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Registering an off shore company in Panama - I could use some help

Discussion in 'BlackHat Lounge' started by bk071, Oct 17, 2012.

  1. bk071

    bk071 Jr. Executive VIP Jr. VIP Premium Member

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    Hey guys
    I'm in the process of registering an off shore company and almost all of my friends suggested to register it in Panama.

    Since I have no experience whatsoever in working with legal things, I figured I could use some help from someone who is either from Panama or have done something like this before.

    If you think you can be of any help, please post in the thread on PM me.
    I shall be thankful :)

    Edit: Even if you have no experience with Panama, please don't hesitate to post as I haven't yet decided and am open to hearing what you guys have to say.
     
    Last edited: Oct 17, 2012
  2. GiorgioB

    GiorgioB Supreme Member

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    I've registered one in Hong Kong. Don't know about Panama but Hong Kong is pretty good, you pay 0 tax as long as you don't import/export to Hong Kong and there is no minimum capital to start up.
     
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  3. rippy

    rippy Regular Member

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    I had a bad experience with panama, but that was all due to the agent with whom I was working with.
    Process took 2 months and eventually I received all the papers and a bank account in Spanish.
    Now I do not speak Spanish, and no one ever told me I will get everything in Spanish.
    After a year of inactivity since everything was in Spanish I had my bank account closed due to bank fees eating my deposit.
    I had no idea that there will be any fees, and I really wasnt checking as I didnt need the company, most probably due to the spanish issue :)

    But it is all to your agent.


    Now I have a company registered in Seychelles, and a company bank account in Singapore.
    Same as with "GiorgioB" no tax if you do not import or do business with Singapore and Seychelles. You no not need to report on anything.
     
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    Last edited: Oct 17, 2012
  4. bk071

    bk071 Jr. Executive VIP Jr. VIP Premium Member

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    Thanks, GiorgioB.
    I've sent you a PM.
     
  5. gz_cp

    gz_cp Regular Member

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    The annual cost for the required audit is high in HK.
     
  6. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    Wasn't there a minimum for the bank account? And most importantly, didn't you have to go there personally to get the account opened?
     
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  7. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    I've gone down the offshore route before and I honestly wouldn't bother unless you're making at least 5 figures a month. It's a ton of hassle and quite expensive initially.
     
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  8. jb2008

    jb2008 Senior Member

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    I would agree with that as well. And not low 5 figures either, I would say 30k+
    Minimum deposits can be high, you generally get little or no interest, and offshore banks charge huge fees just for keeping the account open. Also you need to pay annual government/agent fees.
     
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  9. GiorgioB

    GiorgioB Supreme Member

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    Yes the minimum for the bank account was $10 000 HKD which is roughly 1300 USD I think (its 1000 EUR). But I mean, that's nothing if you're planning to open a successful business, its 1 month's minimum salary in my home country (france). I didn't need to go there, I had a video conference from mainland China. But I think that outside of china you may have to go there in person ( again, if you are thinking about opening an offshore company, a round trip to HK isn't that huge.. I opened one onl y because I currently live in China and seized this opportunity to start my own company.., its small business for now.. but its growing which is the most important :D)
     
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    Last edited: Oct 18, 2012
  10. bk071

    bk071 Jr. Executive VIP Jr. VIP Premium Member

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    Yep starting a company for a business generating 800/month would be stupid, haha.

    The company is doing low five figures a month but once we're registered and start marketing, we could well be doing over 20k/mo. That is why we need to have our ducks in a row :)
     
  11. m.rvs2141

    m.rvs2141 Power Member

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    You can get one in Egypt, to open company you only need 5k$ but next day after you received peppers you can windrow them.
     
  12. bk071

    bk071 Jr. Executive VIP Jr. VIP Premium Member

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    That is quite a lot when compared to other countries. Registering one in Hong Kong is less than $1000... that is if you outsource everything. If you're actually there, the cost could come down a bit I guess.
     
  13. dbyrn

    dbyrn Power Member

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    Have you considered US / Delaware?

    D.
     
  14. scallen37

    scallen37 Junior Member

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    I have opened a WFOE in Mainland, China (Shanghai) - would never do it again. I should have operated through someone else's business and just cut them in, but I was stubborn for complete equity control. I'm legit now, but it cost me about $50,000 and a Lot of time to get as legit as I am.

    Panama is a completely different story with all the funneling the country did in the 70's and 80's.
     
  15. GiorgioB

    GiorgioB Supreme Member

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    Don't regret having operated through a WFOE.. you operate through a Chinese company.. the next day your "partner" has sold your business model to half of China and you have 50 competitors that are powering away with 500 underpayed employees. I exaggerate a bit.. but don't underestimate the Chineses' capacity to
    1) scale things up
    2) screw you (I apologise to any Chinese here and all of my Chinese friends.. but you all know what I'm talking about.. I have some jaw dropping stories..)

    I am in ecommerce (sell about 1000 different products) and in my field, I have a Chinese competitor who sells 164 000 different products (thankfully I have other competitive edges over them.. I read BHW :D )
     
    Last edited: Oct 18, 2012
  16. dude91

    dude91 Registered Member

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    Anyone thought of the beautiful dubai ? I think you can get the procedure done in around 3-4k $ ! Zero Taxes !
     
  17. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    try belize:
    Code:
    http://www.offshorebelize.com/belize_ibc.html#why_belize
    it seems to be the cheapest at least at first blick:
    Code:
    http://www.offshorebelize.com/other_jurisdictions.html
     
  18. RSILeads

    RSILeads Registered Member

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    I have been asking around about off shore merchant processing and corps... if anyone can give me a reliable company that can set up off shore merchant accounts that would be AWESOME!.... please PM! :)
     
  19. Jonny Quick

    Jonny Quick BANNED BANNED

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    With all this interest, I wonder if there isn't some money to be made helping/facilitating people into getting offshore accounts, giving advice etc..., "What country is best for me". Like tax advice.

    Wouldn't you pay $1,000 to take the advice of an expert that could help you to safely set it all up so that there are no disappointments, unpleasant surprises, late-night visits well armed Federal Agents, etc...?
     
  20. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    There is money in it... they are called accountants!
     
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