The Perfect Business Model - GoFuckYourself.com

Probono · 10-19-2010, 04:05 PM

It has been four years and now I am ready to share something I know works. A corporation in Panama.

1. Easy to create, under $2,000 in legal and government fees.
2. Pays no income taxes to Panama on income earned outside of Panama. ( Does have about $500 in other fees)
3. Can have bearer shares, meaning the ownership is anonymous
4. Can have directors hired in country who are paid a small annual fee to have their name, not yours in the public registry.
5. Can have a US dollar based bank account in Panama
6. Even US citizens only pay taxes on income paid out to them from the corporation

Almost a perfect business model to pay reduced taxes, protect identity and do business internationally.

If you are interested I can connect you to a good, lawyer in Panama. I know several and I live here so i can help you make the connections in person if you wish.

dyna mo · 10-19-2010, 04:07 PM

that's not a business model eh.

alias · 10-19-2010, 04:07 PM

Not a business model though, I'd call that a tax scheme.

TidalWave · 10-19-2010, 04:07 PM

what keeps that foreign director from just taking control of the company and its assets including the bank acct?
what makes this a business model?

ThumbLord · 10-19-2010, 04:09 PM

hit me up Lee, interested.

Probono · 10-19-2010, 04:18 PM

Sorry if you don't think it is a business model. Reality is that it is a model to keep your money legally. The directors have no control, the person with the shares owns the biz.

Thumblord, how the hell are oyu. You know you are always welcome here in the hills. You still have my ICQ and email?

ThumbLord · 10-19-2010, 04:21 PM

I am fine, I will be in Portugal soon to try to fix the teeth problem but will contact you asap.
please get this info on the board I own as well.
it is not protected/invite only anymore so .....

DWB · 10-19-2010, 06:05 PM

Just going to throw my 2 cents in....

1) Don't have a corp and your bank in the same country.

2) US citizens still need to be careful because if it can be proven they control the company, it's their ass. Regardless of a nominee, someone controls the company.

3) Setting up a company is easy and not the issue. It's the bank account you need to worry about. Who's passport is used for the bank account? That's where the real liability and risk lays.

With that said, YES, there are smart ways to do this to seriously lower your tax burden. You just have to be very careful how it's done. Of course someone could also structure it in a manner to totally avoid taxes, if done correctly and if one were so inclined. But that is not recommended, as it would be illegal, and we all know how the GFY crew feels about illegal activity. We simply don't tolerate it.

fatfoo · 10-19-2010, 06:15 PM

It sounds like 1 person connecting a 2nd person to a 3rd person.
In other words, Probono is a middle man of some kind.

Marshal · 10-19-2010, 10:06 PM

Quote:

Originally Posted by TidalWave

what keeps that foreign director from just taking control of the company and its assets including the bank acct?
what makes this a business model?

as the authorized person you don't need to report your bank accounts to anyone. stick to different countries for the company and bank account(s) and you are good to go. you will be the only one in charge of the money...

stocktrader23 · 10-19-2010, 10:13 PM

Quote:

Originally Posted by DirtyWhiteBoy

Just going to throw my 2 cents in....

1) Don't have a corp and your bank in the same country.

2) US citizens still need to be careful because if it can be proven they control the company, it's their ass. Regardless of a nominee, someone controls the company.

3) Setting up a company is easy and not the issue. It's the bank account you need to worry about. Who's passport is used for the bank account? That's where the real liability and risk lays.

With that said, YES, there are smart ways to do this to seriously lower your tax burden. You just have to be very careful how it's done. Of course someone could also structure it in a manner to totally avoid taxes, if done correctly and if one were so inclined. But that is not recommended, as it would be illegal, and we all know how the GFY crew feels about illegal activity. We simply don't tolerate it.

If you want to protect your bank account you need to operate out of Guatemala.

xxweekxx · 10-19-2010, 10:20 PM

panama will give up ur info in a heart beat.. just letting u know

will76 · 10-19-2010, 10:24 PM

Quote:

Originally Posted by Probono

6. Even US citizens only pay taxes on income paid out to them from the corporation

It is my understanding that if are you in the US and the IRS finds out you going to pay income taxes on all of the money discribed in your setup. Uncle sam wants his moonney!

MobiusMike · 10-19-2010, 10:53 PM

I have direct merchant account solutions in Panama. I don't recommend them except as banks of last resort. There has been a previous history of merchant bank program closures that make me nervous about putting clients there.

In order to provide merchant services, my clients have to establish a Panamanian corporation. This requires at least one (1) director who is the beneficial owner of the corporation (usually the U.S. owner) and then two (2) local nominees who establish the residency requirement.

My understanding, based on several visits, is that Panama has no local currency and its economy is entirely based on the US Dollar. Therefore all accounts are US dollar accounts.

I've seen many dodges going out of Panama, including the Panamanian corporation paying a US "shell" of the owner for consulting services (I believe that's how the Girls Gone Wild guy got in trouble).

If you're doing business in Panama the corporation is a must have, but better to just consult a tax attorney and pay the minimum you have to to stay legal.

Kolargol · 10-19-2010, 10:59 PM

Finance Vice-Minister Frank De Lima announces new law banning bearer share secrecy.
The resident agents (the lawyers) will have a register of who owns what. This register will be accesible to TIEA requests so bearer shares won't be anonymous anymore to foreign tax agencies.
There will be penalties for resident agents failing to keep ownership records.
This is also the end of attorney-client privilege for tax purposes in Panama.
http://mensual.prensa.com/mensual/co...os/2359907.asp

fuzebox · 10-19-2010, 11:00 PM

That's awesome, except for the fact that Panamanian banks are now requiring two bank reference letters, which are being reported as "suspicious transactions" by US-based banks.

k0nr4d · 10-19-2010, 11:11 PM

For those in the EU, the legal way to do it here is (as far as i know anyways):

Register a corp in your own country
Register a corp in cyprus owned by your corp
Cyprus has a much lower tax rate, and you can move your funds from one corp to the other without it getting taxed again because of double-taxation laws.

10-19-2010, 04:05 PM	#1
Probono Confirmed User Join Date: Oct 2002 Location: Under the Rainbow Posts: 2,731	The Perfect Business Model It has been four years and now I am ready to share something I know works. A corporation in Panama. 1. Easy to create, under $2,000 in legal and government fees. 2. Pays no income taxes to Panama on income earned outside of Panama. ( Does have about $500 in other fees) 3. Can have bearer shares, meaning the ownership is anonymous 4. Can have directors hired in country who are paid a small annual fee to have their name, not yours in the public registry. 5. Can have a US dollar based bank account in Panama 6. Even US citizens only pay taxes on income paid out to them from the corporation Almost a perfect business model to pay reduced taxes, protect identity and do business internationally. If you are interested I can connect you to a good, lawyer in Panama. I know several and I live here so i can help you make the connections in person if you wish.

10-19-2010, 04:07 PM	#3
alias aliasx Join Date: Apr 2001 Posts: 19,010	Not a business model though, I'd call that a tax scheme. __________________ https://porncorporation.com

10-19-2010, 04:07 PM	#4
TidalWave Confirmed User Industry Role: Join Date: Sep 2007 Location: Los Angeles Posts: 2,706	what keeps that foreign director from just taking control of the company and its assets including the bank acct? what makes this a business model? __________________ www.SwiftNode.com

10-19-2010, 04:09 PM	#5
ThumbLord Confirmed User Industry Role: Join Date: Jan 2009 Location: Aruba Posts: 1,932	hit me up Lee, interested. __________________ We Sell Domains \| ThumbLords \| ICQ 128106905 \| TubeLords \| Traffic Holder \| eRoken

10-19-2010, 04:21 PM	#7
ThumbLord Confirmed User Industry Role: Join Date: Jan 2009 Location: Aruba Posts: 1,932	I am fine, I will be in Portugal soon to try to fix the teeth problem but will contact you asap. please get this info on the board I own as well. it is not protected/invite only anymore so ..... __________________ We Sell Domains \| ThumbLords \| ICQ 128106905 \| TubeLords \| Traffic Holder \| eRoken Last edited by ThumbLord; 10-19-2010 at 04:23 PM..

10-19-2010, 04:07 PM	#2
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,911	that's not a business model eh.

10-19-2010, 04:18 PM	#6
Probono Confirmed User Join Date: Oct 2002 Location: Under the Rainbow Posts: 2,731	Sorry if you don't think it is a business model. Reality is that it is a model to keep your money legally. The directors have no control, the person with the shares owns the biz. Thumblord, how the hell are oyu. You know you are always welcome here in the hills. You still have my ICQ and email?

10-19-2010, 06:05 PM	#8
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	Just going to throw my 2 cents in.... 1) Don't have a corp and your bank in the same country. 2) US citizens still need to be careful because if it can be proven they control the company, it's their ass. Regardless of a nominee, someone controls the company. 3) Setting up a company is easy and not the issue. It's the bank account you need to worry about. Who's passport is used for the bank account? That's where the real liability and risk lays. With that said, YES, there are smart ways to do this to seriously lower your tax burden. You just have to be very careful how it's done. Of course someone could also structure it in a manner to totally avoid taxes, if done correctly and if one were so inclined. But that is not recommended, as it would be illegal, and we all know how the GFY crew feels about illegal activity. We simply don't tolerate it.

10-19-2010, 06:15 PM	#9
fatfoo ICQ:649699063 Industry Role: Join Date: Mar 2003 Posts: 27,763	It sounds like 1 person connecting a 2nd person to a 3rd person. In other words, Probono is a middle man of some kind. __________________ Send me an email: [email protected]

10-19-2010, 10:20 PM	#12
xxweekxx Confirmed User Join Date: Oct 2002 Posts: 6,780	panama will give up ur info in a heart beat.. just letting u know __________________ _________________ I am the best

10-19-2010, 10:53 PM	#14
MobiusMike Confirmed User Industry Role: Join Date: Jul 2010 Location: Los Angeles Posts: 123	I have direct merchant account solutions in Panama. I don't recommend them except as banks of last resort. There has been a previous history of merchant bank program closures that make me nervous about putting clients there. In order to provide merchant services, my clients have to establish a Panamanian corporation. This requires at least one (1) director who is the beneficial owner of the corporation (usually the U.S. owner) and then two (2) local nominees who establish the residency requirement. My understanding, based on several visits, is that Panama has no local currency and its economy is entirely based on the US Dollar. Therefore all accounts are US dollar accounts. I've seen many dodges going out of Panama, including the Panamanian corporation paying a US "shell" of the owner for consulting services (I believe that's how the Girls Gone Wild guy got in trouble). If you're doing business in Panama the corporation is a must have, but better to just consult a tax attorney and pay the minimum you have to to stay legal. __________________ www.2MPAY.com www.MobiusPay.com ICQ: 601750183 Skype: MobiusPay Twitter: MobiusPay Payment Industry Subject Matter Expert

10-19-2010, 10:59 PM	#15
Kolargol Confirmed User Join Date: Mar 2003 Location: www.footfetishsponsors.com Posts: 1,319	Finance Vice-Minister Frank De Lima announces new law banning bearer share secrecy. The resident agents (the lawyers) will have a register of who owns what. This register will be accesible to TIEA requests so bearer shares won't be anonymous anymore to foreign tax agencies. There will be penalties for resident agents failing to keep ownership records. This is also the end of attorney-client privilege for tax purposes in Panama. http://mensual.prensa.com/mensual/co...os/2359907.asp

10-19-2010, 11:00 PM	#16
fuzebox making it rain Industry Role: Join Date: Oct 2003 Location: seattle Posts: 22,136	That's awesome, except for the fact that Panamanian banks are now requiring two bank reference letters, which are being reported as "suspicious transactions" by US-based banks.

10-19-2010, 11:11 PM	#17
k0nr4d Confirmed User Industry Role: Join Date: Aug 2006 Location: Poland Posts: 9,229	For those in the EU, the legal way to do it here is (as far as i know anyways): Register a corp in your own country Register a corp in cyprus owned by your corp Cyprus has a much lower tax rate, and you can move your funds from one corp to the other without it getting taxed again because of double-taxation laws. __________________ Mechanical Bunny Media Mechbunny Tube Script \| Mechbunny Webcam Aggregator Script \| Custom Web Development