There is not clear an explanation what tax haven means however according to OECD it’s a country doesn’t follow the 4 criteria.
OECD (Organisation for Economic Co-operation and Development) has made a list of the most important criteria it considers when determining whether a jurisdiction is a tax haven or not.
These criteria (according to OECD) have been specified as follow:
1. no or nominal tax on the relevant income;
2. lack of effective exchange of information;
3. lack of transparency; and
4. no substantial activities of the taxpayer in that jurisdiction, (2) together referred to as OECD Tax Haven Criteria.)
OECD has formulated following groups where 84 jurisdictions have been assessed:
While List – jurisdictions that the OECD does not consider as tax havens.
Grey List – jurisdictions have partly implemented the OECD International Tax Standard.
Black List – no tax cooperation, there are currently no black list countries.
More information on: http://www.oecd.org
The Republic of Panama known as Panama has the largest shipping (register a boat, ship, yacht or other marine vessel) and maritime registry in the world. The biggest reason is the easy way how proceed the registration and very low government fees. International Business Companies (IBC) is commonly used for stock trading, real estate, boats, and air crafts. The income tax of Panama IBC applies for companies operating a business within the Panama territory where the net income derived. Income derived from outside of the territory is not considered as subject – not taxable of local Law.
- The oldest and largest open ship registry
- Strategic geographical position for your business
- Ships with owners of any nationality
- No requirements for annual tax return or financial statement
- no tax on Offshore Profits
- min number of shareholders – on
- min number of directors – three (Startupr can provide 2 directors)
- company secretary required
- no local director is needed
- no annual return and accounts filling is required
- minimum annual tax/license fee of 250 US$
If you are about to open your offshore company with Startupr, please feel free to download an order form and send it to: tomas[at]startupr.com
Incorporate / Open / Found your Panama International Business Company (IBC). Download the form and send it back to us: tomas[at]startupr.com