Tuesday, June 28, 2011

Panama Attorneys advise investors forming joint venture for energy projects in West Africa

Panama Attorneys advise investors forming joint venture for energy projects in West Africa
Attorneys Lombardi Aguilar Group advised a group of West African investors entering a joint venture to develop hydrokinetic water projects

Panama City, Panama – Attorneys Lombardi Aguilar Group (www.laglex.com) served as Panama counsel for MRS Holdings Ltd. (www.mrsgroupng.com) in their joint venture to develop hydrokinetic water projects.

Nigeria-based MRS Holdings Ltd., entered through their Panamanian subsidiary into a joint venture with renewable energy company Hydro Alternative Energy, Inc. (HAE) to develop hydrokinetic energy projects in West Africa. The arrangement follows the previously announced binding letter of intent between HAE and MRS to secure and develop such hydrokinetic water power projects in the West Africa region.

HAE and MRS formed Natural Energy Solutions (NES), a Panamanian corporation, which plans to enter into power purchase agreements for developing hydrokinetic water power projects in West Africa. NES will be headed by select senior management from both the HAE and MRS organizations.

NES plans to advance the terms and conditions of a MoU from mid-October between a prior MRS subsidiary, since assigned to NES, and the Cameroon’s Ministry of Energy and Water Resources. The MoU entails feasibility studies to be undertaken for the development and operation of facilities for the production of tidal electric power, and for the Cameroon government to facilitate access to and grant certain exclusivity rights with respect to the project sites that will be selected as part of the feasibility studies and construction of electricity generation facilities to be undertaken.

MRS is headed by its President and major stockholder, Sayyu Dantata, an established businessman and entrepreneur who, in 2008, steered MRS' acquisition of the Chevron operation in West Africa. Mr. Dantata stated, "We are likewise very pleased to formalize our partnership with HAE, and are fully committed to making our relationship a success and providing West African countries with low cost, clean, renewable hydrokinetic energy for their electricity needs."

Lead attorney for MRS' Panama counsel was partner
Dr. Jorge Lombardi, a graduate of Universidad Santa Maria la Antigua (LLB) and University of Paris (3eme cycle, DED). The team included associate Carlos Abrego and counsel Rodolfo Espino. Abrego and Espino are graduates of University of Panama (LLB) and have taken courses at National University of Singapore (LL.M.) and Tamkang University, Taiwan (Political Systems), respectively.

About Lombardi Aguilar Group
Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).

The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, Environmental and Immigration Law as well as related litigation.

For more information, contact +507 340-6444, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group http://www.laglawyers.com/

Keywords: Panama, West Africa, Energy, Hydrokinetic http://prlog.org/11541669
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Thursday, June 23, 2011

Ras al Khaimah opens its RAK Offshore center

Located in the United Arab Emirates, one of the fastest growing economies of the world, the emirate of Ras Al Khaimah (RAK) has quickly developed into a booming international center. Renowned for its lack of taxes and its minimal bureaucratic red tape, Ras Al Khaimah has attracted thousands of businesses, large and small, to relocate and take advantage of its economic opportunities. Now, RAK Offshore has made it possible for nonresident corporations, entrepreneurs and individuals worldwide to enjoy all the incentives that were previously available only to resident entities.

Headquartered in the up-and-coming Ras Al Khaimah City, the RAK Investment Authority, a government entity, allows a wide variety of financial activity and provides the perfect conditions to consider an offshore corporation through its regularity body, RAK Offshore.
At RAK Offshore, our raison d’être is to help your business succeed. From the very outset, RAK Offshore was conceived to allow its clients an easy, cost-effective means to unleash their entrepreneurial spirit, by starting and operating an offshore business.
RAK Offshore offers businesses and individuals alike an expansive range of services, structures and investment policies that are dedicated to nonresidents. RAK Offshore also benefits from one of the most comprehensive lists of non-double taxation treaties in the world, including treaties with China, India, Italy, France and Germany.

Nonresident Business and Individuals
International Business Companies RAK Offshore presents an ideal location for international business operations and asset protection schemes. If you are looking for an free zone in the Middle East where you can register your LLC or GmBH with little cost or hassle, RAK Offshore is your answer.
Maritime Activities RAK Offshore offers open registry of yachts, private boats, and, in the near future, vessels.

OutsourcingWith its proximity to the major economies of the Middle East and its strategic location between the economic hemispheres of the East and the West, RAK lies in the perfect geographic location for a new business. In addition to its ready access to a flexible, multicultural, multilingual and highly skilled workforce, RAK Offshore becomes the ideal choice for outsourcing businesses looking for accounting, auditing and other back-office operations.
Offshore Non-Financial Businesses You can register International Business Companies bearing the status of Ltd., GmBH, Ltda or SA at RAK Offshore.
Trusts There are a variety of trusts you may consider, including the following: General Trusts, Discretionary Trusts, Vesting Trusts, Educational Trusts, Employee Trusts, Spendthrift Trusts, Asset Protection Trusts & Grantor Trusts.
Charitable Trusts & Foundation As the owner of an operating business, you can continue to maintain control over your company by setting up a Corporate Special Trust.

Offshore BankingRAK Offshore takes special care to give small and medium enterprises the ability to move their business offshore through the creation and application of dedicated instruments. A few resulting benefits realized for your business are the following:
Asset Protection & Planning
Confidentiality of execution
Tax planning
International Visibility
No Exchange Control
Access to a Superb Communication and Banking Infrastructure
Choice of outsourcing
Creative and genuine portfolio of dedicated services
Property ownership of nonresidents in UAE free zones
Compliant with the best international standards for anti-money laundering.

If you need to form your RAK company or trust, contact us through our website, by email, Bitwine or Skype

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Wednesday, June 22, 2011

Using your RAK company

Registrar of Companies
The Registrar of Companies functions as the production unit of RAK offshore and is responsible for establishing business relationships, incorporating offshore companies through licensed registered agents, and ensuring all rules and regulations are strictly adhered to. The Registrar of Companies will handle all matters related to the aforementioned, including:
  • Process applications for incorporation of new companies and deliver certificate of incorporation with registration number
  • Perform due diligence on the individuals (directors, members, etc.) who are part of the incorporated company.
  • Verify the names of companies at incorporation
  • Collect various fees and fines
  • Deliver certificates, duplicates, or other documents as per the law
  • Maintain the physical registry
  • Update the Register of Companies as needed

Information AT-A-GLANCE

International  Business Companies
  1. Minimum
  2. Residency requirements

  1. 1 shareholder
  2. No requirements 
Share Capital
  1. Minimum authorized
  2. Minimum issued
  3. Bearer shares
  4. Redeemable shares
  1. Nomínimum requirement
  2. 1 share

  3. No
  4. Yes
Beneficial ownership disclosure
Not required to disclose to the UAE government, but must be disclosed to a registered agent
  1. MinimumNumber
  2. Residency requirements
  3. Corporate Directors
  1. 1 director
  2. No requirements
  3. Yes
Local presence requirements
  1. Directors
  2. Company officers
  3. Meetings
  4. Annual
    general meeting
  5. Audit requirements

  1. Not required
  2. Not required
  3. Not required
  4. Not required
  5. Not required (unless requested by the RAK Financial Services Authority for suspicion of criminal activity)
Annual accounts

Possibility of migration
Yes, but not public accounts

Share transfer duty/tax
Special mention on the name
Sociéte Anonyme, GmbH, Ltda…

If you need to start your RAK company contact us through our website, by  email, Bitwine or Skype

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Wednesday, June 01, 2011

Panama hires new K Street lobbyists

Panama Nabs Additional K Street Help
By Kate Ackley
Roll Call Staff
May 24, 2011, 3:09 p.m

The government of Panama, hoping to win Congressional approval for a free-trade agreement with the United States, has hired a new team of lobbyists from Mehlman Vogel Castagnetti to press its case on Capitol Hill.

Full text in http://www.rollcall.com/news/-205910-1.html
See also http://www.prensa.com/hoy/panorama/2616840.asp