Viewpoints

Second Most Popular Jurisdiction in the World: Panama is the registered domicile for over 400,000 corporations and foundations, making it the second most popular jurisdiction to incorporate in the world, next to Hong Kong.   No Reporting Requirements or Taxes: Panama does not impose any reporting requirements or taxes for Panamanian Foundations.   No Piercing the Corporate Veil: Panama does not allow “piercing the corporate veil”, so your Foundations books are maintained 100% private and confidential by law.   Anonymous Ownership and Control: The Protector and Beneficiaries need not be publicly registered. Panama Foundations Protectors can be appointed through a Private Protectorate Document, and the Beneficiaries can be appointed through a Private Letter of Wishes, written and signed by the Private Protector.   No Capital Requirements: Panama Foundations do not require Paid-In Capital.   Directors: Every Panama Foundation must have a council (same as directors of a corporation), who’s names […]

History of Panama Private Interest Foundations The Panama Private Interest Foundation is a type of entity that is a cross-breed between a trust and a corporation, however, it is neither. A Foundation is an entity that is different from any other legal entity known in Anglo-Saxon law because it is not the legal personification of a person or group of persons (as with a corporation), rather it is a legal entity that does not have owners (shareholders, participants, or partners), and it traditionally has a specific purpose for the benefit of a general group of individuals. The concept of a “Foundation” began during the Roman Empire, under the influence of Christianity. As an example, the Catholic Church was considered a divine foundation, and the various sub-organizations within the church had the legal control for administrating its’ patrimony. The original foundations were not created for serving a private need for a […]

General Procedures for Registration of a Tailor-made company through Kaizen Step 1 You confirm and engage Kaizen to register an offshore company by either sending Kaizen an email or fax. If so requested, Kaizen will prepare and sign an engagement letter with you. Step 2 You provide to Kaizen either by fax or scan and email the following materials: 1. Proposed company name, either in English only or Chinese only or both; 2. One photocopy of passport (only the page showing the particulars of the holder) and residential address of each shareholder; if any shareholder is another corporation, please provide Certificate of Incorporation and Registered Office of that corporation; 3. One photocopy of passport (only the page showing the particulars of the holder) and residential address of each director; if any director is another corporation, please provide Certificate of Incorporation and Registered Office of that corporation; 4. Amounts of authorized […]

An offshore company can be configured with a number of optional services. This resembles ordering a new car – by installing certain optional equipment it gets safer, more comfortable and more useful. It is important to choose the right configuration that suits You best. There is no universal recipe – each person and his business situation is different. What suits one client perfectly can be dangerous for another.   A properly configured and managed offshore company can provide substantial tax benefits, protect assets, improve business efficiency, reduce costs and maintain confidentiality. An improperly configured offshore company is a recipe for disaster for the owner and his business. In this guide we have explained the various additional offshore services in a straightforward and easy-to-understand manner. GENERAL COMPARISON   The necessity for some or all of the optional services will always depend on the actual circumstances of each client. These should be […]

  “No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow – and quite rightly – to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer’s pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue.”   – Law Lord Clyde, (Ayrshire Pullman Motor Services v Inland Revenue Comrs [1929] 14 Tax Cas 754, at 763,764).   “There is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; all do right. Nobody owes any […]

Memorandum and Articles of Association of an Offshore Company   What are Memorandum and Articles of Association? To incorporate itself officially, a company files one original of its Memorandum of Association and Articles of Association with the Registrar of Companies. These documents can be brief or very detailed, depending on the applicable corporations law, on the standards adopted by the particular company formation agent and on the particular requirements of the client. The Memorandum and Articles provide the legal “skeleton” of the company, by setting forth all the general parameters of the company.   What are in the Memorandum and Articles of Association? Usually these documents describe the form and type of the company, state its Registered Address and Registered Agent, list the operational objects of the company or state that the operation of the company is not limited to any particular objects, determine its authorized capital, if any, and […]

Enactment of the Companies Act 2001 Until 2001, companies in Mauritius were formed under the Companies Act 1984, which was modelled on the English Companies Act 1948. Companies may be limited by shares or by guarantee, or they may be unlimited. Companies are incorporated by swearing a deed of incorporation in front of a notary, after the Registrar of Companies has approved the company’s name. There has to be a local registered office where the company’s books and records are kept, but this can be maintained by a professional firm. There must be a minimum of two directors, and a secretary who must be a local resident. Audited annual financial statements and an annual return must be filed with the Registrar of Companies. Company formation takes between two and three weeks. Minimum authorized capital is MR25,000, and annual registration fees vary between MR4,000 and 8,000 depending on the amount of […]

Mauritius GBC2 Incorporation Package #MAUGBC201 Services included in this package: Certificate of Incorporation. GBC 2 License Constitution (M & A) of the Company One Bound Set of Above Documents Notarized and Apostilled under the Hague Convention Register of Member Register of Director Register of Registered Agent Share Certificate(s) Provision of Registered Agent & Registered Office Services Annual Government License fee Company Seal   Price: USD1,900 Second & subsequent years: USD1,200   Mauritius GBC2 Incorporation Package #MAUGBC202 Services included in this package: Certificate of Incorporation. GBC 2 License Constitution (M & A) of the Company One Bound Set of Above Documents Notarized and Apostilled under the Hague Convention Register of Member Register of Director Register of Registered Agent Share Certificate(s) Provision of Registered Agent & Registered Office Services Annual Government License fee Company Seal Corporate bank account with HSBC Hong Kong   Price: USD2,350 Second & subsequent years: USD1,200   Documents […]

A GBC2, or known as GBL2, is a private company which conducts business with persons all of whom are resident outside Mauritius and in a currency other than the Mauritian rupee. A GBC2 provides for greater flexibility and is a suitable vehicle for holding and managing private assets. It is a tax-exempt company therefore has no access the network of Double Taxation Agreements of Mauritius. It cannot carry out business of company formation, administration and management or provide professional nominee or trusteeship services. It is furthermore prevented from raising capital from the public and offer of provide financial services or other services as fiduciary in any investment fund or any collective investment scheme. A GBC2 may be locally incorporated or registered as a branch of a foreign company. Activities that may be carried on by a Category 2 Global Business license include:   Non-financial consultancy IT Services Logistics Marketing Shipping […]

GENERAL INFORMATION   Belize (formerly British Honduras) is an independent democratic Commonwealth country located on the Caribbean seaboard of Central America. Since independence from Britain in 1981, it has enjoyed a stable and democratic Government. The cabinet, under the leadership of the Prime Minister directs the policy of the Government which consists of the Prime Minister and ministers chosen by him from an elected House of Representatives and an appointed Senate. Although there are fairly high rates of tax for resident persons and companies in Belize, it now offers tax-free IBCs by virtue of the IBC Act 1990. This legislation is modelled on the earlier British Virgin Islands legislation and as the annual Government fees are only $100, whereas the equivalent fee payable in BVI is US$300. Belize is likely to become an important offshore corporate domicile.   FEATURES OF BELIZE INTERNATIONAL BUSINESS COMPANY (IBC)   Company Information: Type of […]