Entrepreneurs harbor dreams of finding a stable jurisdiction that not only presents impressive business opportunities but also offers zero taxation, complete anonymity, and a reliable asset protection structure. Although fully fulfilling this dream might be beyond our power, our experts can provide a solution that comes remarkably close to these aspirations, given the current circumstances. The key player in realizing this dream is Panama, where incorporating a company offers a gateway to remarkable advantages. To complement this, establishing a corporate account in Belize, a popular offshore jurisdiction in the Caribbean, adds a strategic layer to your business, aiding in risk diversification. Let us explore the details.
Situated strategically at the crossroads of North America, Asia, and South America, Panama benefits from its geographic location. The renowned Panama Canal serves as a crucial asset for international trading companies. As one of Latin America’s most appealing offshore zones, Panama has established a meticulous legal framework, offering conservative regulations on confidentiality and non-disclosure of trade secrets for offshore entities. Investors are attracted to Panama for establishing companies and foundations to diversify assets and reduce tax burdens. The country provides tax incentives to foreign businesses, investors, and innovation start-ups operating on a territorial taxation principle that exempts offshore companies from Panamanian taxes if they generate 100% of their income outside Panama. Notably, this business-friendly jurisdiction imposes no currency restrictions.
The registration of a Panamanian company is regulated by Act No. 32 of February 26, 1927. Popular entity types include the International Business Company (IBC) and Limited Liability Company (Sociedad Anonima). Such entities can be created for various purposes, including trading, managing relations with trusts or foundations, establishing offshore accounts, and registering real estate or intellectual property.
Panama-based companies are not obliged to maintain a mandatory authorized capital. During formation, appoint three directors, a secretary, and a treasurer with no restrictions on residence or nationality. With a Belize bank account, beneficial owners and shareholders of a Panama company do not need to be registered in the Public Registry of Panama, which facilitates their anonymity.
To streamline, a local lawyer or a Panamanian law firm can act as a company agent, responsible for servicing throughout the year and ensuring timely tax payments, with no liability for actions of appointed personnel.
Our experts strongly advise combining Panamanian company incorporation with opening an offshore account in Belize. An offshore business account in this Caribbean jurisdiction aligns with the company’s effective daily operations. It helps meet the financial requirements, support business development, ensure asset protection, and optimize tax expenses.
The additional advantages of opening an offshore account in Belize extend to potential tax incentives. Furthermore, offshore banks in Belize, distinct from state-owned counterparts, provide multi-currency accounts and execute international financial transactions promptly.
The Belize Merchant Marine Registry (IMMARBE), tasked with the global registration of merchant and fishing vessels and pleasure yachts under the Belize flag, commands high regard. Vessels registered under the Belize flag enjoy privileges accorded by international conventions and benefit financially from income tax payments imposed by foreign ports for chartering.
The Procedure for Establishing an Offshore Panamanian Company and Initiating a Digital Corporate Account with a Belize Bank is a streamlined process that involves a few essential steps, all meticulously guided by our expert team. Allow us to shed light on this process, tailored to your specific situation and needs.
To open a Panamanian company, individuals must submit the following documents:
- A completed application form detailing the preferred company name, nature of its business, and particulars of the founding company directors and shareholders, including citizenship, country of residence, address, and profession.
- A copy of the international passport (with notarial certification) or an acceptable Identification Document (pages with a photo and signature), stamped with an apostille to comply with bank requirements. This is particularly relevant for individuals involved in the formation of a company with a Belize account.
- Note: There have been instances when a notary public refused to certify a passport copy. In such cases, obtaining a translation into English from a sworn translator, attaching it to a copy of the original (page with a photo and signature), and submitting it for notarization and apostilling is necessary.
- Proof of residential address (utility bills): Provide a certified copy of a utility bill or bank/credit card statement to verify the residential address. This applies to individuals involved in forming a company with an account in Belize.
- Note: This document should be issued no more than two months before the date of application. An English translation and notary certification are mandatory.
- Two reference letters: One from a bank with a valid account and another from a specialist (bookkeeper/notary public). These letters require translation into English, certified by a notary.
Upon completing the company opening procedure, the original documents are dispatched to the prospective owner via courier mail. Subsequently, a set of copies of the original Panama company documents, certified by a notary, is sent to initiate the opening of a Belize bank account. Additionally, the company owner must file the documents of all company beneficiary owners and directors with signing rights.
If you happen to be the sole signatory of the application form for opening a Belize account and the sole beneficial owner of the Panama company with a Belize account, a single set of documents will suffice.
Launching a company in Panama and setting up an account in Belize with our experts’ assistance is a streamlined process that includes initial contact through email, payment of our service fee, and preparing the documents for your applications with our help.
If you are ready to venture into forming an offshore Panamanian company and opening a Belize corporate account, you can request expert support and assistance from our team of seasoned specialists.