Thetabiz Corporation

Incorporation, formation and management of Panamanian corporation is regulated by the General Corporation Law 32 of February 26, 1927.

Shareholders have the ultimate power of the corporate control. They elect the Board of Directors and they can limit any powers of Board of Directors or officers. Their names can remain totally anonymous for the outside world. Shareholders can be natural persons or any other companies anywhere in the world without any restrictions.

The Board of Directors elects the corporate Officers. The names of the Board of Directors are public information. The Board of Directors can have limited powers according to wishes of Shareholders, Articles of Incorporation or By-Laws of the corporation.

The Board of Directors can issue Power of Attorney to any special officer or agent or representative. Such Power of Attorney need not be a public record.

Directors of the Corporation or corporate Officers can be any other company or natural persons anywhere in the world.

Corporate Officers’ names need not be a public record. Additional officers can be elected by the Shareholders By-Laws.

Visual Chart of Corporate Governance of Panamanian Corporation

Starting and running your own offshore business or offshore project isn’t easy. You may need specialist advice, such as help with legal and taxation issues or managing your finances. And you might want to talk about your ideas and problems with someone who understands the challenges you face.

When you come to the point where you have decided to incorporate a new offshore company, you shall next decide under which offshore jurisdiction you will want to operate your own offshore business. There are plenty of offshore jurisdictions and plenty of advices on Internet and in books covering the offshore subjects.

There are many things to consider in choosing the right offshore jurisdiction. For some residents of high taxation countries, the choice of the offshore jurisdiction can be critically important.

Further, there is no general solution for everyone in choosing the offshore jurisdiction. But for many, we want to present some of advantages and benefits in choosing Panama as offshore jurisdiction or domicile for your investment or offshore business.

Advantages of Panama as Offshore Jurisdiction

Panama is a free country. It is independent and sovereign state. Those facts make a big difference when your local taxation office begins to investigate the business you are running.

Panama has no information exchange agreements with other countries. That means that an official letter from the tax office in your country to any of Panamanian banks or government agencies, will fail to give the result. In most of cases, such a letter will remain unanswered. That is what is meant with sovereign country. Panama is independent and unlimited by any other country, it has its own government and is not subject to another power.

Stability of an Offshore Jurisdiction

What do we mean with stability as offshore jurisdiction?

By stability, we want to stress the point of the quality or attribute of being firm and steadfast offshore jurisdiction in regards to its own corporate and banking laws.

What is that?

Let us take an example of a company incorporated in the USA or anywhere in the EU. Such a company DOES enjoin the great stability in regard to its own corporate laws. Any attorney, lawyer, government agency or creditor, must first follow the local corporate laws in order to sue the corporation or get any informations in regards to such a local company. Local government of the USA or almost anywhere in the Europe and in many other countries, will support and protect the local company by its own corporate or company laws. It will not allow the piercing of the corporate veil, nor it will recognize any evidence against the corporation brought in an illegal manner.

Such is the Republic of Panama in regards to its company and business entities laws. But Panama laws give superior protection in comparison with USA or EU countries.

Small offshore jurisdictions, advertising and promoting their confidentiality or their far away positions, cannot really and practically stand the pressure of high taxation countries. Such small jurisdictions have been created by wealthy and rich people and as soon as you have low profile you will have a nice strong protection from a small offshore jurisdiction. But if it comes to some real liability, what can happen to any company in the world, small and instable offshore jurisdiction will not practically protect you as owner and such small offshore jurisdiction might even break its own laws of condfidentiality and corporate matters.

Panama is a big and strong and stable offshore jurisdiction. When it comes to corporate liabilities, Panamanian corporate laws will stand with you and offer you practical solution and protection. Such protection will not be just promoted protection or advertised protection but it will be real and practical.

Oppositely, the small offshore jurisdiction will not be able to help you when it comes to real corporate liabilities. In order to save their “tax haven”, small offshore jurisdiction will reveal the beneficiary behind the corporation to anyone asking for it. Attorney or lawyer working for such small offshore jurisdiction, might even try to sue you in your own home country. We do not call that piercing the corporate veil. We call that barbarity.

By using your Panamanian company and principles of Thetaworld™ Knowledge, you will gain the simple and stable tool for offshore investment and business which will stand pressure in the long run.

Corporate Advantages of Panama as Offshore Jurisdiction

Some well known corporate advantages of Panama as offshore jurisdiction are:

• that both registered and bearer shares can be issued,
• that shares of non-par value can be used,
• that shareholders, directors or officers can be other entities or companies,
• that shareholders, directors or officers can be of any nationality,
• that shareholders can remain totally private and confidential,
• that officers of the corporation can remain private and confidential,
• that company name can be in any language,
• that there is no exchange control in Panama.
• that local currency is Balboa, equivalent to US dollar,
• that no annual meetings must be held,
• that meetings can be held anywhere in the world,
• that corporate resolutions can be signed on different places and in different times,
• that facsimiles of signatures or digital signatures are recognized,
• that no accounts of the company need to be reported or filed with the government for offshore companies,
• that there is no tax on income gained outside of Panama, or inside of Panama in regards to other companies,
• that corporate veil cannot be pierced,
• that shares (stock) of the corporation does not require paid in capital,
• that consideration for shares can consist of services, goodwill or anything what directors deem to be enough,
• that there are no restrictions of funds coming to Panama or going out of country,
• that Panama has no mutual agreement treaties for sharing of the banking informations,
• that Panama does not recognize court orders from other countries, unless in cases of drug smuggling and drug money laundering,
• that Panama is business oriented country,
• that Panama is based on the Roman law system,
• that Panama has no military,
• that Panama is home to the second largest international distribution and trade center, Free Trade Zone, the Colon Free Zone,
• that Panama is well known and respected international trade and banking center,
• that Panama has virtually zero inflation over the years,
• that Panama is member of many Free Trade Agreements,
• that Panama has been ranked as first in the Central and South America for low cost of living and operational cost of labor,
• that Panama has the best risk-investments qualifications,
• that Panama has strictest banking secrecy laws.

Any person or company can own an offshore business corporation in Panama, regardless of nationality or domicile. The beneficial owner must not be registered with any government authorities, and nominee directors can be appointed who would act as managers for your offshore corporation. There will be no need to come personally to Panama in order to form an offshore company.

Panama corporation offers many advantages in comparison with other jurisdiction in terms of:

• the Panama Corporation Law;
• independency of the Republic of Panama,
• strictest secrecy and confidentiality laws,
• impossibility of peircing the corporate veil,
• full control by Shareholders over the company matters.

Panama Company for US or EU Citizen

Panama company can be especially useful vehicle for US citizens wishing to achieve:

• great deal of legal tax savings, and not tax evasion,
• confidentiality by doing business,
• legal tax postponement until the expatriation or change of residence,
• investment opportunities not directly available to US based entities or persons,
• protection against creditors,
• protection against all kinds of law suits,
• powerfull offshore asset protection.

Such strategies, explained on our pages, are part of our Thetaworld™ Knowledge. We do not recommend US citizens to incorporate offshore while doing tax evasion. The offshore structure can be used in legal way, while disclosing all the details of the structure to the IRS or your local tax office. We do not want to let anyone remain open to an attack by the government, state or IRS or other tax office. Even if one’s name is not disclosed in the public registry, that fact will weaken one’s defense. by employing legal structure, disclosable and reportable structure, an US citizen will have nothing to hide and will have his assets fully protected, with high interest rates and with great deal of tax deferral, confidentiality, legal tax savings and asset protection.

Panama company can be of great advantage for EU citizens as well wishing to achieve legal tax savings and deferment of income tax at the country of residence. Such offshore structure is customized to the beneficiary, depending of his country of residence and his current tax and financial status.

There is no general rule for anyone on how to structure business affairs in order to have them completely legal.

The real advantage lies in the power and ability to control the business and having economic income without having taxable income, similarly to politicians with power without ownership which control other people’s assets.

More on Panama Company

The Panama offshore company doesn’t need to pay any taxes on businesses made outside of Panama and can own in corporation’s name any assets, shares, real estate or private property. The name of Panamanian corporation can be followed by Corporation, Corp., Inc., S.A. (Anonymous Society), AG, Aktiengesellschaft, A/S, Akseselskap aanguage. Basically the suffix can be in any language indicating that type of the company is a corporation.

Read more why is Panama the preferred offshore jurisdiction…

Steps to Establishing an Offshore Company in Panama

Panama has one of the most modern and flexible corporate laws in Latin America and world. In order to form a corporation in Panama, the client must furnish the following information:

• The name of the corporation. It may be in any language, but it must terminate in a word or abbreviation indicating that it is a corporation.
• The objectives and purposes of the corporation.
• The amount of the authorized capital. Usually the authorized capital will consist of US$10,000 divided into 100 shares of US$100 each. Shares may be nominative or bearer shares.
• Duration of the corporation, usually perpetual.
• The full names and addresses of three or more directors and/or officers.
• The domicile of the corporation.

The time period usually involved in setting up a corporation is from 5 days to 7 days. The corporation is setup by our Operational Officer Mr. Carlos Richards, Panamanian attorney.

The fee for establishment of the corporationg including 3 nominee directors and translation of all documents into English is US $1500 with the annual maintenance fee of US $900.

Would you like to advertise your website or your business on this Panamanian Corporation website?

We have several plans available:

Full plan, where you take over ALL ADVERTISING PLACES on this website and that plan has the fee of US $800 per month, representing also our goal for this website.

Banner plan, where you pay the monthly fee of US $100 and you get your standard sized banner placed on top of over hundreds of pages, sharing the position with other companies.

Business presentation plan is that you get possibility to present your antiquities business in full on our websites, including the pictures of your business, your website and everything you desire to present. Such presentation will be permanently included in our pages and can contain several pages. You pay the fee only one time and the amount is US $200

Link exchange plan, that guarantees that we will include your link related to Panama or business if you place our link on your website.

Featured link plan, that is US $1 per day and guarantees that your link appears on first pages in the search engine and on every other page.

Contact Thetaworld Corporation for all further informations. You can start with advertising already today!

Watch this great video and meet Panama!

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Thetaworld Corporation would like to invite you to the new developing website in regards to Panama, Business and Informations from Panama: http://www.business.com.pa

Our website is project to help Panamanian businesses connect to the world.

If you feel you want to contribute to our website or you would like to maintain parts of our website, let us know.

You can use the website to:

• find jobs or employees,
• convert currencies,
• to advertise your company,
• to post classified ads,
• to prepare your curriculum vitae,
• to sell your products,
• to review news on Panama,
• and much much more

We will be happy that you become our member. All our services are free of charge.

The first version 1.0 of Thetaworld FAQ Constructor has been released today on 4th November 2005.

This software provides to website managers powerful tool to construct large FAQ database and to convert the FAQ database into statical pages or to deliver Frequently Asked Questions and Answers in the dynamic way through the PHP or Perl or other database driven software.

The LICENSE is free, please read the file LICENSE in the distribution directory.

The installation instructions can be found in the file INSTALL in the distribution directory.

The recent version of Thetaworld FAQ Constructor can be found our panamanian BUSINESS.COM.PA domain

Requirements:

• PostgreSQL database: http://www.postgresql.org
• Perl: http://www.perl.com
• UNIX compatible operating system: http://www.debian.org
• Gedafe: hhttp ://isg.ee.ethz.ch/tools/gedafe/
• Speedy: http ://www.daemoninc.com/SpeedyCGI/

We use also Markdown: http://daringfireball.net/projects/markdown/ to construct static website pages. The ConstructFaq supplied Perl script generates simple text file prepared for the Markdown. After the Markdown conversion such text file becomes the HTML file.

Installation instructions

1. Install all the required software.
2. Create the database for the Thetaworld FAQ Constructor and any user to use the PostgreSQL database.
3. Place the construct.cgi anywhere you can run CGI scripts.
4. Change the variables in the construct.cgi
5. Run the Gedafe daemon.
6. Run the script on the webserver and insert questions and answers
7. Make reports by the supplied Perl script: ConstructFaq.

The user of this SQL definition will need sufficient knowledge on how to install and run the above requirements. Such user will be able to constract his own reporting of the FAQ database. For any questions, do not hesitate to contact us.

Thetaworld Corporation http://www.offshore-services.biz

As part of our service of US based bank account for non US residents, we have decided to declare the service to be one-time non-refundable membership fee which now also includes:

US bank account for non US residents, but also following:

Spanish EUR and USD bank account, with minimum deposit of EUR 150 and minimum opening requirements: copy of passport and your current bank’s reference

Swiss Bank Account in EUR, USD and CHF, with no minimum deposit and minimum opening requirements: notarized copy of passport

Latvian Bank Account in ALL currencies

and additionally ALL our bank introduction services we offer. All customers are welcome to complete the bank introduction forms in our Thetaworld Customers’ Area and we help them establish a bank account in the country they choose.

For Paypal purposes, we recommend also Spanish bank account. For the fee of US $400, you also get the Spanish address for banking purposes. Banking documents are sent directly to you, however, for Paypal or Ebay purposes you can use our Spanish address.

Additionally, for customers from China who has paid the non-refundable one-time membership fee and already got the personal US bank account, we offer also business bank account introduction as part of our service.

All customers can contact us by the secure e-mail form. E-mails arrive in encrypted way to us.

We have succesfully launched the Thetaworld Customer’s Area, available only for customers coming who applied for the US bank for non-US residents or citizens where every customer can insert his correct data and thus help us and the bank to complete the application.

Documents are now sent directly by DHL from the bank to the customer and arrive in about 7 business days to any destination in the world.

This customer’s area can be reached only through the username and password provided by staff of Thetaworld Corporation.

We have got a bunch of new customers, non-US citizens, seeking for the US bank account. Many US banks, based on requirements of USA Patriot Act quits their contracts for US bank accounts with customers who are not US citizens.

The section 312 of the USA Patriot Act declares what the due dilligence is to be for correspondent accounts and private banking accounts in USA for non-US citizens. In general each financial institution in USA which establishes, maintains, administers, or manages a private banking account or a correspondent account in the United States for a non-United States person, including a foreign individual visiting the United States, or a representative of a non-United States person shall establish appropriate, specific, and, where necessary, enhanced, due diligence policies, procedures, and controls that are reasonably designed to detect and report instances of money laundering through those accounts.

There are some additional standards for certain correspondent accounts which apply to correspondent account which is requested or maintained by, or on behalf of, a foreign bank operating under an offshore banking license or under a banking license issued by a foreign country that has been designated as noncooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization of which the United States is a member, with which designation the United States representative to the group or organization concurs or by the Secretary of the Treasury as warranting special measures due to money laundering concerns.

The enhanced due diligence policies, procedures, and controls for above accounts shall, at a minimum, ensure that the financial institution in the United States takes reasonable steps to ascertain for any such foreign bank, the shares of which are not publicly traded, the identity of each of the owners of the foreign bank, and the nature and extent of the ownership interest of each such owner and to conduct enhanced scrutiny of such account to guard against money laundering and report any suspicious transactions and to ascertain whether such foreign bank provides correspondent accounts to other foreign banks and, if so, the identity of those foreign banks and related due diligence information.

Further, US banks are required to keep minimum standards for private banking accounts. If a private banking account is requested or maintained by, or on behalf of, a non-United States person, then the due diligence policies, procedures, and controls required shall, at a minimum, ensure that the financial institution takes reasonable steps to ascertain the identity of the nominal and beneficial owners of, and the source of funds deposited into, such account as needed to guard against money laundering and report any suspicious transactions under subsection and to conduct enhanced scrutiny of any such account that is requested or maintained by, or on behalf of, a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure that is reasonably designed to detect and report transactions that may involve the proceeds of foreign corruption.

The term `private banking account’ means an account (or any combination of accounts) that requires a minimum aggregate deposits of funds or other assets of not less than $1,000,000 and is established on behalf of 1 or more individuals who have a direct or beneficial ownership interest in the account and is assigned to, or is administered or managed by, in whole or in part, an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account.

That seems to be a lot of work for US banks, so many of them rather decide to make policies or internal rules to not accept non-US citizens any more. Thus many non-US citizens get their US bank accounts closed and need to find a new US bank which would accept them.

There are STILL US banks which accept non-US citizens to open the US bank account. Thetaworld Corporatioon will assist any of them to get the US bank account for the fee of 400 USD payable in several different ways: E-gold, Western Union, postal money order, ACH transfer, SWIFT international wire transfer, Paypal and in many other ways. If you would like more informations, proceed to: informations on US bank account for non-US residents.

CONTACT US TO GET YOUR US BANK ACCOUNT (400 USD)

Panama’s official language is Spanish. However, English is widely spoken as a second language in the main cities. Panama has excellent local and international telephone services. Direct dialing is available to more than 150 countries worldwide. There are 170 radio stations and five television stations in Panama. Office space both permanent and temporary is readily available.

Health conditions in Panama are good, especially in the urban centers. Running water is available in almost all parts of the country and is usually potable. Use of bottled water or boiling before use is necessary only in some rural areas and small towns in the provinces.

There are several international level hotels, and furnished apartments are available for longer stays. Transportation from the International Airport into Panama City is by a special taxi service. Car rentals are available. There is no bus service at the airport. Buses and Taxis are readily available in urban areas. Taxi fares are low and usually range from one to five dollars depending on the trip’s length.

U.S. citizens may enter Panama with a passport or a certified copy of
a U.S. birth certificate and an official picture I.D., (e.g. driver’s
license) and a Tourist Card purchased for US$ 5.00 from an airline serving
Panama. The Tourist Card is valid for 90 days and may be extended for
another 90-day period. The following are three types of Visas available
to businesspersons wishing to spend extended periods of time in Panama:

* Inversionista (Investor): A minimum of US$ 100,000 must be invested
and US$ 600 must be deposited in advance (US$ 500 with the Ministry of
Government and Justice and US$ 100 with the Ministry of Economy and
Finance).
* Visa de Visitante Temporal (Temporary Visitor’s Visa): For
executives or technicians working with a company in Panama for a limited
time. The Visa is valid for one year and is renewable.
* Temporal Especial
(Working Permit): For professional or skilled personnel transferred from
an overseas office to work in Panama temporarily. The applicant must
prove his earnings will come from outside of Panama. The Visa is valid
from three to six months.

There is a USD$ 20.00 departure tax on leaving
the country.

Business practices and customs in Panama are a unique blend of North
American methods and traditional Latin style. Foreign corporations
operating in Panama are important in shaping the style and manner of
doing business.

Private business offices are open from 8:00 a.m. until
5:00 p.m., Monday through Friday, and Saturdays from 8:00 a.m. to 12 noon. Banks are open from 8:00
a.m. to 3:00 p.m., Monday through Friday. Most local banks open Saturdays
from 9:00 A.M. to 12:00 Noon. Government offices are open from 8:30
a.m. to 4:30 p.m., Monday through Friday.