Free Panama corporation - registered since 2018, give away

[panamanomad]

I have a Panama corporation, transferred from a friend to me, just for the purposes of gaining the Friendly Nations Visa. I'm now a permanent resident, and so no longer need the corporation.

The corporation doesn't have a bank account, and has no trading activity, but has had its registration maintained and relevant taxes have been paid to maintain it in a clean and active status since 2018.

Instead of paying to dissolve it, I'm thinking a better option would be to transfer it to someone who could use it.

I will give it away for free - no charge, but you'll need to pay the legal fees to change the name(s) of the directors etc to your lawyer (which is around $250 I believe).

I had a consultant tell me that he could sell it for $1500 ... but he didn't deliver, and so I'm reposting this... to give away for free.

@sonato @JamesDonkey ... you were interested previously, it's yours if you want it. I use tutanota as 'techadventurer' - get in touch.

 

[AMD]

Wonder why no one has taken this company already??

 

[22kay]

Just a side note, you don't really need to pay to have it dissolved? If you do nothing, it will be dissolved over time, right?

 

[erni]

22kay said:
Just a side note, you don't really need to pay to have it dissolved? If you do nothing, it will be dissolved over time, right?
Click to expand...

that's true and how it works in almost any country.

 

[panamanomad]

@22kay @erni I was told by my lawyer that they'll disolve it for me for $800... but he was strongly hinting that many people do just leave it and eventually it gets struck off. It seemed like there might be some risk there though that at some point the company registry or whoever might try and claim for past years costs, and so my preference is to give it away instead and then it's clear. Especially if it's useful to someone.

I believe the cost is around $1500 to set up a new company, and actually an older company is considered more valuable.

 

[JamesDonkey]

I am interested @panamanomad

Will contact you

 

[Golden Fleece]

AMD said:
Wonder why no one has taken this company already??
Click to expand...

All of the new accounting requirements, which began in 2016, and the associated high yearly fines for non-compliance? Panama is no longer a good place to incorporate, unless you actually do business there.

https://icazalaw.com/new-accounting-records-requirements-in-panama/

 

[KOTF]

I am interested if it's still around. In Panama, I will currently help in opening an account.

 

[JackAlabama]

Golden Fleece said:
All of the new accounting requirements, which began in 2016, and the associated high yearly fines for non-compliance? Panama is no longer a good place to incorporate, unless you actually do business there.

https://icazalaw.com/new-accounting-records-requirements-in-panama/
Click to expand...

Yep, it has now only downside, unless as you said you do business on the ground, live there or invest locally.
Banking was always a nightmare and very bureaucratic, since 2017 at least.
And I am not talking about they prohibiting you entering their precious branches with shorts 😉

 

[panamanomad]

KOTF said:
I am interested if it's still around. In Panama, I will currently help in opening an account.
Click to expand...

@JamesDonkey @KOTF - I'm currently going through the process with my lawyer to transfer it to someone else on the forum (who sent me a message first) - if it doesn't go ahead for whatever reason with him, then I'll post you a message on here so that one of you can have it! Thanks.

 

[KOTF]

Well, I am leaving tomorrow, or you just hit me a message, and I will do what is needed. Thanks for your consideration.

 

[JamesDonkey]

@panamanomad alright.

Just in case -- an email I sent you a message from was r*****i @ protonmail . ch

 

[erni]

why is this company not long gone ?

 

[fshore]

JackAlabama said:
Yep, it has now only downside, unless as you said you do business on the ground, live there or invest locally.
Banking was always a nightmare and very bureaucratic, since 2017 at least.
And I am not talking about they prohibiting you entering their precious branches with shorts 😉
Click to expand...

Why? There is still 0% taxes for foreign source income, you just have to do accounting for the offshore income.

 

[JackAlabama]

fshore said:
Why? There is still 0% taxes for foreign source income, you just have to do accounting for the offshore income.
Click to expand...

As I wrote, banking etc is a nightmare.

I can also have a USA LLC which has also 0% for most cases and given your personal tax situation is fixed, is cheap and easy to use and good reputation compared to Panama.
Only in very specific cases does such a corp makes sense.

 

[erni]

Guys you could stick to topic? OP offers a free panama company to whom want it !

 

[JackAlabama]

erni said:
why is this company not long gone ?
Click to expand...

erni said:
Guys you could stick to topic? OP offers a free panama company to whom want it !
Click to expand...

Whats written is very much on topic and answers your question "why is this company not long gone". 😉