panama

KEY CORPORATE FEATURES
Approximate time to incorporate 2-4  days
Minimum number of Directors 3
Local Director required No
Local Secretary required No
Shareholder required 1
Disclosure of Beneficial Owner requirement No
Audit Requirement No
Accounts Filing Requirement No
Taxation Nil

Panama

Flag of PanamaThe Republic of Panama is situated in Central America, between Colombia (to the east) and Costa Rica (to the west). Panama offshore companies are very prestigious and provide investor privacy. Their incorporation procedure is straight forward while the legal framework (General Corporation Law of February 26th 1927, called law 32) offers offshore companies the opportunity to conduct legitimate business activities internationally. There are more than 250000 offshore companies registered in Panama.

For a quotation to incorporate in the Panama or for more information about offshore company formation the Panama, click here

TAXES

Offshore companies in Panama are not required to pay any tax on income earned from activities outside the country. There is no requirement to provide statements for non resident Panamanian offshore companies. If the directors of the company decide to maintain accounts, they may be done anywhere in the world.

LANGUAGE BARRIERS


The official language of Panama is Spanish, however English is also widely spoken. An offshore company can be registered in any language.

ECONOMY

The main revenues for the Government of Panama come from the country’s seaports and the movement through the Panama Canal. Equally important are the financial services sector and the banking sector which make Panama a key financial center in Latin America. Other sectors of economic activity are agriculture, manufacturing, construction, transportation and tourism.

RULES AND REGULATIONS

  • A registered office must be maintained in Panama at the address of the Registered Agent.
  • A minimum of three Directors is necessary. They can be of any nationality. The names and addresses of these directors is part of the public record and therefore nominee directors are usually appointed at incorporation. Corporations are allowed to be appointed as Directors.
  • A company secretary (of any nationality) must be appointed, who may be a natural or corporate person.
  • Only one shareholder is required.
  • There is no requirement for filing annual returns or audited financial statements
  • No paid-in capital is required, and no time limit for authorized capital to be fully paid
  • The standard capitalization for a Panama Corporation is US$10,000.00.
  • There is no requirement for filing annual returns or audited financial statements
  • The legal tender of Panama is the US dollar.
  • The name of a company must end with one of the following suffixes: Limited or Ltd.; Corporation or Corp.; Incorporated or Inc.; Sociedad Anonima or S.A.
  • It takes 2-4 days to register a Panamanian offshore company.