Corporate Services
Panama Companies
The Panama Corporation (Law 32 of 1927) represents a significant and the most traditional vehicle engaged by investors in multiple commercial activities. This legal instrument has been essential for the development of Panama as a country that provides services to all parts of the world. In a sense, it has also helped tremendously to the growth of various sectors of the economy, including the maritime business.
Resident Agent
The Panamanian law provides that a lawyer or a law firm duly qualified to act in the Republic of Panama must act as the company’s Resident Agent before government.
Redomiciliation
Panamanian corporations are allowed to continue under the laws of another country and domiciliate abroad. This is conducted by recording the corresponding corporate agreement to redomiciliate and the certificate of good standing from the new jurisdiction in Panama.
Dissolution
If for any reason at all, the Corporation will fall into total disuse, it can be dissolved. Otherwise, it will accumulate unnecessary registration taxes and other related expenses.
The procedure for dissolution is to hold a Board of Directors Meeting where the decision to dissolve is recommended to the shareholders, who in turn have a meeting where they decide to dissolve the Corporation. The resolution is then registered in the Public Registry.
The Panamanian Private Interest Foundation (Law 25 of 1995) offers multiple advantages representing a powerful legal instrument frequently established for estate planning and asset protection purposes.
The Panamanian Trust owes its flexibility and versatility to its characteristic contractual arrangements, through which a wide range of activities can be undertaken, from simple succession and estate planning to business management and asset securitization.
Since the enactment of the ¬first piece of legislation in companies’ administration, BVI Companies have become one of the most prestigious and widely used corporations in the world.
As one of world’s leading offshore corporate domicile, the BVI has an established Business Company model that is widely used globally as the core of many private wealth and investment structures, including the maritime sector.
An International Business Company or IBC as it is commonly called is a legal entity with limited liability that is normally used as an investment vehicle and is fully exempt from paying any form of tax in Belize. Companies incorporated under the IBC offer a prompt and efficient incorporation due to a well-managed and organized IBC Registry Office, with clear and simple procedures. IBCs are commonly used for asset protection, offshore banking, investment activities and to conduct international trade such as maritime business.
The Escrow service is a fiduciary relationship based on trust. It involves the custody and safeguard of assets of any kind by the Escrow Agent until a predetermined condition takes place, in which case the assets will be transferred to the party entitled to them. Normally, the Escrow is used to close important transactions, especially the purchase of real estate, ships and for the merger and acquisition of companies. In the case of shipping business, most vessels are owned by a limited liability company whose shares are placed in Escrow together with the purchase price, until the property title is duly registered.