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Offshore Corporations By Global Forex Panama companies, also known as Panamanian Corporations are created under the General Corporation Law, Law 32 of February 26, 1927. Panama does not impose taxes on any income or dividends generated by sources outside the country, even if the operations are handled from offices established outside Panama. Panamanian corporations may have any licit objectives and carry out any commercial or industrial activity. Corporate objectives do not need to be explicitly expressed in the Articles of Incorporation, while Panamanian Law on Corporations allows having general corporate objectives. One person alone can be owner of 100% of the corporate stocks comprising the entire corporate capital of a Panamanian offshore corporation, after its incorporation and registration. It can be in the form of "Bearer Shares" also. A great advantage Panama laws offer Panamanian Offshore Corporations (a.k.a. IBC’s) is the possibility of developing tax free offshore activities, since Panama has a territorial tax system. Panamanian corporations thus serve businessmen, investors, or foreign companies for making savings on tax payments.

Contributed by panamabrokerage on February 25, 2009, at 6:08 AM UTC.

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