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Best offshore countries for business: Nevis vs Panama
Last week we presented a piece on the differences between an LLC and IBC. Today we continue with the corporate topic and present Nevis corporate center versus a company in Panama. Besides choosing a structure, the incorporator must select the right country. Mundo has written and published a great deal about the best offshore countries for business abroad, and today we start this comparison series.
Company in Panama vs Nevis
We present two countries that are very different from each other but undoubtedly, they constitute excellent jurisdictions for international businesses. First, let's start with what they have in common.
Panama corporate options vs Nevis company: similarities
The island of Nevis and the isthmus of Panama are similar in many aspects, particularly when it comes to business.
In both countries, you'll find a safe haven for your activities. Firstly, you have similar shared capital requirements. Secondly, both offer interesting tax incentives. While Nevis is free of corporate tax, Panama only taxes a 25% flat rate. Moreover, Panama has a territorial taxation regime which means that your company won't pay taxes for its assets abroad. Nonetheless, both resident and non-resident companies have to pay taxes for the money they receive in Panama.
Confidentiality is another important aspect of the best offshore company formation. Here we also have a tie when it comes to a company in Panama vs Nevis. In both jurisdictions, registers are closed which means that owners enjoy a high level of privacy.
Company in Panama vs Nevis: differences
When it comes to flexibility, Mundo prefers Nevis. Panama does not require the issuance of a certificate of incorporation or a company seal. You may choose to register this optionally. However, the registry requires 3 directors to establish a company in Panama, while in Nevis corporate center you may open your company with only one.
It's worth noting that in Nevis you can't have fewer directors than shareholders, hence if you have three shareholders you must have three directors. However, there's always a possibility to have only one shareholder and one director which makes things easier. If you want to open a company in Nevis, book a consultation with our experts and find out everything you need to know.
Best offshore countries for business: which one to choose?
Both countries offer the best offshore company formation out there, the question is which one to choose? There's no one-solution-fits-all answer, therefore we present some guidelines that will help you choose.
Naturally, both countries have different official languages. If you speak English and don't want to translate documents, then open a company in Nevis to make things easier. On the other hand, Spanish native speakers may want a jurisdiction that speaks their own language in which case they have many Panama corporate options available.
In this regard, Nevis offers the best offshore company formation as it has some of the simplest company requirements. If you'd like to know more, check out our article on the easiest corporate jurisdiction. All in all, Nevis provides a high level of flexibility with only one shareholder and one director who can be the same person. Also, if you incorporate through Mundo you can access the best rates as we are authorized registered agents.
Although this aspect is totally subjective, Mundo recommends Panama as a place to live. Here you'll have to make some decisions: do you need to live in the place where you conduct business or you can manage it from abroad? If you open a company in Nevis, you'll be able to send your documents via scan, which makes the process much easier.
But if you want to live or spend a lot of time in the country, then you'll love Panama. A company in Panama opens the world to a cosmopolitan environment with a rich culture. Saint Kitts and Nevis has only, roughly, 54,000 inhabitants, while Panama has four million. This places Panama in the perfect position between a small nation and a large country, giving you the opportunity to experience a cosmopolitan environment and advanced infrastructure while still living in a country where everything is close by.
Personal tastes or needs
You may have connections to any of these two countries hence you may choose the Nevis corporate center or a company in Panama to expand your business. We will address this point during a consultation with your Mundo expert.
Disclaimer: This article is merely informative. For accurate and updated information regarding your case, please book a consultation.
Access the best offshore company formation with Mundo
To sum up, both Panama and Nevis are among the best offshore countries for business. Besides, Mundo offers company structures in Belize, the Cayman Islands, the Marshall Islands, and the USA.
The first step in your journey towards financial freedom is the one that you can make right now by contacting your Mundo expert. The timing will never be right: you just have to make it happen. Organizing one's financial affairs is a complicated process which means the sooner you start the better. Find out more about your Panama corporate options and how to open a company in Nevis by contacting us.
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