Advantages of the Offshore Accounts:

If you are an honest person who wishes to open an offshore bank account and keep the privacy of your operations, both the bank system as well as Monroy, Troya & Asociados keep your confidentiallity.

1. It’s a double shield of protection.   A bank account outside your residence, protected under a corporation, places you in a privileged position with regard to the others.   This itself will be a second shield of force against the risks that arise from the exercise itself of the commercial activity.
2. Keeps anonymity.   The Board of Directors grants you a General Power of Administration which is not registered.
3. Generates more profits.   If the Panamanian corporation is engaged in operations or businesses abroad, the earnings will be free of taxes over profits or income tax in both jurisdictions.
4. It permits to diversify.   A company may, in turn, carry out operations for certain types of services with other corporations, in order not to center in a single bank account all the savings or assets and, this way, to diversify the risks also.
   

The Panamanian bank system establishes a set of requirements to open offshore accounts.   How fast you manage to open this type of account, will depend on the diligence with which you provide the documentation required.

For Monroy, Troya & Asociados it’s very important to know the client, in order to help him in the process of opening his offshore accounts.

In its position of Resident Agent, the firm will demand from the client sufficient information that proves that his businesses are licit.   This is because we need to keep maintaining the quality controls.   None of our old clients would like to be informed that their law firm in Panama is involved in ilicit businesses or helping persons of doubtful reputation.

The Code of Conduct approved by the International Association of Lawyers, binds all lawyers to know their clients and to obtain enough information from them as well as references, before rendering any service.

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