.

In a lawsuit a judge can never order you to get money out of your foundation because legally nobody can own a foundation and hence it would be an illegal order by the judge.

The layering aspect also gives you the ability to see an attack on your finances coming before it truly affects you.

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Offshore Bank Accounts | Offshore Company Formation

Latortura

Setting up an offshore company is also useful for travellers like myself. Although I am registered in the U.K i earn from various companies and get paid in various currencies. As my ofshore accounts have currencies from swiss francs to the Greenck it is just so easy for me to plonk every thing in there and then take out what I need. The rest I leave invested to compound and declare taxes on what I bring into the U.K When you ahve a large amount it is easier to move around in a legit way.

patty

I have been working with an offshore job before. It was an American company. All they did was to email the information needed for the work to be done. Then it was conveyed to us by our manager. I think it was easy to be getting the job done off the shore as long as you are clear with your instructions and with complete information to avoid any confusion. You must have a realistic deadline too.

norway

Hi


Cut and phase from Odin Legal website:


A reliable offshore company incorporation resource, for when you wish to extend your business activities in major offshore jurisdictions of the world.
Registering an offshore International Business Company (IBC) with Odin Legal Offshore Center is cost-effective, professional and above all, easy. Odin Legal Offshore Centre provides the following advantages:

• Tax efficient structures, through existent double taxation treaties with major economies of the world.
• Exemption from paying tax on profits gained outside the jurisdiction (0% tax rate).
• Confidentiality of company information.
• Minimal recurring compliance requirements, etc.

Currently, Odin Legal Offshore Center offers company incorporation and related services in the following jurisdictions:
British Virgin Islands
Seychelles

You can find more on www.odinlegal.com

fxtrader

Amen to that!

offshorex

I suggest visiting http://www.formoffshore.com
It has lots of details on why to incorporate a company offshore as well as advantages of Panama companies. Great resource!

ford007

What you mean by "only difference is that you pay no taxes".

A bit too hard to believe.

Are you meaning that if I sets up a company in Panama and since I am a citizen of Australia, I won't have to pay taxes to Australia?

Don't know much about Panamanian corporate tax. I'll look in to it.

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Queensland Bulls

No-Non-Sense-Matt

First, DON'T get tax advice on a forum.

Every person and situation is totally different
based on: where they live, what type
of business they want to do and how that
business is going to operate.

There's also a world of difference between "corporate taxes"
and "personal taxes".

Point is: go see a lawyer in your own country
that specializes in tax advice.

PLUS: go see a lawyer in Panama that can set up things
properly for you.

Anything less than that is a huge gamble and you might
get nasty surprises in the future.

Take the time to set up things right.
No non sense Matt

thepanamalawyer

Hi Everyone,
Thought I would add some comments to clarify some of the points discussed.
Firstly, the word "offshore" is often thought to mean different things to different people. Offshore can be understood as the jurisdiction outside that of your home country or residence, usually a Tax Haven or country that has established beneficial laws relating to paying either low or zero taxes (on income derived from outside of the country incorporated in) and has good Privacy & Asset Protection.
Panama certainly meets this criteria and is a good place to establish your company.
Getting back to the original question, what can an Offshore Company be used for? Well anything you would usually use a traditional company for. Trading in business, holding assets etc. The main difference is that the company can offer a high degree of protection to the beneficial owner. The Offshore Company can also prove to be a cost effective investment, because of the many benefits such as reduced taxation.
The Company is best structured with Nominee Directors and Bearer Shares, so that you are not on any public records.
It is worth mentioning that you should also consider how you will receive funds to the business, either into an Offshore Bank Account via Bank Wire, or Credit Cards through a Merchant Account.
Hope this helps, you can find more detailed information here: http://www.thepanamalawyer.com

JustWow

It's amazing how quickly tax avoidance was mentioned, although in some cases labor laws are another reason why offshore business might be appealing to some. I did find some useful info though, but as someone previously said it's best to consult a real legal adviser before doing anything that might land you in trouble later on.