Features of Panama Corporations
- Panama corporations may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
- Full Exemption from taxation for any business activity or transactions carried out outside Panama.
AUTHORISED CAPITAL / SHARES
- Nominative/registered or bearer shares at owner’s option.
- No paid-in capital is required.
- No minimum or maximum capital requirements.
DIRECTORS, OFFICERS AND SHAREHOLDERS
- Shareholders, directors and/ or officers can be either corporate entities or natural persons.
- Initial or ongoing changes in directors and / or officers need to be filed with Panama Registry.
- The directors may grant special or general powers of attorney.
- Neither the directors nor the officers need to be shareholders.
- Shareholders, directors and officers may be of any nationality and may be residents of any country.
- Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc.)
- The directors may establish the company’s business address in any place/country of their preference.
- No requirement to file annual returns or financial statements, no requirement to hold annual general meetings of Shareholders or directors.
INCORPORATION AND ADMINISTRATION
- Excellent availability of company names for incorporation.
- The words “Corporation”, “Incorporated”, “Société Anonyme” or “Sociedad Anónima” or the abbreviations “Inc.” or “S.A.” may be used as a company’s name ending.
- Incorporation documents may be drafted in any language and submitted together with their Spanish translation.
- Speedy incorporation procedures and simple ongoing administration.
- Incorporation procedure takes 3 to 4 days.
- The Panama Registry is equipped with modern sophisticated computer equipment improving speed and efficiency in the processing of documents.
- Shelf companies are available.
- The directors may establish the company’s business address in the place/country of the preference.
- The company’s accounting books, records and minutes may be kept in any place or country chosen by the director
CORPORATE SEAL AND LEGALIZATION
- Corporate seal is optional.
- The apostille is normally used to legalize documentation. Legalization via a consulate is also available for some countries.
COSTS AND FEES
- Reasonable formation and maintenance costs and fees.
- Foreign companies can be speedily continued to Panama.
USES OF PANAMANIAN CORPORATION
- Holder of bank accounts, fixed deposits, investments plans and any other financial or commercial title.
- Owner of the shares of other companies or legal entities.
- Owner of apartments, houses, buildings, vessels and any other movable or immovable property or goods.
- Manager and promoter of international business transactions.
- International leasing of vehicles, machinery, vessels and others.
- Appropriate vehicle for borrowing or lending money, paying or receiving commissions, royalties or others.
- Marketing and promotion of products and services.
- Other commercial and financial activities.
HIGHLIGHTS OF THE REPUBLIC OF PANAMA
- Excellent corporation law.
- Flexible company law.
- No taxes levied on offshore and banking transactions.
- No exchange control regulations.
- Political and economic stability.
- Serviced by major world airlines.
- Excellence hotel accommodations.
- Excellent worldwide communication facilities.
- Skilled personnel.
- No capital gains, income or other kinds of taxes.
- Conveniently located close to the largest Latin American markets.
- One of the most important Financial centres of the region with many international banks.
- Panama is one of the major gateways for trade investment and finance into Latin America.
SOCIAL AND ECONOMIC INDICATORS
|Location:||Latin America, joining North & South America.|
|Area:||77,082 square kilometers|
|Population:||3,360,474 (July 2009 Est.)|
|Official Language:||Spanish (official), English|
|Banking:||International banking centre. Major worldwide banks operate from Panama.|
|Legal Tender:||Balboa ( At par with the U.S Dollar which is the only paper currency in Panama)|
|Industry:||Financial services, Panama Canal, Colon Free Zone and Tourism.|