Panama offshore company

Panama offshore company
Panama is located in Central America, bordering both the Caribbean Sea and the Pacific Ocean, between Colombia and Costa Rica.

Panama is a Constitutional Democracy, which after its recent instability has settled into a peaceful nation where the military has been disbanded. With a land mass of approximately 76,000 Square Kilometers, Panamas population consists of mainly the Mestizos (70%) and a mix of West Indians, Caucasians and Indians.

Panama had a population of 3,405,813 in May 2010. The CIA World Factbook gives the following statistics for the population: “mestizo (mixed Amerindian and white) 70%, Black (West Indian) 14%, white 10%, Amerindian 6%”. The Amerindian population includes seven indigenous peoples: the Emberá, Wounaan, Ngöbe Buglé people (formerly the Guaymí), Guna, Naso and Bribri. More than half the population lives in the Panama City–Colón metropolitan corridor.

Panama IBC Legislation

Panama corporations are registred under the General Corporation Law, Law 32 of 1927. Law 32 has been used as a model for many other jurisdictions and ensures the legal framework to conduct legitimate business activities in the international arena.

Panama Company Structure

  • Two local persons are usually appointed to act as the subscribers for incorporation purposes
  • A minimum of three directors is required. The names and addresses of these directors is part of the public record. We recomend apply a nominee directors. We can provide this service. If the client wishes to be a Director, we can provide other two Nominees. If the client does not wish to be a Director, we provide three Nominees and issue a Power of Attorney to the client.
  • Panama offshore companies require officers for the position of President, Treasurer and Secretary. These may be natural persons, corporations or other entity. An officer may hold more than one position, but the President and Secretary should not be the same person.
  • There is no maximum to the amount of officers appointed. The Director can be an officer of the company

 

Panama Companies Shares and Capital Requirements

  • The legal tender of Panama is the US dollar
  • There are no exchange controls or restrictions on the free movement of currency
  • Panama Companies do no require paid-in capital
  • No time limit in which Authorized Capital must be fully paid
  • The standard capitalization is US$10,000.00
  • Par and Non-par Value Shares, voting and non-voting shares, as well as various other categories and classes of shares are allowed

 

Panama Offshore Company Taxation

Non-resident Panama companies are 100% tax-free.

 

Panama IBC Meetings/Books/Records

  • Meeting of Shareholders and/or Directors if found necessary, may hold these meetings by telephone or any other electronic means available and convenient
  • If Shareholders and/or Directors think it is advisable to hold meetings, this may be held anywhere in the world
  • There is no requirement for Annual General Meetings of the Shareholders and/or Directors
  • The documents for Panama offshore incorporation are filed with the Mercantile Registry and the names and addresses of the directors are a matter of public record. (Nominee directors are customary)
  • No books or records have to be kept by an offshore Panamanian company. If such books or records are kept, this may be done anywhere in the world
  • There is no requirement to prepare, maintain or file financial statements. If the directors decide to maintain such accounts, they may be done anywhere in the world
  • A Stock Register must be kept by law. The register contains the names in alphabetical order, place of domicile and date of acquisition of shareholders, other than the holders of Bearer Shares. This register may be held anywhere in the world
  • A Book of Minutes should be kept, but may be kept anywhere the director chooses

 

Panama Companies Confidentiality/Privacy

Legislation has the flexibility which provides for the privacy of the ownership of its non-resident corporations:

  • Documents filed with the Mercantile Registry include the Articles of Incorporation and By-laws containing the names of the directors and initial subscribers. These documents are part of the public record. However, the customary practice, and acceptable under the law, is to use local Nominee Services for the subscribers and directors of the corporation.
  • Local Nominee Services for shareholders and directors is acceptable. The law requires a minimum of three directors and it is common for us to provide Nominee Services on your behalf at no extra cost. A Power of Attorney will be given to the Beneficial Owner.
  • While a Stock Register has to be kept and up to date, the names of the holders of Bearer Certificates do not appear in the register. The Stock Register may be held anywhere in the world at the discretion of the directors.
  • Bearer Shares may be issued.

Panama Company Time Frame

Incorporation of a non-resident corporation may take between four to six days. Two natural persons acting as organizers or subscribers appear before a Notary Public, to constitute the corporation. Our offshore services is provided by a local practicing lawyer or law firm, trust company or a professional management services firm, and must be used as the Registered Agent for Incorporation purposes.

 

Panama Companies Annual renewals

Annual renewal fees are payable every year in January starting the year following the company incorporation and every January thereafter if the company was incorporated in the first half of the previous year. If incorporation was in the second half of the year, the annual renewal fee is payable on 1st July of the following year and every July thereafter. Annual renewal fees must be paid in order that the company remains in good standing.

Panama Companies Names

Company names cannot end with, or use, the following words: Limited, Ltd, Financial, Finance, Trust, Trustee, Foundation, Insurance, Bank, Banking or any word that means that the company would be engaged in the Trust, Banking, Financial or Insurance businesses.

Endings such as the following MAY BE USED: Corporation, Corp, Incorporated, Inc., Sociedad Anonima, S.A.

Panama companies are one of the best offshore structures on the market at present; we also have a list of Panama registered shelf companies list to choose from or new you can Panama offshore company formation in 5-7 working days.

Fees and charges

Services1st year fee / One time feeAnnual feee
Company formation, local fees, registred office, registred agent, basic set of company documents€ 1090€ 890
3 Corporate Nominee directors - incl. POA with Apostille€ 350€ 350
Nominee shareholder - corporate € 250€ 250
Signing of documents by Nominee€ 40
Apostille and Notarial€ 100
Issunace of Additional POA€ 60
Issunace of Additional POA with Apostille€ 160
Courier dispatch services€ 100
Certificate of Good standing € 100
Certificate of Good standingwith Apostille€ 200
Certificate of Incumbency€ 90
Certificate of Incumbency with Apostille€ 190
Business registry change (change of the director or shareholder)€ 150
Beneficial owner change€ 190