Panama client case studies in 2021
Australian copy editing specialist establishes tax-efficient Panama company
- Our Client has over 20 years’ experience in tertiary education, and had developed a copy editing service designed for academics.
- Our Client, initially looking to move to Latin America – preferably Cuba – wanted to set-up a Panama company due to its attractive tax structure.
- Midway through the engagement, the Client’s relocation plan changed, deciding to settle in Taiwan. However, the Client still needed a Panama IBC, along with a bank account and international debit card.
- Our Client required three nominee directors (to be provided by Healy Consultants), and help legalising documents at the Panamanian Embassy in China (since Panama has no embassy in Taiwan) and the Ministry of Foreign Affairs in Panama.
- Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal and formal invoice for all required services.
- Based on our Client’s corporate structure, Healy Consultants Group PLC prepared a detailed project plan outlining the steps of the engagement and estimated timelines to i) complete company incorporation ii) obtain a Tax Contribution Number (RUC) and iii) secure Panama multi-currency corporate bank account numbers.
- Healy Consultants Group PLC prepared and emailed our Client a virtual office agreement for the Client for a legal registered address in Panama for 12 months.
- We also shared the three nominee directors’ due diligence package to our Client to review and approve before we started the incorporation process.
- Following our Client’s approval, we prepared and emailed Nominee and Indemnity Agreement to be signed between our Client and the proposed nominee directors, to safeguard our client from the nominee director’s personal liability and vice versa.
- Healy Consultants Group PLC shared pre-filled incorporation forms with our Client for their signature and courier back to Panama.
- Upon receipt of signed documents, we assisted with document notarisation and validation, before submitting the same to the Registrar of Companies in Panama.
- Healy Consultants Group PLC settled the Panamanian annual franchise tax on behalf of our Client,and submitted the complete incorporation application. We obtained the certificate of incorporation within 14 days.
- We then supplied our Client with i) the RUC for their company and ii) a Panama business address for invoicing purposes.
Corporate bank account
- Healy Consultants Group PLC drafted a detailed business plan outlining the company’s core activities, financial projection, market analysis and corporate structure.
- Once the business plan was approved and signed-off by our Client, we prepared complete bank account opening forms and submitted them to different banks across the globe to increase approval chances.
- We shared a detailed feedback report with a list of banks that had been contacted and had shown interest in onboarding our Client’s business.
- Our Client selected Credicorp Bank as the preferred corporate banking partner option, with MMG Bank and Euro Pacific Bank as their back-up options.
- Healy Consultants Group PLC received and prepared corporate bank account opening forms for our Client’s preferred bank and emailed our Client the same for review and input.
- We then advanced the Client’s application with their preferred banks and obtained ‘non-travel’ waivers for the Client. To avoid any delays, in light of the ongoing COVID-19 pandemic and worldwide lockdowns, we secured multiple waivers with interested banks for supplying original notarised documents before account opening.
- Credicorp Bank reverted requesting for additional documents including i) declaration of wealth and ii) an employment letter.
- Within eight weeks the bank confirmed that compliance checks were compete and informed us that our Client’s business had been green lighted by the compliance and onboarding departments.
- Two weeks later, the bank sent account numbers directly to our Client, who was now required to make an initial capital injection of US$10,000 before the bank would initiate internet banking.
- Within two weeks of receiving the initial deposit, the bank sent the internet banking token to our Client’s preferred address in Taiwan. Our Client could now access their bank account remotely from anywhere in the world.
- Following engagement completion, Healy Consultants Group PLC suppled a full company kit to our Client, including original Panama corporate documents, unopened bank correspondence, and a Client feedback survey.