You’ve just made it through the process of setting up a company or foundation in Panama. You’re excited to start business. What will happen to the money that you’ll make? How will you reinvest your profits into your Panamanian company or foundation? You’ll need to open a corporate bank account. Since your business has been
Are you happy with your company’s or foundation’s resident agent? Does he or she show incompetence concerning various business law topics or has a history of bad communication skills that have led to disastrous lawsuits filed against your company? The legalities concerning the proper functioning and responsibilities of an international company are even more complex.
The term offshore banking can cause a different reaction in different people, based on their experiences with the industry. For the Average Joe, offshore banking may seem shady and illegal, especially since it’s featured as such in plenty of movies and other pop culture mediums. To a person educated in the ways of finance, the
Understanding how a Panama Private Interest Foundation (PIF) works requires an understanding of the different roles that play a part in the setup and continual operation of the foundation. The largest difference between a PIF and another type of offshore company is that a private foundation is not allowed to engage directly in commercial activities.