EpiphyCorp

Law 32 of 1927 and its modifications establish the current rules governing corporations established in Panama. Understanding each of its articles provides greater clarity on the advantages and limitations in the management of a corporation in this country.

Is it necessary for the shareholders to travel to Panama in order to form the corporation (SA)? No, it isn’t necessary. Our firm takes care of every step of the process and will send all the paperwork done via Courier to the address you supply so you can use immediately you corporation.

The major changes which affect the international commerce through corporations or persons residing in Panama established by the recent approved Law 33 of June 30 of 2010, which “adds one chapter to the Tax Code regarding Adequacy Standards to the Treaties or Agreements to avoid the Double taxation and adopts other tax measures” are the [...]

We have a new office phone number: +507 399-5249 Feel free to call or write us with any questions regarding the protection of your assets via an international business corporations or private interest foundation.

Several days ago, EPIPHYCORP attended the “Climatic Change and Businesses: From Copenhagen to Mexico” Seminary organized by APEDE (Corporate Executives Association of Panama); after listening to a summary of the results of the 2009 Copenhagen Agreement that looks forward to reduce the CO2 emission world-wide and getting the speakers  hopes for the next meeting on [...]

But what will happen to their assets at the time of their death, will there be some way to leave an established document beforehand that details how to administer, who to transfer to or who will enjoy their revenues once the owners dies?

Is there a way for the heirs to accede to the patrimony of the deceased without a long and expensive trial?

Yes, through the figure of the Foundation of Private Interest of Panama.

So trough a Private Interest Foundation, the founder has the security that when he passes away, his designated heirs, will be able to have the goods and assets held by the foundation at their immediate disposal and without any trials or the hiring of expensive legal services, since the signature of the Trustee will be the only requirement to carry out the passage of these goods to the heirs.

We see that despite the General Rule gathered in Law 32 of 1927 regarding the limitation of responsibility of the Directors for the actions they fulfill according to their duties within the Offshore Corporation, the Panamanian legislation equally points out the causes in which these same Directors will be considered responsible for such actions being obligated to respond jointly and personally for the damages caused, before the shareholders or third parties that have negotiated with the Corporation.

With the approval of Law 44 in the evening of September 17, 2009, the present Government of the Republic of Panama with the purpose of increasing the tax income, has taken legal measures that burden directly some of the extra territorial activities of the Panamanian Offshore Corporations, driving away from the principle of territoriality which for so many years has been the governing base of the Panamanian tributary right.

Nevertheless there is another benefit that has taken the Panamanian corporations to play a predominant role in international businesses planning, and it is the Panamanian tax legislation that regulates the businesses carried out aboard by Panamanian corporations.

We see then, that the word OFFSHORE does not indicate a type of corporation, since only exists a single type of corporation in Panama; but it define the place where the commercial activity takes place, when it is realized outside the Panamanian territory (OFFSHORE), the activities are considered free of tax payment over it income.

Anyone interested in doing business investment, should take the necessary precautions for their commercial projects, either larges or smalls, to not interfere with the management of the rest of their personal wealth and to not pose a risk for it. For this purpose there are two alternatives: to manage a business or investment through a third party (corporation) independently of the investor’s personal assets, but sometimes the business selected, requires a direct relationship with the investor persona, being for his expertise or recognition in that specific business area (eg an architect within a firm of architects, a real estate agent within a company of RS, etc.) or simply it is needed the investor’s identity as their direct involvement is required by laws and regulations of the country where the business will be made. In such situations we must consider the second alternative.