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export default () => [
	{
		sku: 'FT-INC-AE3i',
		name: 'Abu Dhabi Global Market (LTD)',
		entityType: 'individual',
		status: 'inactive',
		price: null,
		priceCurrency: 'USD',
		category: 'incorporations',
		vendorId: 'flagtheory_incorporations',
		data: {
			region: 'Abu Dhabi Global Market',
			acronym: ['LTD'],
			corpllc: true,
			goodFor: [
				'No Tax',
				'Banking',
				'Financial Services Company',
				'Wealth Management',
				'Tech-Startups',
				'Venture Capital',
				'Asset Protection',
				'Crypto Fund',
				'Holding Company',
				'Cell Company',
				'Tax Treaties',
				'Cryptocurrency Exchange',
				'Aviation',
				'Residency / Visa',
				'Investment Fund',
				'Reputation',
				'IP Holding'
			],
			companyCode: 'AE3i',
			countryCode: 'AE',
			legalEntity: 'Private Company Limited by Shares',
			testTemplateId: '5d09cdf026f7be196c7e063c',
			aeoi: '2018',
			field36:
				'http://adgm.complinet.com/net_file_store/new_rulebooks/c/o/Companies_Regulations_2015_03_03_2015.pdf',
			legalBasis: ['Common law for corporate matters'],
			annualReturn: true,
			legalFramework:
				'ADGM Companies Regulations 2015 (As amended), Financial Services and Market Regulations, 2015 (As amended)',
			auditedAccounts: true,
			capitalCurrency: ['AED', 'USD'],
			minimumDirectors: '1',
			electronicSignature: true,
			minimumShareholders: '1',
			minimumIssuedCapital: 'Varies',
			minimumPaidUpCapital: 'Varies',
			foreignOwnershipAllowed: '100%',
			redomiciliationPermitted: true,
			auditedAccountsExemption: true,
			corporateDirectorsPermitted: true,
			corporateShareholdersPermitted: true,
			locationOfAnnualGeneralMeeting: ['Anywhere'],
			registeredOfficeOrAgentRequired: true,
			directorsNotDisclosedInAPublicRegistry: true,
			shareholdersNotDisclosedInAPublicRegistry: true,
			country: 'Abu Dhabi Global Market',
			vatRate: '5%',
			legalEntityType: ['Corporation'],
			corporateTaxRate: '0%',
			dividendsReceived: '0%',
			capitalGainsTaxRate: '0%',
			offshoreIncomeTaxRate: '0%',
			personalIncomeTaxRate: '0%',
			dividendsWitholdingTaxRate: '0%',
			interestsWitholdingTaxRate: '0%',
			offshoreIncomeTaxExemption: true,
			royaltiesWitholdingTaxRate: '0%',
			dividendsWithholdingTaxRate: '0%',
			interestsWithholdingTaxRate: '0%',
			royaltiesWithholdingTaxRate: '0%',
			offshoreDividendsTaxExemption: true,
			offshoreCapitalGainsTaxExemption: true,
			en: {
				region: 'Abu Dhabi Global Market',
				country: 'AE',
				companyCode: 'AE3i',
				introduction:
					'<p>The Abu Dhabi Global Market Free Zone (ADGM) is a no-tax international financial services center located in Al Maryah Island in the heart of the UAE&rsquo;s capital city, Abu Dhabi. The Free Zone is administered and governed by three independent authorities: the Registration Authority, the Financial Services Regulatory Authority (FSRA) and the ADGM Courts.</p>\n<p>Companies incorporated in the ADGM enjoy a full corporate tax exemption until 2063, no foreign ownership restrictions, no limits on repatriation of profits, no withholding taxes, and access to a wide range of tax treaties.</p>\n<p>ADGM companies can conduct business and trade within the Free Zones and internationally, but cannot do business with UAE residents out of Free Zone areas, without a UAE resident agent.</p>\n<p>ADGM company regulations are based on the UK Companies Act of 2006. The ADGM has an English speaking common law environment and has its own courts and dispute resolution bodies. The Shariah Law does not apply within the free zone.</p>\n<p>A company must have at all times a physical office that must be located in Al Maryah Island, Abu Dhabi, United Arab Emirates. However, physical office requirements vary according to business activity. For instance, SPVs and Fintech Companies may fulfill this requirement with a Virtual Office lease.</p>\n<p>A company carrying out a commercial activity must be approved by the ADGM Registration authority and obtain a commercial license.</p>\n<p>The non-financial and retail business activities permitted include professional service providers, such as law firms and accounting firms, consultants, business training providers, IT and HR/search firms, corporate headquarters, management offices and treasury functions, single family offices and proprietary investment entities, holding companies and special purpose vehicles, industry and professional associations, retail outlets, F&amp;B and services, among others.</p>\n<p>A commercial license will also be issued upon incorporation of the company. This document allows the company to conduct business in ADGM in accordance with the approved activities stated in the Commercial License. The license is valid for one year and renewable upon filing the relevant form, paying the relevant fee to the Registrar and completing other applicable requirements for Commercial License renewal.&nbsp;&nbsp;</p>\n<p>Companies conducting financial services activities are regulated by the Financial Services Regulatory Authority (FSRA) and must obtain the appropriate license to operate. These include international and Islamic banks, lending and credit institutions, fund management companies, investment businesses, hedge funds, banking, hedge funds, forex and securities dealers, cryptocurrency exchanges, among others.</p>\n<p>Regulated companies must appoint an authorized individual resident in the UAE as senior executive officer, chief financial officer, compliance officer, and money laundering reporting officer &ndash; authorized individuals must be UAE residents.</p>\n<p>There is an attractive SPV regime in ADGM. SPVs are private companies established to hold and protect assets, with the purpose of segregating&nbsp;financial and legal risk by ring-fencing assets and liabilities. SPVs can be established as subsidiaries, project or joint venture vehicles.</p>\n<p>Protected Cell Companies (PCC) and Incorporated Cell Companies (ICC) are available. A Protected Cell Company (PCC) is a corporate structure in which a single legal entity is comprised of a core and several cells that have separate assets and liabilities. An Incorporated Cell Company (ICC) is similar to Protected Cell Company but adopts a fundamentally different approach to cells. The ICC incorporates each cell as a separate legal entity without the cell company needing to have any shareholder relationship with the relevant cell.</p>\n<p>There is also an interesting investment company regime for open-ended and closed-ended funds investing the pooled capital of investors in financial securities.</p>\n<p>Cryptocurrency exchanges also find a regulated environment to conduct their activities. They are regulated in a similar manner to &ldquo;Multilateral Trading Facilities&rdquo;.</p>\n<p>Exchanges that include cryptos that are considered securities will remain subject to the relevant regulatory requirements and will need to obtain another license as a Recognized Investment Exchange or Recognized Clearing House.</p>\n<p>In addition, the ADGM has recently introduced a new Tech Startup License, in which qualified startups will be able to access one of the most robust regulatory regimes for finance, flexibility in structuring options and a growing community of funds, banks, family offices, advisors and corporate partners.</p>\n<p>The new Tech Start-up License is highly flexible, start-ups can receive a full operational license, the option to apply for four residential visas and meet the requirement for a registered address with a virtual office lease, at a nominal cost of USD 700.</p>\n<p>ADGM is also an aviation powerhouse, including an ecosystem of aviation finance and aircraft leasing activities.</p>\n<p>AGDM companies also have access to a solid, capitalized and high-quality banking sector.</p>\n<p>Directors and employees, and their dependents are eligible for business visas. Usually, a company is authorized to apply for a visa per 100 sq. ft. of leased office space.</p>\n<p>Visas are valid for up to 3 years, renewable, and entitle its holder to reside in any of the 7 states of UAE.</p>',
				companyTitle: 'Private company limited by shares',
				countryDetails:
					'<p>The United Arab Emirates is a former British protectorate and currently a federation of the Middle East, located to the east of the Arabian Peninsula. It borders Oman to the southeast, with the Persian Gulf to the north and Saudi Arabia to the west and south. It is composed of a hybrid monarchy consisting of 7 emirates, Abu Dhabi, Ajman, Dubai, Fujairah, Ras al Khaimah and Umm al Qaywayn.</p>\n<p>It has a population of 9 million. Its capital is Abu Dhabi, but the most populated and popular city is Dubai. Arabic and English are their official languages. The official currency is the United Arab Emirates Dirham (AED), pegged to the US dollar at an exchange rate of 3.67:1.</p>\n<p>The Supreme Council, made up of each emirate Sheikhs, is the highest political decision-making body in the country. Although each Emirate retains a considered political, economic and judicial autonomy, with different rules and regulations.</p>\n<p>The federation is one of the richest countries in the world, supported by a liberal and open economy with the eighth highest per capita income worldwide and a considerable annual trade surplus.</p>\n<p>Having the seventh largest oil reserve in the world, its economy is clearly dependent on this commodity fluctuations. In recent years efforts have been made to diversify the economy, be less oil-dependent and develop sectors such as retail, financial and tourism.</p>',
				legalParagraph:
					'<p><strong>Country code</strong>&nbsp;&ndash; AE</p>\n<p><strong>Legal Basis</strong>&nbsp;&ndash; Common law for corporate matters. Abu Dhabi Global Market has its own Judiciary Court</p>\n<p><strong>Legal framework</strong>&nbsp;&ndash; ADGM Companies Regulations 2015 (As amended), Financial Services and Market Regulations, 2015 (As amended)</p>\n<p><strong>Company form</strong>&nbsp;&ndash; Private company limited by shares (Ltd)</p>\n<p><strong>Liability</strong>&nbsp;- The liability of the shareholders is limited to their unpaid shareholdings.</p>\n<p><strong>Permitted Business Activities</strong> &ndash; A company business activity must be approved by the ADGM Registration authority and the company must obtain a commercial or financial services license.</p>\n<p>The non-financial and retail business activities permitted include professional service providers, such as law firms and accounting firms, consultants, business training providers, IT and HR/search firms, corporate headquarters, management offices and treasury functions, single family offices and proprietary investment entities, holding companies and special purpose vehicles, industry and professional associations, retail outlets, F&amp;B and services, among others.</p>\n<p>A commercial license will also be issued upon incorporation of the company. This document allows the company to conduct business in ADGM in accordance with the approved activities stated in the Commercial License. The license is valid for one year and renewable upon filing the relevant form, paying the relevant fee to the Registrar and completing other applicable requirements for Commercial License renewal.&nbsp;&nbsp;</p>\n<p>Financial services activities are regulated by the Financial Services Regulatory Authority (FSR) and must obtain the appropriate license to operate.</p>\n<p>Companies incorporated in the ADGM Freezone can conduct business and trade within the Free Zones and internationally, but cannot do business with UAE residents out of Free Zone areas, without a UAE resident agent.</p>\n<p><strong>Share Capital </strong>&ndash; There are no minimum share capital requirements for companies carrying out non-regulated activities or SPVs, although in order to obtain a commercial license the company must have sufficient capital to carry out its business activity. For companies carrying out regulated activities, a minimum AED 180,000.00 must be paid up prior to licensing. Higher capital requirements may apply for certain regulated activities - The FSRA may decide at its discretion the amount of capital required according to the size, scope, and complexity of the business.</p>\n<p><strong>Shareholders </strong>&ndash; A Private Company may be incorporated by one or more shareholders, who can be either a corporation or a natural person, resident or non-resident.</p>\n<p><strong>Directors </strong>&ndash; A private company must have at least one director. Corporate directors are permitted but at least one director must be a natural person.</p>\n<p><strong>Secretary</strong>&nbsp;&ndash; Appointment of a company secretary is not mandatory. Secretary may be an individual or corporate body.</p>\n<p><strong>Registered Address</strong>&nbsp;&ndash; A company must have at all times a registered office. It is the physical location to which all communications and notices may be addressed. The registered address must be located in Al Maryah Island, Abu Dhabi, United Arab Emirates. The applicant should provide a copy of the lease agreement duly signed by all relevant parties.&nbsp;</p>\n<p>SPVs and Fintech Companies may fulfill this requirement with a Virtual Office lease.</p>\n<p><strong>General Meeting</strong>&nbsp;&ndash; Annual general meetings are not mandatory.</p>\n<p><strong>Electronic Signature</strong>&nbsp;&ndash; Permitted.</p>\n<p><strong>Re-domiciliation</strong>&nbsp;&ndash; Inward/outward re-domiciliation is generally allowed.</p>\n<p><strong>Compliance</strong>&nbsp;&ndash; Companies must annually file an annual return and audited accounts with the competent authorities.</p>\n<p>Companies conducting a non-regulated business activity with aggregate turnover of not more than USD 13.5 million net (or USD 16.2 million gross) and with an aggregate number of employees of not more than 35, are considered small companies and exempted of audit requirements.</p>',
				taxesParagraph:
					'<p><strong>Corporate income tax</strong>&nbsp;&ndash; Companies incorporated in the Abu Dhabi Global Market Free Zone under the Companies Regulations are exempt from all forms of taxation. All trading income, investment income, capital gains, compensations, rents, and royalties are free from taxes.</p>\n<p>There is a guarantee of no taxation for 50 years and no restrictions on repatriating profits.</p>\n<p><strong>Other taxes</strong>&nbsp;&ndash; In U.A.E. there is no personal income tax, capital gains tax, real property tax, inheritance tax or estate duty, capital transfer tax, gifts tax or wealth tax.</p>\n<p>There is a real property tax levied on the transfer of properties, at rates that vary from 2% to 4%, depending on the Emirate where the property is located. Some municipalities, e.g. Dubai, also levy an annual property tax on the assessed rental value of the property.</p>\n<p>V.A.T is levied at 5% on most goods and services.</p>',
				legalEntityType: ['Corporation']
			}
		}
	},
	{
		sku: 'FT-INC-AG1i',
		name: 'Antigua and Barbuda (IBC)',
		entityType: 'individual',
		status: 'inactive',
		price: '2800',
		priceCurrency: 'USD',
		category: 'incorporations',
		vendorId: 'flagtheory_incorporations',
		data: {
			shop: 'https://flagtheory.com/product/incorporate-in-antigua/',
			price: '$2,800',
			region: 'Antigua and Barbuda',
			acronym: ['IBC'],
			corpllc: true,
			package:
				'\n<h2>Description</h2>\n<p><strong>Antigua International Business Company (IBC) Formation &#x2013; USD 2,800.00 </strong>(All included)</p>\n<p><span style="font-weight: 400">We pride ourselves in providing the best possible professional service which includes our honest hassle-free &#x201C;No Hidden Fee&#x201D; policy. Your incorporation package includes:</span></p>\n<ul>\n<li>All Applicable Registration and Government Fees</li>\n<li>Certificate of Incorporation</li>\n<li>Memorandum &amp; Articles of Association</li>\n<li>Appointment of Company Director(s)</li>\n<li>Director(s) Acceptance Letter</li>\n<li>First Board Resolution</li>\n<li>Register of Members</li>\n<li>Register of Directors</li>\n<li>Share Certificate(s)</li>\n<li>Registered Office &amp; Registered Agent Service including all fees for the calendar year</li>\n<li>Corporate Documents&#x2019; Courier Delivery</li>\n</ul>\n<p>Time to form: 1 to 2 weeks.</p>\n<p>All our incorporation services include a yearly consulting session, a dedicated account manager and access to our global network of trusted business services, including introductions to accountants, financial, tax and legal advisors at no cost.</p>\n<p><strong>Bank Account Opening Support Services</strong></p>\n<p>Bank Account Options:</p>\n<ul>\n<li>Antigua Bank Account (Remotely) &#x2013; USD 300.00</li>\n<li>Offshore Bank Account* (Remotely) &#x2013; USD 300.00</li>\n<li>Bahamas Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Cura&#xE7;ao Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Labuan (Malaysia) Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Mauritius Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Hong Kong Bank Account (In-person) &#x2013; USD 1,200.00</li>\n<li>Singapore Bank Account (In-person) &#x2013; USD 900.00</li>\n<li class="li1">Cyprus Bank Account (In-person) &#x2013; USD 1,200.00</li>\n<li class="li1">Bulgaria Bank Account (In-person) &#x2013; USD 1,200.00</li>\n<li class="li1">Armenia Bank Account (Remotely) &#x2013; USD 1,200.00</li>\n<li>Turkey Bank Account (Remotely) &#x2013; USD 1,200.00</li>\n</ul>\n<p><em>*Offshore Bank Accounts: Belize, Puerto Rico, Nevis, Antigua, Saint Lucia.&#xA0;&#xA0;</em><em>Other bank account options may be available depending on business profile and turnover.</em></p>\n<p>Our Bank Account Opening Support Service includes:</p>\n<ul>\n<li>Introduction to the Bank Manager</li>\n<li>Bank Account Opening Process Management</li>\n<li>Assistance and advice in filling out Business Questionnaires, KYC Forms and Bank Account Application Forms.</li>\n<li>Certified Copies of Constitutional Documents with Apostille</li>\n<li>Corporate Seal</li>\n</ul>\n<p>Our banking service is not just a mere introduction to the bank.&#xA0;We assist you in filling out the business plan forms appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application.</p>\n<p>Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal &#x2018;back and forth&#x2019; and a smooth account opening process</p>\n<p><strong>Annual Fees (2nd year) &#x2013; USD 1,100.00</strong></p>\n<p>Including:</p>\n<ul>\n<li>Government fee</li>\n<li>Certificate of Good Standing</li>\n<li>Registered Agent Service Fee</li>\n<li>Registered Office Fee</li>\n</ul>\n<span class="cp-load-after-post"></span> ',
			goodFor: [
				'Territorial Tax',
				'Gaming',
				'Investment Fund',
				'Yachting',
				'Financial Services Company'
			],
			reputation: ['B'],
			companyCode: 'AG1i',
			countryCode: 'AG',
			legalEntity: 'International Business Corporation (Company limited by shares)',
			walletPrice: '2800',
			testTemplateId: '5d09cdf026f7be196c7e063c',
			aeoi: '2018',
			field36:
				'https://www.fsrc.gov.ag/images/pdf/adf010_253340f2383d461b9fd78f4698ff8a11.pdf',
			legalBasis: ['Common law'],
			legalFramework: 'International Business Corporation Act (As amended 1995-2005)',
			capitalCurrency: ['USD', 'Any'],
			onlineRegistry: 'Yes',
			minimumDirectors: '1',
			companyRegisterUrl: 'http://www.fsrc.gov.ag/',
			electronicSignature: true,
			minimumShareholders: '1',
			companyRegisterName: 'FSRC',
			registeredAgentList: 'http://www.fsrc.gov.ag/',
			minimumIssuedCapital: 'USD 1',
			bearerSharesPermitted: true,
			minimumPaidUpCapital: '-',
			foreignOwnershipAllowed: '100%',
			redomiciliationPermitted: true,
			auditedAccountsExemption: true,
			corporateDirectorsPermitted: true,
			corporateShareholdersPermitted: true,
			locationOfAnnualGeneralMeeting: ['Anywhere'],
			registeredOfficeOrAgentRequired: true,
			directorsNotDisclosedInAPublicRegistry: true,
			shareholdersNotDisclosedInAPublicRegistry: true,
			country: 'Antigua and Barbuda',
			patentBox: true,
			transferTax: true,
			legalEntityType: ['Corporation'],
			corporateTaxRate: '25%',
			dividendsReceived: '0%',
			capitalGainsTaxRate: '0%',
			estateInheritanceTax: true,
			lossesCarrybackYears: '0',
			offshoreIncomeTaxRate: '0%',
			personalIncomeTaxRate: '0%',
			taxIncentivesCredits: true,
			lossesCarryforwardYears: '0',
			dividendsWitholdingTaxRate: '0%',
			interestsWitholdingTaxRate: '0%',
			offshoreIncomeTaxExemption: true,
			royaltiesWitholdingTaxRate: '0%',
			dividendsWithholdingTaxRate: '0%',
			interestsWithholdingTaxRate: '0%',
			royaltiesWithholdingTaxRate: '0%',
			offshoreDividendsTaxExemption: true,
			offshoreCapitalGainsTaxExemption: true,
			en: {
				region: 'Antigua and Barbuda',
				country: 'AG',
				companyCode: 'AG1i',
				introduction:
					"<p>Antigua and Barbuda offers the traditional services of an Offshore Financial Center, including the formation of Antigua offshore companies, bank accounts and the provision of financial services.</p>\n<p>Corporations incorporated under the International Business Company Act&nbsp;may be incorporated by either residents or non-residents and may invest in, trade with or provide services to persons within Antigua and Barbuda provided that they apply for a certificate and registration to do so. IBCs conducting business in Antigua will be subject to the Income Tax Act and taxed at standard rates (currently 25%).</p>\n<p>There are no exchange controls on the monetary transactions of Antigua International Business Corporations and funds can be freely moved on and off the island.</p>\n<p>As a former British colony, Antigua's legal system embodies the principle of English statutory and common law.</p>\n<p>Antigua and Barbuda implemented the OECD's Automatic Exchange of Information for tax purposes (AEoI) and is conducting exchanges of information through Common Reporting Standard (CRS).</p>\n<p>International Business Companies in Antigua are sound tools for international trade and investment, free from taxes and easy to maintain.</p>",
				companyTitle: 'International Business Corporation (Company limited by shares)',
				countryDetails:
					"<p>Antigua and Barbuda is a Central American country part of the Commonwealth. Formed by several islands to the east of the Caribbean Sea. The country is located on the Lesser Antilles and borders the island of Guadalupe to the south, Montserrat to the southwest, Saint Kitts and Nevis to the west and San Bartolome to the northwest. Saint John, located on the island of Antigua, is its capital, its most populated city, and its main port.&nbsp; Its official currency is the East Caribbean Dollar (XCD), which is pegged to the US$ at a 2.7:1 ratio.</p>\n<p>Antigua and Barbuda is a unitary, parliamentary, representative democratic monarchy, in which the Head of State is the Monarch who appoints the Governor General as vice-regal representative. Elizabeth II is the present Queen of Antigua and Barbuda, having served in that position since the islands' independence from the United Kingdom in 1981.</p>\n<p>Antigua and Barbuda is a beneficiary of the U.S. Caribbean Basin Initiative that grants duty-free entry into the United States for many goods. It is a member of the Caribbean Community and Common Market (CARICOM) and the CARICOM Single Market and Economy (CSME). Antigua is a member of the World Trade Organization (WTO),&nbsp; WIPO, UNCTAD, among other international institutions.</p>\n<p>Its main economic sector is tourism, which accounts for approximately 60 percent of the GDP and 40 percent of investments. The agricultural sector is domestic-oriented, mainly of sugar cane, cotton and fruits and considerably limited by its reduced water supply. Other important economic activities include oil refining, textile, carpentry, rum production, beer, cement, local crafts, and furniture.</p>\n<p>The country enjoys a high standard of living, well-educated workforce and high average life expectancy.</p>\n<p>Antigua is also an offshore financial center, with a legal and tax framework advantageous for the establishment of International Business Companies, which are fully tax exempt, provided that no business is done within the territory. Antigua also offers an Economic Citizenship Program, where it is possible to obtain a second passport through an investment.</p>",
				legalParagraph:
					'<p><strong>Country code</strong> &ndash; AG</p>\n<p><strong>Legal Basis</strong> &ndash; Common law</p>\n<p><strong>Legal framework</strong> &ndash; International Business Corporation Act (As amended 1995-2018)</p>\n<p><strong>Company form</strong> &ndash; International Business Corporation (IBC) (Company limited by shares)</p>\n<p><strong>Liability</strong> - The liability of a shareholder to the company is limited to any amount unpaid on a share held by the shareholder.</p>\n<p><strong>Business restrictions</strong> &ndash; IBCs may be incorporated by either residents or non-residents and may invest in, trade with or provide services to persons within Antigua and Barbuda provided that they apply for a certificate and registration to do so.</p>\n<p><strong>Share capital</strong> &ndash; There is no established minimum capital requirement. The&nbsp;authorized share capital is usually US$50,000. The minimum issued capital may be one share of no par value or one share of par value. Issued shares must be fully paid. Shares may be registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted.</p>\n<p><strong>Shareholders</strong> &ndash; The company may be formed by a minimum of 1 shareholder, who can be an individual or a corporation and may be non-resident. Details of the shareholders are not disclosed on a public file.</p>\n<p><strong>Directors</strong> &ndash; At least one director is required, who may be a natural person or a legal entity and may be non-resident. Details of the directors are not disclosed on a public file.</p>\n<p><strong>Secretary</strong> &ndash; The appointment of officers is not mandatory although it is customary to appoint at least a Secretary.&nbsp; Officers are appointed by the Board of Directors and must be natural persons.</p>\n<p><strong>Registered Address</strong> &ndash; IBCs must have a registered office and registered agent who may be corporate body or individual, and must be resident in Antigua &amp; Barbuda. Copies of the Articles of Association, Memorandum of Association, and Certificate of Incorporation must be kept at the Registered Office.</p>\n<p><strong>General Meeting</strong> &ndash; Annual general meetings are not mandatory and can be held anywhere. Meetings can be held by telephone or other electronic means; alternatively, directors, as well as shareholders, may vote by proxy.</p>\n<p><strong>Electronic Signature</strong> &ndash; Permitted.</p>\n<p><strong>Re-domiciliation</strong> &ndash; A foreign entity can continue as an Antigua and Barbuda IBC, and vice versa.</p>\n<p><strong>Compliance</strong> &ndash;A company is required to keep financial records, which should reflect the financial position of a company. A corporation must keep at its registered office a copy of the financial statements of each of its subsidiaries whose accounts are consolidated in the financial statements of the corporation.</p>\n<p>There is no requirement to file audited accounts or annual returns with the authorities if the company is conducting business exclusively outside of Antigua.</p>',
				taxesParagraph:
					'<p><strong>Corporate income tax</strong> &ndash; Companies incorporated under the International Business Act conducting business outside of Antigua are exempt from taxation. IBCs conducting business in Antigua are subject to the Income Tax Act and taxed at standard rates (currently 25%).</p>\n<p><strong>Other taxes</strong> &ndash; Antigua and Barbuda does not levy direct personal taxes. Personal income, as well as, capital gains, net wealth and inheritances are not subject to taxation.</p>\n<p>There is a real property tax from 0.1% up to 0.5% on the assessed market value of the property and a stamp tax on the sale of real property, which is 7.5% for the vendor and 2.5% for the purchaser. Non-residents sellers are subject to stamp tax of 5% on the appreciation in value of the real property.</p>\n<p>Non-resident purchasers need to obtain an alien landholding license at 5% of the value of the property.</p>',
				legalEntityType: ['Corporation']
			}
		}
	},
	{
		sku: 'FT-INC-PA2i',
		name: 'Panama (SRL)',
		entityType: 'individual',
		status: 'inactive',
		price: '3250',
		priceCurrency: 'USD',
		category: 'incorporations',
		vendorId: 'flagtheory_incorporations',
		data: {
			shop: 'https://flagtheory.com/product/incorporate-in-panama/',
			price: '$2,550',
			region: 'Panama',
			acronym: ['SRL'],
			corpllc: true,
			package:
				'\n<h2>Description</h2>\n<p><strong>Panama Corporation (SA) Formation &#x2013; USD 2,550.00 </strong>(All included)</p>\n<p><span style="font-weight: 400">We pride ourselves in providing the best possible professional service which includes our honest hassle-free &#x201C;No Hidden Fee&#x201D; policy. Your incorporation package includes:</span></p>\n<ul>\n<li>Government and Registration Fees</li>\n<li>Articles of Incorporation (Spanish)</li>\n<li>English Translation of Articles of Incorporation</li>\n<li>Certificate of Good Standing</li>\n<li>Minutes Issuing Shares</li>\n<li>Share Certificate(s)</li>\n<li>Minutes of Accounting Records</li>\n<li>Share Register Book</li>\n<li>Certificate of Incumbency</li>\n<li>Notarial Certificate</li>\n<li>Resignation of the Subscribers</li>\n<li>Registered Office Fees for the calendar year</li>\n<li>Corporate Documents&#x2019; Courier Delivery</li>\n</ul>\n<p>Time to form: 5 to 10 business days.</p>\n<p>All our incorporation services include a yearly consulting session, a dedicated account manager and access to our global network of trusted business services, including introductions to accountants, financial, tax and legal advisors at no cost.</p>\n<p><strong>Nominee Services</strong></p>\n<p>All Panamanian Corporations are required to have at least 3 directors/officers &#x2013; President, Treasurer, and Secretary. Directors&#x2019; details are available in the public registry.</p>\n<ul>\n<li>Three Nominee Directors (Natural Persons) (1 year) &#x2013; USD 700.00 p.a., including Apostilled Power of Attorney</li>\n</ul>\n<p><strong>Annual Fees (2nd year) &#x2013; USD 1,600.00</strong></p>\n<p>Including:</p>\n<ul>\n<li>Government Franchise Tax</li>\n<li>Maintaining Minute Book, Registers and Statutory Records</li>\n<li>Registered Agent Service Fees</li>\n<li>Registered Office Fees</li>\n</ul>\n<p><strong>Bank Account Opening Support Services</strong></p>\n<p>Bank Account Options:</p>\n<ul>\n<li>Panama Business Bank Account (In-person/Remotely) &#x2013; USD 2,000.00</li>\n<li>Offshore Bank Account (Remotely) &#x2013; USD 300.00</li>\n<li>Labuan (Malaysia) Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Bahamas Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Mauritius Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Cura&#xE7;ao Bank Account (Remotely) &#x2013; USD 500.00</li>\n<li>Singapore Bank Account (In-person) &#x2013; USD 900.00</li>\n<li>Hong Kong Bank Account (In-person) &#x2013; USD 1,200.00</li>\n<li>Cayman Islands Bank Account (Remotely) &#x2013; USD 900.00</li>\n<li class="li1">Cyprus Bank Account (In-person) &#x2013; USD 1,200.00</li>\n<li class="li1">Bulgaria Bank Account (In-person) &#x2013; USD 1,200.00</li>\n<li class="li1">Armenia Bank Account (Remotely) &#x2013; USD 1,200.00</li>\n<li>Turkey Bank Account (Remotely) &#x2013; USD 1,200.00</li>\n</ul>\n<p><em>*Offshore Bank Accounts: Belize, Puerto Rico, Nevis, Antigua, Saint Lucia.&#xA0;&#xA0;</em><em>Other bank account options may be available depending on business profile and turnover.</em></p>\n<p>Our Bank Account Opening Support Service includes:</p>\n<ul>\n<li>Introduction to the Bank Manager</li>\n<li>Bank Account Opening Process Management</li>\n<li>Assistance and advice in filling out Business Questionnaires, KYC Forms and Bank Account Application Forms.</li>\n<li>Certified Copies of Constitutional Documents with Apostille</li>\n<li>Corporate Seal</li>\n</ul>\n<p>Our banking service is not just a mere introduction to the bank.&#xA0;We assist you in filling out the business plan forms appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application.</p>\n<p>Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal &#x2018;back and forth&#x2019; and a smooth account opening process</p>\n<p><strong>Merchant Account &#x2013; USD 2,230.00 </strong>(All included)</p>\n<div dir="ltr">To obtain a&#xA0;<span class="il">Merchant</span>&#xA0;<span class="il">Account</span>&#xA0;to process credit card payments&#xA0;in&#xA0;<span class="il">Panama</span>, the bank will require the following items:</div>\n<div dir="ltr">\n<ul>\n<li>Operations Notice (Aviso de Operaci&#xF3;n). Filing of the formal request before the government that the company will be initiating its business operations. The result of this process will be a document identified as &#x201C;Aviso de Operaci&#xF3;n&#x201D;, which will need to be provided to the bank.</li>\n<li>Registry before the Municipality of&#xA0;<span class="il">Panama</span>. As a consequence of the filing of the formal notice whereby the company will initiate its business operations in&#xA0;<span class="il">Panama</span>, it will be compulsory to register the business before the Municipality of&#xA0;<span class="il">Panama</span>, in order to avoid fines or penalties.</li>\n</ul>\n<p>Merchant processing fees are set at the discretion of the bank on a case-by-case basis (Usually about 4-5%)</p>\n</div>\n<div dir="ltr">\n<p>It is important to take in consideration the following:</p>\n<p>1) Further to the company obtaining its Operations Notice (Aviso de Operaci&#xF3;n) cited above, it will be required that the company submits an Annual Tax Filing. If the company has a foreign income source, then there is a minimal tax burden, this must be further discussed on a case-by-case basis.</p>\n<p>2) The fact of being registered before the Municipality will generate a minor fee which will need to be covered on a monthly basis.</p>\n</div>\n<p><strong>Panama Permanent Residency (Friendly Nations Visa)</strong></p>\n<p>To qualify for Permanent Residency, you will first need to show that you conduct some professional or economic activity in the country. This can be done by being hired as an employee for a&#xA0;Panama&#xA0;corporation or directly&#xA0;incorporating a company. While there is no requirement for this company to have any employees, it cannot be a dormant entity and must show some degree of activity. It is up to the authorities to determine if a company&#x2019;s activities are adequate, however,&#xA0;officials tend to be quite lenient on this.</p>\n<p>Next, you will have to prove that you are economically solvent by depositing USD 5,000 in a Panamanian bank account. If you have dependents who are also applying for the visa, you will have to deposit USD 2,000 per dependent. Dependents include the applicant&#x2019;s spouse, and children under 18 years of age, or 25 if they are full-time university students.<br>\nYou will receive a temporary residency card, which is valid for one year, while your application is under review. Once it is approved, you will get a permanent residency card, and will be allowed to apply for a work permit.</p>\n<p><strong>Costs</strong></p>\n<ul>\n<li>Personal Bank Account: Personal bank account &#x2013; USD 750 (In-person); or Private Banking personal account &#x2013; USD 1,000; (USD 20,000 bank deposit) (Remotely)</li>\n<li>Panama Incorporation &#x2013; USD 2,550 + USD 700 for 3 Directors (All Panamanian corporations must have at least 3 directors)</li>\n<li>Corporate bank account (Optional) &#x2013; USD 2,000; if Private Banking personal account used, the USD 20,000 deposit can be split between Personal &amp; Corporate accounts.</li>\n<li>Permanent Residency &#x2013; USD 3,800</li>\n</ul>\n<p><strong>Step 1</strong></p>\n<p>Open a personal bank account &#x2013; You have two options:</p>\n<ul>\n<li>Open a personal bank account &#x2013; Minimum deposit is USD 5,000 and you will have to travel to Panama to open. You should plan to be in Panama for 2-3 work days.</li>\n<li>Open Private Banking account &#x2013; Minimum deposit is USD 20,000. It can be done remotely.</li>\n</ul>\n<p>3-5 weeks to open a personal bank account (either option).</p>\n<p><strong>Step 2&#xA0;</strong></p>\n<p>Incorporating a Panama&#xA0;company, which takes 2-5 days once all required documents are collected.</p>\n<p>If you want to open a corporate bank account, this can either be set up remotely (if Private Banking option is chosen) or upon your visit to start the Friendly Nations Visa Program.</p>\n<p><strong>Step 3</strong></p>\n<p>Once the bank account is opened, you can travel to&#xA0;Panama&#xA0;to fill out the initial&#xA0;Friendly&#xA0;Nations&#xA0;Visa&#xA0;(Permanent Residency) application forms and file the required documents. You will get a Temporary Residency Permit. This step will take at least 8 business days.</p>\n<p><strong>Step 4</strong></p>\n<p>After 3-4 months, you will need to travel to&#xA0;Panama&#xA0;(if you are not there) to receive the Permanent Residency status. This step usually takes 2-3 days.</p>\n<p><strong>Step 5&#xA0;</strong></p>\n<p>After other 3-4 months. You will need to travel to&#xA0;Panama&#xA0;(if you are not there) to receive your&#xA0;Panama&#xA0;Cedula&#xA0; (ID Card) and conclude the process.</p>\n<p>The whole permanent residency process takes approximately 10-12 months. However, you can freely travel in and out of&#xA0;Panama&#xA0;and establish there, after receiving temporary residency (Step 3).</p>\n<span class="cp-load-after-post"></span> ',
			goodFor: [
				'Territorial Tax',
				'Residency / Visa',
				'International Trading',
				'Ecommerce',
				'Merchant Accounts',
				'Banking'
			],
			reputation: ['B'],
			companyCode: 'PA2i',
			countryCode: 'PA',
			legalEntity: 'Sociedad de Responsabilidad Limitada (Limited Liability Company)',
			walletPrice: '3250',
			testTemplateId: '5d09cdf026f7be196c7e063c',
			timeToFormWeeks: '2 to 3',
			llc: true,
			aeoi: '2018',
			legalBasis: ['Civil law'],
			companiesAct:
				'https://www.google.com.ph/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjNpKfs9prMAhXB2aYKHemQDmkQFggYMAA&url=http%3A%2F%2Fwww.legalinfo-panama.com%2Fenglish%2Fcorplaw.pdf&usg=AFQjCNGnsH_fHsj8YQGXhjgDxcgO-knNYQ&sig2=u-gkWVQUHU9DmbqwwZrDRA',
			legalFramework: 'Law 4 of 2009 regulating limited liability companies',
			minimumMembers: '2',
			capitalCurrency: ['USD', 'Any'],
			onlineRegistry: 'No',
			companyRegisterUrl: 'www.registro-publico.gob.pa/',
			electronicSignature: true,
			companyRegisterName: 'Registro Publico de Panama',
			taxTransparentEntity: true,
			minimumPaidUpCapital: '-',
			foreignOwnershipAllowed: '100%',
			redomiciliationPermitted: true,
			auditedAccountsExemption: true,
			minimumRegisteredCapital: 'USD 1',
			corporateManagerPermitted: true,
			corporateMembersPermitted: true,
			registeredOfficeOrAgentRequired: true,
			country: 'Panama',
			vatRate: '7%',
			propertyTax: true,
			transferTax: true,
			legalEntityType: ['LLC'],
			corporateTaxRate: '25%',
			dividendsReceived: '0%',
			capitalGainsTaxRate: '0%',
			lossesCarrybackYears: '0',
			offshoreIncomeTaxRate: '0%',
			personalIncomeTaxRate: '25%',
			socialSecurityEmployee: '9.75%',
			socialSecurityEmployer: '13.5%',
			inventoryMethodsPermitted: ['FIFO', 'Average cost'],
			lossesCarryforwardYears: '5',
			dividendsWitholdingTaxRate: '10%',
			interestsWitholdingTaxRate: '12.5%',
			offshoreIncomeTaxExemption: true,
			royaltiesWitholdingTaxRate: '12.5%',
			dividendsWithholdingTaxRate: '10%',
			interestsWithholdingTaxRate: '12.5%',
			royaltiesWithholdingTaxRate: '12.5%',
			offshoreDividendsTaxExemption: true,
			offshoreCapitalGainsTaxExemption: true,
			en: {
				region: 'Panama',
				country: 'PA',
				companyCode: 'PA2i',
				introduction:
					'<p>Panama is an international trade and financial center strategically located between the Americas. Its politically stable environment, its pro-business legislation, its attractive tax regime, and a developed and large banking sector have made Panama one of the most popular jurisdiction to establish international companies.</p>\n<p>Panama has excellent infrastructure and communications and is one of the largest international distribution and free trade centers worldwide.</p>\n<p>A <em>Sociedad de Responsabilidad Limitada</em> (SRL) is a hybrid of a corporation and a partnership, similar to UK LLPs. SRLs may be considered tax neutral entities and profits may be taxed at the personal level.</p>\n<p>Non-resident members may pay personal income taxes in their country of residence on the SRL profits proportionally to their share of participation in the SRL, whether distributed or not.</p>\n<p>It is important to note that certain countries do not recognize the pass-through status of an SRL, if the SRL is deemed to be tax resident in one of such countries, it may be subject to local corporate income tax.</p>\n<p>SRL&rsquo;s tax transparency may allow residents of certain jurisdiction to not be penalized under controlled foreign company rules.</p>\n<p>In addition, Panama levies taxation in a territorial basis, hence SRLs in Panama that exclusively conducts its business outside of Panama, are exempt from all local taxes including income tax, capital gains tax and withholding taxes. Furthermore, interest paid by local banks are tax-exempt and there are no foreign exchange controls.</p>\n<p>Unlike a corporation, an SRL requires at least two members, and its details are disclosed in a public registry. At least one manager is required who may be a member or a third party. There are no initial capital requirements.</p>\n<p>Panama SRLs exclusively doing business outside the country, also benefit from minimal reporting requirements as they are not required to file annual return nor tax return, neither filing any kind of statements or financial reports.</p>\n<p>The incorporation process is quick and straightforward, and the ongoing maintenance costs are low.</p>\n<p>In addition, citizens of more than 50 countries (denominated friendly nations), may be eligible to apply for a permanent residence permit through incorporation, provided that certain conditions are met.</p>\n<p>Panama is a compliant jurisdiction and has agreed to implement the OECD&rsquo;s automatic exchange of information for tax purposes (AEoI) by 2018.</p>\n<p>Panama SRLs are commonly used for fund management, e-commerce, access to banking and merchant accounts, and professional services.</p>',
				companyTitle: 'Sociedad de Responsabilidad Limitada (Limited Liability Company)',
				countryDetails:
					"<p>The Republic of Panama is a country located in the southeast of Central America, in the isthmus of Panama, that unites South America with Central America.</p>\n<p>It limits the North with the Caribbean Sea, the South with the Pacific Ocean, to the East with Colombia and to the West with Costa Rica. Its mountainous territory is only interrupted by the Panama Canal.</p>\n<p>It has a population of over 4 million inhabitants, which half live in the metropolitan area of its capital, Panama City. Its official language is Spanish. Its legal tender currencies are the US Dollar (USD) and the Balboa (PAB), which is pegged to the Dollar at a 1:1 ratio.</p>\n<p>Panama is a presidential representative democratic republic, whereby the President of Panama is both head of state and head of government.</p>\n<p>Its economy is one of the most stable in Latin America. Its main economic activities are financial, tourism, logistics services and to a lesser extent agriculture and livestock.</p>\n<p>Regarding the primary sector, most of its agricultural production is destined for export. Its main crops are sugar cane, bananas, rice, maize, coffee, and tomato. Panama also exports a wide variety of timber, where mahogany stands out.</p>\n<p>Its conglomerate of transport and logistics services are oriented towards world trade, whose epicenter is the Panama Canal, where there are ports of transshipment of containers, free zones of commerce, railroad and the largest air hub of passengers of Latin America.</p>\n<p>Tourism represents one of the main activities, with over 2 million tourists per year, mainly for business, beaches, and commerce. Most of the tourists come from the US, Canada, Europe, Central America, and South America.</p>\n<p>The financial sector is one of the main economic activities of the country. Panama's banking industry is the most modern and largest of Latin America with one of the strictest banking and financial laws worldwide. In addition, its territorial tax regime and freedom of",
				legalParagraph:
					'<p><strong>Country code</strong> &ndash; PA</p>\n<p><strong>Legal basis</strong> &ndash; Civil law</p>\n<p><strong>Legal framework</strong> &ndash; Ley 4 de 2009 que regula las sociedades de responsabilidad limitada.</p>\n<p><strong>Company form</strong> &ndash; Sociedad de Responsabilidad Limitada (S.R.L.) (Limited Liability Company)</p>\n<p><strong>Liability</strong> - The liability of the members of the company is limited to the amount of their capital contributions.</p>\n<p><strong>Capital</strong> &ndash; There is no minimum authorized capital, need not to be paid up at the time of incorporation, and it may be denominated in USD or any other currency. Capital shall be divided into partner quotas, issued in nominative form and represented in quota certificates. Transfer of membership quotas shall be subject to the approval of the partners.</p>\n<p><strong>Members</strong> &ndash; LLCs in Panama may be formed by at least two partners, who can be either natural or legal persons, residents or non-residents, without restrictions. Details of members are available in a public registry.</p>\n<p><strong>Managers</strong> &ndash; An LLC must be managed by one or more managers who need not be partners and can be natural or legal persons, residents or non-residents. Details of managers are available to the public.</p>\n<p><strong>Secretary</strong> &ndash; There is no statutory requirement for a Company Secretary to be appointed.</p>\n<p><strong>Registered Address</strong> &ndash; LLCs must have designate a resident agent, which must be a lawyer or a law firm.</p>\n<p><strong>General Meeting</strong> &ndash; Annual general meetings are not mandatory. However, if meetings are held, they can be anywhere in the world and may be by proxy.</p>\n<p><strong>Electronic Signature</strong> &ndash; Permitted.</p>\n<p><strong>Re-domiciliation</strong> &ndash; Inward and outward re-domiciliation is allowed.</p>\n<p><strong>Compliance</strong> &ndash; Panama LLCs are required to keep accounting records and underlying documentation, which must be available for 5 years. Records may be kept at the office of the resident agent in Panama, or at any other place determined by the board of directors.</p>\n<p>There is no requirement to file accounts, annual return or tax return, provided that the LLC does not conduct business or hold assets in Panama. Payment of an annual franchise tax is mandatory (US$250).</p>',
				taxesParagraph:
					"<p><strong>Tax residency</strong> &ndash; A company is tax resident in Panama if is incorporated under Panamanian law or its management and control is in Panama.</p>\n<p><strong>Basis</strong> &ndash; Panama corporate income tax is levied on a territorial basis. Both resident and non-resident companies are subject to tax on their income derived from Panama. Foreign-source income is not subject to taxation, whether remitted or not.</p>\n<p><strong>Tax rate</strong> &ndash; Income tax is levied on local source income at the greater of 25% flat rate on net taxable income or 1.17% on gross taxable income.</p>\n<p><strong>Capital gains</strong> - Capital gains are taxed separately at a 10% rate. If capital gains are derived from the sale of real property and constitutes the main economic activity of the taxpayer, these are subject to corporate income tax standard rate. Foreign-sourced capital gains are exempt from taxation.</p>\n<p><strong>Dividends</strong> - &nbsp;Distribution of dividends may be subject to a final withholding tax of 10% on local-source profits and 5% on foreign-source profits (income from exports).</p>\n<p>A dividend withholding tax exemption may apply for companies whose business activities are exclusively outside Panama.</p>\n<p>Dividends received from foreign entities are offshore in nature and therefore not subject to tax.</p>\n<p><strong>Interests</strong> - Interest income is subject to taxation at standard rates.</p>\n<p><strong>Royalties</strong> &ndash; Royalty income is subject to income tax to the extent that it reflects operations carried out in Panama.</p>\n<p><strong>Foreign-source income</strong> - Foreign-source income is usually exempt from corporate tax. Certain income derived from exports may be taxed when distributed in the form of dividends at a 5% tax rate.</p>\n<p><strong>Withholding taxes</strong> &ndash; As mentioned above, distribution of dividends is subject to a final withholding tax of 10% on local-source profits and 5% on income derived from exports. If the entity&rsquo;s shares are issued to a bearer, dividends may be subject to dividend tax of 20%.</p>\n<p>A dividend withholding tax exemption may apply for companies whose business activities are exclusively outside Panama.</p>\n<p>Interests and royalties paid to non-residents are subject to a withholding tax of 12.5%.</p>\n<p><strong>Losses</strong> &ndash; Losses arising from taxable income may be carried forward for 5 years (maximum 20% of losses per year), but may not exceed 50% taxable income in any year. Carryback of losses is not allowed.</p>\n<p><strong>Inventory</strong> - Inventories are generally stated at cost and may be valued using the compound average cost method, first in first out method (FIFO), retail method, or specific identification method.</p>\n<p><strong>Anti-avoidance rules</strong> &ndash; Transfer pricing rules are applicable for all transactions with non-domiciled related parties.</p>\n<p>An informative return must be filed within six months after the end of the taxable year. An additional arm's-length economic report must be kept and made available for tax authority inspection upon request.</p>\n<p>Panama has not enacted thin capitalization rules, nor controlled foreign companies regulations.</p>\n<p><strong>Labor taxes</strong> &ndash; Employers and employees are required to make contributions to the Social security fund at 12.25% and 9.275% on employees&rsquo; monthly income, respectively, without a maximum limit amount. Additionally, there is an educational insurance tax at 1.50% for employers and 1.25% for employees, without a maximum limit amount.</p>\n<p>Certain industries are subject to a professional risk tax up to 6.25% on employees&rsquo; wages, paid by the employer.</p>\n<p><strong>Tax credits and incentives</strong> &ndash; Companies established in Free zones may benefit from a tax exemption on import duty tariff, income tax, sales tax, export tax and selective consumption tax.</p>\n<p>Companies engaging tourism activities that have signed a tourism agreement with the government, may benefit from several tax benefits.</p>\n<p>Individuals or corporations that engage in agricultural production activities may be exempted from income taxes if annual gross income is lower than USD 250,000.</p>\n<p>Companies conducting forestry plantations may be income tax-exempt until 2018, provided that the lot has been duly registered at the Forestry Registry of the Environmental National Authority.</p>\n<p>Other tax benefits may apply for companies engaging certain activities such as call centres or real estate investment, or companies establishing their regional headquarters in Panama.</p>\n<p><strong>Compliance</strong> &ndash; On average, an SRL conducting business in Panama may require 52 payments and 417 hours per year to prepare, file and pay taxes.</p>\n<p><strong>Personal income tax</strong> - An individual is tax resident in Panama if he or she spends more than 183 days in a year within the territory.</p>\n<p>Panama taxes its residents&rsquo; income earned within the territory at a 15% on annual income between US$11,000 and US$50,000 and 25% on the excess. Interest on Panamanian government securities, interest on savings accounts and time deposits maintained with Panamanian banks are tax-exempt. Non-residents are subject to a withholding tax on source of 12.5% on their Panamanian income.</p>\n<p>Capital Gains are taxed separately. Gains derived from the transfer of immovable properties and the sale of securities and negotiable instruments are subject to a 10% tax. If the transfer of immovable properties constitutes the main economic activity of the taxpayer, capital gains may be subject to corporate income tax.</p>\n<p><strong>Other taxes</strong> &ndash; There is a property tax between 0% and 2.10%, depending on the value of the property. The ITBMS is the Panamanian Value-added tax, and it is currently 7%.</p>\n<p>There are no transfer, net wealth and inheritance taxes in Panama.</p>",
				legalEntityType: ['LLC']
			}
		}
	},
	{
		sku: 'FT-INC-AT2i',
		name: 'Austria (FOUNDATION)',
		entityType: 'individual',
		status: 'inactive',
		price: null,
		priceCurrency: 'USD',
		category: 'incorporations',
		vendorId: 'flagtheory_incorporations',
		data: {
			region: 'Austria',
			acronym: ['FOUNDATION'],
			goodFor: ['Wealth Management', 'Charity / Philanthropic', 'Tax Treaties', 'Reputation'],
			reputation: ['A'],
			companyCode: 'AT2i',
			countryCode: 'AT',
			legalEntity: 'Privatstiftung (Private Foundation)',
			testTemplateId: '5d09cdf026f7be196c7e063c',
			aeoi: '2018',
			legalBasis: ['Civil law (German)'],
			legalFramework: 'Austrian Private Foundation Act (Privatstiftungsgesetz, PSG) 1993.',
			regulatoryBody: 'Financial Market Authority Austria',
			nameOfFoundation: 'Private Foundation',
			minimumCouncilMembers: '3',
			corporateFounderPermitted: true,
			initialEndowmentOfAssets: 'EUR 70,000',
			charitablePurposesPermitted: true,
			beneficiariesHaveRightToInformation: true,
			beneficiariesNotDisclosedInAPublicRegistry: true,
			en: {
				region: 'Austria',
				country: 'AT',
				companyCode: 'AT2i',
				companyTitle: 'Privatstiftung (Private Foundation)',
				countryDetails:
					'<p>The Republic of Austria (in German, Republik &Ouml;sterreich), is a landlocked Central European state, traversed by the river Danube. It is a member of the European Union and it has a population of 8.5 million people. Austria borders with the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. Its capital is Vienna, its official language is German and its official currency is the Euro (EUR).</p>\n<p>Austria is a federal and democratic republic governed by the Constitution of 1920, which has been extensively amended later.</p>\n<p>Austria is composed of nine federal states. The head of state is the Federal President, elected by direct popular vote for a term of six years. The president appoints the head of government, who holds the title of chancellor; and on the proposal of him or her, appoints the other ministers. The president may also dismiss the chancellor or cabinet, without the need for ministerial endorsement.</p>\n<p>The head of government is the Federal Chancellor, who heads the Council of Ministers, and is responsible to the Austrian Parliament.</p>\n<p>Austria has one of the highest per capita incomes worldwide. The country also has one of the highest Human Development Index rates, with a high standard of living and a high-quality health and education system.</p>\n<p>Austria is an industrially developed country with an important service component. Services account for 67.5% of the economy; however, the remaining 30.3% includes important industrial sectors such as machinery manufacturing, the steel sector, and the chemical and automotive industries.</p>\n<p>Austria is known internationally for the sophistication of the electronics sector, especially for its custom-made electronics.</p>\n<p>Although some industries, such as iron and steel and chemical plants, are large companies employing thousands of people, businesses in Austria are relatively small on an international scale. In general, small and medium-sized enterprises predominate. Only 167 companies have more than 1,000 employees.</p>\n<p>The Austrian industrial sector has a strong development in the arms, machinery, and textiles sectors.</p>\n<p>As for the service sector, regarding tourism, Austria is one of the 10 most popular destinations in the world. Finance and telecommunications are the largest sources of capital.</p>',
				legalParagraph:
					'<p><strong>Country code</strong> &ndash; AT</p>\n<p><strong>Legal Basis</strong> &ndash; Civil law (German)</p>\n<p><strong>Legal framework</strong> &ndash; Austrian Private Foundation Act (Privatstiftungsgesetz, PSG) 1993 (Amended in 2017)</p>\n<p><strong>Regulatory board</strong> - Financial Market Authority Austria</p>\n<p><strong>Entity</strong> &ndash; Privatstiftung (Private Foundation)</p>\n<p><strong>Liability</strong> - A foundation has its own separate legal personality, the properties and resources of it constitute an independent patrimony from that of the Founders, the Board of Trustees, Supervisory board and Beneficiaries.</p>\n<p><strong>Dedication of assets</strong> &ndash; A Foundation must have an initial endowment of assets or cash equivalent of &euro;70,000.</p>\n<p><strong>Founder</strong> &ndash; The founder of a Private Foundation may be one or several natural or legal persons. The founder is free to choose the purpose of the private foundation which serves the purpose of managing, increasing and securing the assets of the private foundation.</p>\n<p><strong>Board of Trustees</strong> &ndash; The board of trustees administers and represents the Private Foundation and is charged with responsibility for fulfilling its purpose. The activities of the board are guided by the intentions of the founder as expressed in the declaration of establishment. The first board of directors is appointed by the founder. During his lifetime, the founder can retain the right to remove and appoint directors (but in this case the founder cannot be a beneficiary).</p>\n<p>The board of trustees consists of at least three members, two of whom must have their permanent residence in the EU or EEA.</p>\n<p>Beneficiaries, their spouses or partners, next of kin of beneficiaries and relatives as distant as third cousins, as well as legal persons, are excluded from serving on the board of trustees.</p>\n<p><strong>Supervisory board</strong> - The supervisory board is mandatory only for Private Foundations of a size defined by law (if the number of employees of a Private Foundation or of a corporation(s) managed by a Private Foundation exceeds 300).</p>\n<p>The declaration of establishment may nevertheless also appoint bodies with supervisory or advisory responsibilities for any type of Private Foundations.</p>\n<p><strong>Beneficiaries</strong> &ndash; The beneficiaries may be determined in the addendum to the deed. This addendum is not filed with the court. Therefore, the names and identities of the beneficiaries are not accessible to the public and a third party inspecting the Austrian Register of Companies will usually only learn that a person has formed a private foundation and has paid up the minimum amount.</p>\n<p>Beneficiaries&rsquo; right to information - A beneficiary is entitled to request and receive information from the Private Foundation on the execution of its purpose and may also inspect its annual financial statements, books, the deed of establishment, etc. A beneficiary may bring suit against the Private Foundation only if the declaration states this is possible.</p>\n<p><strong>Declaration of Establishment</strong> &ndash; The declaration of establishment documents the legal intent of the founder to dedicate assets to a defined purpose.</p>\n<p>The declaration of establishment must include, in particular, details of the contribution of assets, the purpose of the Private Foundation, beneficiaries, the name and domicile of the Private Foundation, duration.</p>\n<p>The declaration of establishment may also contain, rules governing the board of trustees, rules governing the auditor of the Private Foundation and other executive bodies, conditions concerning the revocation of the declaration of establishment, designation of a final beneficiary in the event of the dissolution of the Private Foundation, supplementary contributions.</p>\n<p>Certain elements can be made private by using a supplementary form. The entry in the register of firms of such a supplementary declaration of establishment is not required, as no reasonable public interest exists which would justify such a far-reaching disclosure of the details of a Private Foundation.</p>\n<p><strong>Re-domiciliation</strong> &ndash; Not permitted.</p>\n<p><strong>Mergers</strong> - There is no ability for an Austrian foundation to merge with any other entity.</p>\n<p><strong>Charitable/Philanthropic Purposes</strong> - Permitted.</p>\n<p><strong>Compliance</strong> &ndash;&nbsp; The law mandates additional control mechanisms for all Private Foundations, for example, the auditing of a Private Foundation&rsquo;s books by a certified public accountant or auditor. Any member of an executive body of a Private Foundation may request the courts to order a special audit to ensure that the purpose of the Private Foundation is being fulfilled.</p>',
				taxesParagraph:
					'<p>Private foundations in Austria are subject to tax on their assets transferred, on their income received and on their income/assets distributed.</p>\n<p><strong>Transfer of assets tax</strong> &ndash; Assets contribution to a Foundation are taxed at 2.5% rate (plus 3.5% in the case of real estate).</p>\n<p><strong>Income earned taxes</strong> - Private foundations are treated as corporate entities for tax purposes and therefore subject to corporate income tax at the standard rate of 25%.</p>\n<p>Dividend income received by a private foundation on a shareholding held in a resident entity is exempted from corporate income tax. Dividends received from foreign entities are tax-exempt, provided that withholding taxes have not been reduced under a tax treaty.</p>\n<p>Interest income from bank deposits, bonds or mutual funds, as well as capital gains, are subject to tax at standard rates, but it may be credited against withholding tax on distributions to beneficiaries.</p>\n<p><strong>Income distribution tax</strong> &ndash; Income distributed by the foundation is subject to a final withholding tax of 25%. Withholding tax may be reduced under a tax treaty.</p>',
				legalEntityType: ['Foundation']
			}
		}
	},
	{
		sku: 'FT-INC-CK1i',
		name: 'Cook Islands (TRUST)',
		entityType: 'individual',
		status: 'inactive',
		price: null,
		priceCurrency: 'USD',
		category: 'incorporations',
		vendorId: 'flagtheory_incorporations',
		data: {
			region: 'Cook Islands',
			acronym: ['TRUST'],
			goodFor: [
				'Asset Protection',
				'Estate and succession planning',
				'ICO Structuring',
				'Spendthrift protection'
			],
			companyCode: 'CK1i',
			countryCode: 'CK',
			legalEntity: 'Trust',
			testTemplateId: '5d09cdf026f7be196c7e063c',
			aeoi: '2018',
			legalBasis: ['Common law'],
			dateOfLaws: '1984',
			linkToGithub: 'https://github.com/Horizon88/incorporationsio/wiki/CK_Trust_Act',
			legalFramework: 'Cook Islands International Trust Act',
			settlorBeneficiary: true,
			bankruptcyProtection: true,
			spendthriftProvisions: true,
			choiceOfLawIsBinding: true,
			ignoreForeignJudgements: true,
			linkToTrustCompanyAct:
				'http://www.cookislandsfinance.com/legislation/Trustee-Companies-Act-2014.pdf',
			easeToSetupBankAccount: ['Difficult'],
			settlorCanRetainControl: ['Yes'],
			custodianTrusteePermitted: true,
			avoidanceOfForcedHeirship: true,
			communityPropertyProvisions: true,
			separationOfCreditorClaims: true,
			protectionFromImmigrantTrusts: true,
			specificExclusionOfForeignLaw: ['Yes'],
			exclusionOfStatuteOfElizabethLaws: true,
			creditorMustProveFraudulentTransfer: true,
			clearDefinitionOfFraudulentTransfers: true,
			statutoryLimitationOnFraudulentTransfer: true,
			statutoryLimitationOnFraudulentTransferYears: '1',
			country: 'Cook Islands',
			vatRate: '12.5%',
			legalEntityType: ['Trust'],
			corporateTaxRate: '-',
			dividendsReceived: '0%',
			capitalGainsTaxRate: '0%',
			lossesCarrybackYears: '0',
			offshoreIncomeTaxRate: '-',
			personalIncomeTaxRate: '30%',
			lossesCarryforwardYears: '0',
			dividendsWitholdingTaxRate: '0%',
			interestsWitholdingTaxRate: '0%',
			offshoreIncomeTaxExemption: true,
			royaltiesWitholdingTaxRate: '0%',
			dividendsWithholdingTaxRate: '0%',
			interestsWithholdingTaxRate: '0%',
			royaltiesWithholdingTaxRate: '0%',
			offshoreDividendsTaxExemption: true,
			offshoreCapitalGainsTaxExemption: true,
			en: {
				region: 'Cook Islands',
				country: 'CK',
				companyCode: 'CK1i',
				introduction:
					'<p>The Cook Islands was one of the first jurisdictions to enact explicit asset protection and international trusts law, being one of the most popular for such matters.</p>\n<p>Trust laws in the Cook Islands limit fraudulent transfer claims for 2 years and in some circumstances, it may be less than one year.</p>\n<p>If the assets are transferred in a period in which the settlor is solvent, the transfer of funds cannot be set aside.</p>\n<p>The legal provisions in force also establish certain conditions for a person to be able to be considered as the creditor and able to file a lawsuit before a court in the Cook Islands.</p>\n<p>These provisions raise the burden of proof beyond reasonable doubt, for such reason, confidentiality laws prohibit the disclosure of banking information, except if there is the consent of the client.</p>\n<p>The Government of the Cook Islands requires compliance with certain provisions that must be met in order to ensure the honesty and integrity of the funds transferred to the rust. Therefore, the assets that make up the trust cannot come from the exercise of illegal and fraudulent activities such as drug trafficking and money laundering.</p>\n<p>Foreign judgments are not enforceable. If any person wants to file suit against the trust, he must hire an attorney in the Cook Islands to initiate the action, which is subject to strict compliance with requirements for him to proceed.</p>\n<p>The settlor can maintain control over the trust and its property if it so provides.</p>\n<p>Foreign bankruptcy rules are excluded.</p>\n<p>The law specifies that fraudulent transfers are understood to require compliance with requirements to be assessed by a court.</p>\n<p>The trust cannot be affected by the rules regarding heirs or spendthrift beneficiaries in the settlor&rsquo;s jurisdiction.</p>\n<p>Trusts may hold shares in underlying companies, without concern about the financial benefits of retaining such shares. Likewise, in relation to the foregoing, the ability of the settlor to supervise and intervene in the affairs of an underlying company may be limited.</p>',
				companyTitle: 'Trust',
				countryDetails:
					'<p>The Cook Islands is an archipelago of fifteen small islands, located in the South Pacific Ocean, between Hawaii and New Zealand. It is a member of the Commonwealth and it is freely associated with New Zealand. Cook Islands citizens are also New Zealand citizens.</p>\n<p>The islands have a combined area of 236 sq. km, but the Exclusive Economic Zone occupies more than 1,800,000 square kilometers of ocean.</p>\n<p>It is populated by about 21,000 inhabitants. Most of them living in Rarotonga Island, where is found its capital Avarua and its international airport.</p>\n<p>Its official languages are the Cook Islands Māori and English. Its official currency is the Cook Islands dollar and the New Zealand dollar, the first pegged to the second.</p>\n<p>The Cook Islands is a dependency with a representative parliamentary democracy, where the Chief Minister is the Head of State. The islands are self-governing in free association with New Zealand and are fully responsible for internal affairs. New Zealand retains some external affairs responsibilities, in consultation with the Cook Islands.</p>\n<p>Its economy, like other South Pacific islands economies, is hampered by its isolation, lack of exploitable natural resources, a natural disaster-prone location, and poor infrastructure. Tourism is the main source of income and, to a lesser extent, the cultivation of tropical fruits and their processing, manufacture of clothing and handicrafts.</p>\n<p>In addition to tourism, the other main economic sector is the offshore industry. The Cook Islands has attractive legislation that makes it possible to set up tax-free international companies, offshore banks, insurance companies, and asset protection trusts.</p',
				legalParagraph:
					'<p><strong>Country code</strong> &ndash; CK</p>\n<p><strong>Legal basis</strong> &ndash; Common law</p>\n<p><strong>Legal framework</strong> &ndash; Cook Islands International Trust Act 1984 (Amended 1989)</p>\n<p><strong>Formal name</strong> &ndash; International Trust</p>\n<p><strong>Settlor</strong> &ndash; The settlor is the person who establishes and whose assets are put into the trust. The settlor of an International Trust in the Cook Islands may also be the beneficiary of those assets and may retain control of the trust. An international trust is not invalidated because of the subsequent bankruptcy of the settlor.</p>\n<p><strong>Trustee</strong> &ndash; Trustees are natural or legal persons who hold the title to the assets and manage the trust, but they cannot benefit from it. A sole or multiple trustees may be appointed. A custodian trustee is permitted, provided that the trust holds, but does not manage a property. Management of the property will be the responsibility of a managing trustee.</p>\n<p><strong>Trustee Liability</strong> &ndash; A trust deed&rsquo;s provision may limit the liability of a trustee, or provide relief or indemnity.</p>\n<p><strong>Beneficiaries</strong> &ndash; Beneficiaries are those who get benefit from the trust. There are specific provisions to prevent beneficiaries from draining the trust of its assets and spending in a thrifty way. International Trusts allows avoiding both probate and forced heirship rules.</p>\n<p><strong>Protector</strong> &ndash; Optional figure appointed by the settlor who oversees trust&rsquo;s operation and has the power to appoint trustees, and vetoes any actions that the trustee might make on behalf of the settlor.</p>\n<p><strong>Trust deed</strong> &ndash; The private document on which the trust is drafted is not needed to be filed with the Registrar.</p>\n<p><strong>Disclosure</strong> - Assets in the trusts are not disclosed to Cook Islands authorities and the law makes it a crime to identify who owns the trusts or to provide any information about them.</p>\n<p><strong>Protection from foreign judgments</strong> &ndash; The International Trust act provides specific provisions to ignore and not enforce judgments. The Hague Convention on Trusts does not apply in the Cook Islands.</p>\n<p><strong>Protection from creditors</strong> &ndash; The International Trust Act repeals the Statute of Elizabeth, so transfers by the settlor to the trust may not be set aside if the settlor transferred the property before the debt arose. The creditor must prove the fraudulent transfer of assets to the trust, which is clearly defined by the law. Creditor claims are separated and cannot be brought jointly. The Cook Islands has a one-year statute of limitations on fraudulent transfer. If a fraudulent transfer is proven, the trust may not be declared invalid.</p>\n<p><strong>Protection for immigrant trusts</strong> &ndash; Trusts that migrate from other jurisdictions may benefit from retroactive protection.</p>\n<p><strong>Community property</strong> &ndash; Community properties transferred to a Cook Islands&rsquo; international trust may retain its community property character. It is also possible to preserve the separate property status of assets held before marriage in a community property state.</p>\n<p><strong>Exclusion of foreign law</strong> - An international trust or disposition of property held by the trust will not be void, voidable, liable to be set aside or defective by reason that the laws of any foreign jurisdiction prohibit or do not recognize the concept of a trust, or that the laws of the Cook Islands are inconsistent with any foreign law.</p>\n<p><strong>Choice of law</strong> &ndash; The choice of law of the Cook Islands or any other law, to govern the trust or a particular aspect of that trust, is valid, effective and conclusive regardless of any other circumstances.</p>\n<p><strong>Compliance</strong> &ndash;&nbsp; International trusts are subject to a registration fee and an annual renewal fee.</p>',
				taxesParagraph:
					'<p>A trust established in the Cook Islands may not be subject to local taxes applicable to the assets and income of the trust, provided that no residents of the Cook Islands benefit from the trust and no physical assets are located there.</p>\n<p>It must be noted that the choice of law of the trust would not be applicable to tax matters, which would be governed by the respective jurisdiction where the settlor, beneficiaries, assets or trustee are located, as applicable.</p>\n<p>You should consult with your tax advisor or accountant to know the tax implications in your jurisdiction of residence when establishing a trust in the Cook Islands , transfer assets to it and receive profits from said assets.</p>',
				legalEntityType: ['Trust']
			}
		}
	}
];
