Limited Liability Companies in Panama
These companies are used for international business, offshore business and tax planning given their advantage of limited liability but having the quality of a partnership for tax purposes. In other words, profits are distributed among members in relation to the holdings they possess, and are assessed in their hands. According to the circumstances, if all partners or members are non tax residents where the LLC or LLP company has its domicile and no business is executed in said country, the LLC or LLP company and the partners or members will not be subject to taxation in the country of incorporation of the company. These types of companies are transparent in fiscal terms, such as the Isle of Man LLC, US LLC and the UK LLP.
Companies organized in onshore countries with advantageous tax regimes for particular international purposes.
The offshore world is very complex. The offshore business includes tax havens countries as well as onshore high tax countries which are competing to attract individuals and international companies with rules on tax planning and opportunities. These advantageous rules are used for many different tax planning businesses, for example:
- In relation to interest, dividends and royalty payments, for double tax treaty planning
- The creation of holding, finance operations and international headquarter treasury
- Specialist business, such as leasing
- Wealth management and protection, personal and family, and tax planning
With the purpose of encouraging inward investment, the majority of the countries offer different tax regulations.
For many years, tax advisers worldwide have known the conveniences of enhancing tax efficiency on the whole with the use of special low tax regulations from high tax countries seeking to support international business. Many different issues are related to the successful attainment of such structures, such as double tax avoidance, anti-avoidance stipulations, controlled foreign companies and tests and provisions on management and control, thin capitalization, exemptions on participation, transfer pricing, capital gains tax and innumerable tax regulations always subject to change. The tools which tax collectors have are complemented by treaties and specifications on exchange of information.
Presently, the offshore universe comprehends the implementation of advantageous structures having its domicile in high tax onshore countries such as Greece, Switzerland, the United Kingdom, Portugal, Belgium, Singapore, Austria, Luxembourg, Spain and the Netherlands.
In a country which is world renowned for its diversity of banking services, Gerli Wren has established itself as a rock solid Legal Services law firm, committed to personalized service for its national and international clients.
International or offshore, banking allows entrepreneurs and global organizations to conduct financial transactions through a bank account outside their country of residence or incorporation. An offshore bank is any bank that is outside a person's place of residence, or a company’s place of incorporation. Gerli Wren assists clients with international banking strategies and company registration in many jurisdictions including Singapore, Hong Kong, Australia, Dubai, the USA and Europe. Our offshore banking team oversees all aspects of corporate bank account processing, thereby minimizing any inconvenience for busy entrepreneurs. The following is an overview of the international banking services available for clients considering banking offshore:
International Banking Services Include:
- Offshore Banking - One of Gerli Wren Offshore Corporate Services, offshore banking, enables our clients to conduct financial transactions to and from corporate bank accounts outside their country of residence or incorporation. If structured correctly, banking offshore is secure, legal and reliable with the potential benefit of legal tax-exemption. Additionally, an offshore bank account in Singapore and Hong Kong offshore banking gives an excellent image. Such corporate bank accounts avoid potential instability in many 'onshore' jurisdictions.
- International Corporate Bank Accounts - Gerli Wren assists clients to open international, or offshore, corporate bank accounts. Our firm works hard to minimize any inconvenience to our international banking clients, and it is often not necessary for clients to visit the bank in person to obtain a corporate bank account. Gerli Wren offshore banking team prepares all account documentation and attends an interview on our clients' behalf. Depending on the bank selected, our clients receive international ATM cards, checkbooks and world class internet banking. Gerli Wren recommends HSBC, Standard Chartered and Citibank to clients who are considering banking offshore.
The procedures to open an offshore bank account vary depending on the jurisdiction and the financial institution. Generally the procedures are similar to opening a local bank account and may require steps such as i) proof of identification and residence, ii) bank account application forms, iii) reference for signatory, iv) account setup.
Advantages of Offshore Banking
Offshore bank accounts provide efficient funds transfer via multi-currency accounts and cross-border transactions
Favorable interest rates
Legitimate asset and wealth protection & tax exemption, if properly structured
Stable economic and political environments, if correct offshore banking jurisdiction is chosen
Disadvantages of Offshore Banking
Association with terms such as 'tax haven' can portray a negative image
Some offshore banking jurisdictions are in remote locations with lower quality banking facilities
Increased attention from government authorities to eliminate illegal practices
Tax and disclosure laws introduced in some markets to help combat tax evasion
- Corporate Finance - Gerli Wren liaises with leading corporate finance providers around the world to avail our international banking clients of secure corporate finance to suit their specific business needs.
- International Brokerage Accounts - another of our international banking services for clients banking offshore. This allows clients to effectively trade securities on global stock exchanges through an offshore company.
- International Merchant Accounts - to support retail operations, many clients request a merchant account which allows them to accept purchase orders through their business website. This critical yet convenient international banking service ensures secure payments, and accepts all major credit cards.
- International Deposit Accounts - our firm assist clients to open high interest deposit accounts with some of the world's leading international banks.
- International mortgages - Gerli Wren assists clients obtain international mortgages to support their global property investments.
- Gold Bullion Account - Investing in gold is often seen as a safe haven as compared to more volatile investment sectors. Gerli Wren assists clients with requirements for gold bullion accounts.
- Private Bank Accounts - the growth in personal wealth, particularly in Asia, has sparked huge demand for niche private banking services. Gerli Wren wealthy clients benefit from our knowledge of private banking and our ability to tailor private banking solutions to suit our clients’ specific goals when banking offshore.
- Offshore Credit Cards - an offshore credit card provides a legitimate offshore payment solution for our international clients who are banking offshore. Offshore credit cards provide the same flexibility and convenience for the international investor as those issued by regular 'onshore' banks.
Because of the risk of money laundering, Gerli Wren on