Panama offshore company formation
Panama is a country situated in the Central America, between South and North America.
Territory ~76900 square km. Population of Panama is approximately 2,5 millions and its official language is Spanish. Panama's national currency is Panamanian Balboa. (1 US Dollar = 1.00000 Panamanian Balboa). Panama is a sovereign nation, that is, not governed or controlled by any other country in the world. Panama does not have any MLAT's (Mutual Legal Assistance Treaties) with any other country.
Panama may be called a hub in two dimensions: its territory joins North and South America, and the Panama Canal is a shortcut between North Atlantic Ocean (via Caribbean Sea) and North Pacific Ocean.
It's a constitutional democracy. The pillars of the local economy are banking, commerce, mining, and tourism. Though Spanish is the official language, English is widely used in business communications.
OUTSTANDING FEATURES:
Corporative legislation
Corporation Act year 1927, modified in 1997
Form of tax-exempted company
Corporation (further-Company)
Authorized business activities
Any activities not prohibited by the law. Providing of banking, insurance, and re-insurance, trust services is subject to special license;
Prohibited activities
No.
Taxation
Company is exempted from all and any taxes and duties on profit, gained outside the territory of Panama;
Name of Panama Offshore company
The name must not be identical or confusingly similar to the existing ones.Words Limited or Ltd are used for different kind of companies and cannot be used for offshore companies. The name can include words Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Gesellschaft mit beschankter Haftung or abbreviations Corp., Inc., GmbH, SA, AG. The words Assurance, Bank, Building society, Chamberof Commerce, Chartered, Cooperative, Imperial,
Insurance, Municipal, Royal, Trust Company, Trustee Company or other words with similar meaning may not be used in the name of company;
Who executes the foundation documents?
At least two individuals whose functions are limited to signing of the foundation documents and nomination of the first director.
Equity capital of the company
Equity capital of the company is established by declaration, no mandatory contribution is required and no minimum/maximum limits are set;
Recommended equity capital
10000 USD, divided into 100 shares with par value 100 USD;
Shares
Authorized emission of both registered and bearer shares with or without par value;
Shareholders
- Minimum number
- Nominal shareholders
- Holders of trust equities
One natural or legal entity or bearers shares;
Permitted;
Permitted;
Does the law provide for non-disclosure of the information about actual owner of the company?
Yes, the information about the actual owner is not disclosed;
Directors
- minimum number
- nationality and citizenship
- status
3, either natural or legal entity;
All the powers apart from those falling into exclusive competence of shareholders (as determined by memorandum, articles of association and/or the law);
On the territory of Panama there has to be
- registered office
- registered agent
Not required;
Required;
Holding of the meeting of shareholders/directors
Meetings may be hold in any part of the world, also by means of telephone communication;
Minutes may be kept at any place;
Mandatory
- keeping of accounting records
- annual account
- presentation of auditors conclusion
No;
No;
No;
Information at disposal of the registered agent
Articles of association, names and addreess of the registration agent and directors;
Agreements on exemption from
None
Term of incorporation
Approximately 3 weeks;
Costs of registration of company
Look below
Financial year ending on:
anniversary date of incorporation
Possibility to purchase a ready-made Belize offshore company
Yes
To establish Panama offshore company we cooperate with one of the biggest law firm in Panama.
Useful links:
Council for Investment and Development
Anonymous reloadable debit cards
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Asset Protection s.r.o. is not a law firm and does not provide legal advices or legal services. We recommended to consult licensed professionals with regards to local tax and legal matters.
