The past few weeks have seen me working one-on-one with a client from Canada on diversifying their life and moving their business, and residency, offshore. This was going exceedingly well, and we were on track to hit his targets and have him on the plane to a new life within the next few months. Unfortunately, a pending divorce and a family illness have forced him to reconsider his options currently. This means I now have an unused Offshore Company with Bank account for Sale.
Quick Details: Offshore Company with Bank Account for Sale
The company was established in Panama around 1-month ago and has an operating bank account at DBS Bank in Singapore. Total cost for the shelf company and bank account is discounted to USD$650.
Read on for further details.
- Quick Details: Offshore Company with Bank Account for Sale
- When was the Offshore Company with Bank Account for Sale Formed
- What About the Directors or Nominees
- How Will the Bank Account Swap Over Work?
- Are There Any Liabilities?
- Anything Else I Need to Know About the Offshore Company with Bank Account for Sale
- Price and Next Steps
When was the Offshore Company with Bank Account for Sale Formed
The Panamanian company was established around 5 weeks ago (March 2022) and is in good standing with the corporate registry and with its registered agent. It was initially formed as part of a Friendly Nations Visa application that never went ahead. The company is a true shelf company in all regards, and it has never traded.
What About the Directors or Nominees
There are local nominee directors (an attorney) who are happy to stay in place with the transfer of the company. Otherwise, I have an un-dated resignation letter and you can remove them at will and appoint whomever you choose to be a director.
The current nominee directors are from a very well-known law firm and are above reproach with their reputations. However, in a deal such as this, I would always counsel you to appoint your own directors just for peace of mind.
Additionally, if you are seeking stronger privacy, nominee shareholders can be appointed to the company. This way, your name would not appear as a controlling interest whilst those shares are held under a declaration of trust on your behalf. This is probably a smart move if you are actually looking to operate the company as an e-commerce business where there may be a risk.
If you chose to appoint nominee shareholders, the law firm which acts as the registered agent will be able to satisfy this request on your behalf.
How Will the Bank Account Swap Over Work?
Bank accounts are in place with DBS Singapore as well as a local Panamanian Bank. In both cases, the changeover should be relatively easy and will require you to go back through the typical Know Your Customer (KYC) checks with them.
In most cases, you can expect to need to provide notarized identity documents, and proof of address, to the financial institution. Additionally, you will be asked to prove the source of funds and provide evidence, and a declaration, of where your money comes from.
At this stage, I’ve already advised the banks that there will be a pending director/UBO change so they are in the loop with the process. As soon as a deal is sealed for the transfer, I will notify them and start the paperwork with you as a new UBO/client. Additionally, there will be some corporate documents to be executed on your end (we will provide) to change over the shareholdings and ownership of the corporation. These documents will be filed with the Panamanian registry and also kept on hand by the company’s registered agent.
Are There Any Liabilities?
This company has not traded in any form and there are no balance sheet liabilities or contingent liabilities. Upon transfer, you will be provided with a legal undertaking as to the “cleanness” of the shell from the vendor.
Additionally, the lawyer who acts as the registered agent will also certify that the entity is completely unused. As part of the process, I’m happy to provide full statements from the bank accounts to show there has been no business going on. I stake my reputation on the fact that no contracts or any other contingent liability have been entered into.
Anything Else I Need to Know About the Offshore Company with Bank Account for Sale
One can never quite predict what the bureaucracy in Panama is going to do in the near or medium term. In some cases, it’s a country where nothing happens too quickly so expect the company and local bank transfer to take a little time.
Additionally, before making the decision to purchase this shell, you should talk to us as to what your actual goals are because there may be better options for you. This shell will work relatively well for a friendly nation’s visa applications and is especially good for someone from the U.S.A looking to expatriate to a better climate.
However, if tax minimization is your ultimate goal, then there are likely some better options around for structuring your affairs. In particular, if you are relocating from the United States, you will need some specific advice on your tax liabilities given their global taxation regime.
So, definitely consider what your reason is for purchasing a shelf company in Panama and whether it fits your operational needs as well as tax and residency requirements.
Price and Next Steps
The price, not including any government transfer or filing fees, is US$650.
At this stage, I’m really just helping him out to recoup a bit of his expenditure which is why the price is SIGNIFICANTLY discounted from what the full formation and bank introduction cost would be. I will broker the deal, and handle the transfers, but I won’t be a direct party to any transaction.
If you are keen to move forward and would like some further details, then do not hesitate to use the contact form, and send us an email. That way I can send you the full Panamanian company details and copies of the corporate documents for you to undertake due diligence etc.