Relocating your business overseas or moving offshore is a crucial step in internationalizing yourself, your business and your assets. Offshore corporations are an effective way if you are looking to manage your wealth and protect your assets. Almost every business owner has heard about offshore companies but very few are completely knowledgeable on as aspects.
What is an offshore company?
The term offshore is related to managing, registering and operating in a foreign country with various financial and legal benefits. It is a company registered outside the home country with the purpose of operating outside the country of its registration. Typically, an offshore company is known as an IBC short for International Business Company (IBC) and may enter into contracts, open bank accounts, buy and sell products and services and own property. You can choose from dozens of offshore jurisdictions which offer a great business environment along with numerous legal and financial benefits. Jurisdictions such as Panama, Belize, etc are some of the most preferred jurisdictions for setting up an offshore company and offer various types of offshore companies to set up which include
- IBC-International Business Company
- SA Companies
- PLC-Private Limited Company
- LLC-Limited Liability Company
- GBC-Global Business Company
There are also a number of misconceptions related to offshore companies. Many people think setting up an offshore company is a way to evade taxes and hide money. There are completely legal and legitimate strategies that merchants and investors can use to reduce cost and grow their business. Setting up an offshore company is about structuring your affairs to take advantage of international laws available to anyone who cares to take their benefits.
Setting up an offshore company
At the present time, setting up an offshore company is quite easy and simple. It is much less involved than most people think
- Choose your preferred jurisdiction or location
- Decide on a name
- Gather and provide Due Diligence documents
- Submit an order form and make payment, or
- You can also take help from various service providers
The best place or jurisdiction for setting up an offshore company greatly depends on your business goals and type of your business. One company might seek to raise or pool capital whereas other might be looking for asset protection and wealth management. There are a number of jurisdictions which offer different sets of legal benefits, advantages and services. One such offshore jurisdiction is Panama.
Panama Offshore jurisdiction
If you are interested in setting up an offshore foundation which can hold your assets, properties, patent bank accounts and other assets with confidentiality and privacy then Panama offshore jurisdiction is the best choice. Panama foundation is a type of offshore foundation which is designed as an offshore asset protection solution by the Panamanian government. This offers the best asset protection solution and estate planning available across the world. Panama is considered as one of the most well-established pure tax havens due to its extensive legislation which strictly regulates Panama’s offshore jurisdiction and financial solutions.
Why choose Panama offshore jurisdiction ?
Panama foundations are mainly used for following reasons
- Own family businesses
- To avoid political or economic instability
- For asset protection
- To own shares, stock and interests of private companies
- For family benefits and planning
- To own real estate and other properties
The extensive laws in Panama offshore jurisdiction are designed to protect corporate and individual financial privacy. Strict confidentiality laws and regulations apply to documentation of Panama foundations, trusts, and corporations. It also has strict banking secrecy laws. The Panamanian banks are prohibited from sharing any information and detail about bank accounts and bank holders.
How to set up a Panama Foundation?
A Panama Foundation is established once the Charter of a foundation is filed with the Public Registry. It involves a founder, foundation council, protector, and beneficiaries. You can take help from a number of service providers which specialize in setting up Panama foundations. These service providers can provide you with a simple, easy and hassle-free setup process. They can help you out with your documentation process as well as advice you on which bank to choose and what services can be required to accomplish your specific needs.
On a closing note, look for a trusted and competent offshore service provider who can assist you in setting up an offshore company which can match your business goals and needs. It’s never too late to start planning for your retirement, your wealth management, assets protection and globalizing your assets and business.