Don't worry about the $10,000 number. As JB said i
Post# of 17862
Posted On: 01/05/2014 1:49:06 PM
Re: Cinder Man #9336
Don't worry about the $10,000 number. As JB said it is seed money that is put up when the incorporation is formed and before it actually does anything. On the Panama Better Business Bureau site under "the Panamanian corporation" it tells us -
"A Panamanian Corporation is formed by two persons called Subscribers or Nominees (persons who act on behalf of absent foreigners). The Subscribers or Nominees execute legal documents termed the Articles of Incorporation. Those documents are filed with the Panama Public Registry office, and the Corporation pays a Capital tax (minimum USD $60.20 on the usual capital of $10,000). There is an annual registration fee of $300. All commercial and industrial businsses must have a Notice of operations or an exemption to engage in business. A Notice of operations cost is 2% of a company's net worth and up to a maximum of $60,000. Companies operating in any of the Free Zones are subject to an annual license tax of 1% of their net worth and up to a maximum of $50,000.
After the Corporation is actually formed, Panama laws only require one shareholder. Shares can be of various classes, can have par value or not, may be officially registered, or can be discreet bearer shares. There is no minimum Capital, and no paying-up rules, except that no-par-value and bearer shares are to be fully paid when issued. Strict regulations may apply to bearer shares. The registered agent must keep the bearer share certificate in a safe custody at all times and must notify the Registrar about such shares.
The corporation must have a resident Registered Agent (Panamanian lawyer).
There must be at least three Directors' names in the Articles of Incorporation. Any Director changes must also be filed with the Public Registry. Unless the Articles are changed or the Corporation merges or dissolves there are no other filing requirements."
Beliceno tells us BLWP was register on 3/7/13, so, we will need there to be amendments to articles of incorporation to prove HIMR's partial ownership. On another site I read long ago, it said Panamanian companies are not required to disclose ownership, but may if they choose. It added how much information one can find in these documents can vary greatly at the companies discretion. This is entirely compatible with the Panama's BBB description. I think we need to let HIMR know we want good proof to be found in these publicly accessible documents that HIMR is a part owner of BLWP and BLWP is permitted (meaning show us the permits in the amendments to the articles of incorporation) to work that concession. Whether we like or not, our context is one where too many will view HIMR as guilty until proven innocent. The appropriate response is just to prove its legitimacy. The Panamanian documents can constitute a reliable third party confirmation of that.
"A Panamanian Corporation is formed by two persons called Subscribers or Nominees (persons who act on behalf of absent foreigners). The Subscribers or Nominees execute legal documents termed the Articles of Incorporation. Those documents are filed with the Panama Public Registry office, and the Corporation pays a Capital tax (minimum USD $60.20 on the usual capital of $10,000). There is an annual registration fee of $300. All commercial and industrial businsses must have a Notice of operations or an exemption to engage in business. A Notice of operations cost is 2% of a company's net worth and up to a maximum of $60,000. Companies operating in any of the Free Zones are subject to an annual license tax of 1% of their net worth and up to a maximum of $50,000.
After the Corporation is actually formed, Panama laws only require one shareholder. Shares can be of various classes, can have par value or not, may be officially registered, or can be discreet bearer shares. There is no minimum Capital, and no paying-up rules, except that no-par-value and bearer shares are to be fully paid when issued. Strict regulations may apply to bearer shares. The registered agent must keep the bearer share certificate in a safe custody at all times and must notify the Registrar about such shares.
The corporation must have a resident Registered Agent (Panamanian lawyer).
There must be at least three Directors' names in the Articles of Incorporation. Any Director changes must also be filed with the Public Registry. Unless the Articles are changed or the Corporation merges or dissolves there are no other filing requirements."
Beliceno tells us BLWP was register on 3/7/13, so, we will need there to be amendments to articles of incorporation to prove HIMR's partial ownership. On another site I read long ago, it said Panamanian companies are not required to disclose ownership, but may if they choose. It added how much information one can find in these documents can vary greatly at the companies discretion. This is entirely compatible with the Panama's BBB description. I think we need to let HIMR know we want good proof to be found in these publicly accessible documents that HIMR is a part owner of BLWP and BLWP is permitted (meaning show us the permits in the amendments to the articles of incorporation) to work that concession. Whether we like or not, our context is one where too many will view HIMR as guilty until proven innocent. The appropriate response is just to prove its legitimacy. The Panamanian documents can constitute a reliable third party confirmation of that.
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