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Setup
and Maintenance Costs
Incorporation (Setup)
Costs - US$1,400
The fee is all
inclusive, no hidden costs.
Annual Maintenance
Costs -
US$1,000
The fee is payable
after the first year and covers annual taxes, registered
agent and nominees. No hidden costs.
Our company kits are
always delivered with the same documents and may
vary slightly from jurisdiction to jurisdiction.
All our companies come in a deluxe corporate "attache
kit", which is all inclusive and ready for use
document kit.
Our corporate kits are
delivered with the following documents:-
- Articles of Incorporation in English (Notarized
and legalized by Apostille)
- Appointment of First Directors / Nominee Directors
(if applicable)
- Nominee shareholders (if applicable)
- Shareholder certificates
- Minute Books
- Share registry books
- 1 Power of Attorney (in English and Spanish Notarized
and legalized by Apostille)
- Certificate of Incorporation
- Trust agreement (when applicable)
- Minutes and / or board resolutions when requested
- Corporate seal
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Company
Information
Type of Company for
International Trade and Investment
Generally, corporations are incorporated under the Corporation Statute Law 32
of the 1927 Commercial Code. Limited Liability Companies and Limited Partnerships
are used also.
Procedure to Incorporate
By presentation of the proposed corporation's signed
Articles of Incorporation before a Notary Public
who creates a Public Deed for registration at
the Public Registry.
Restrictions on Trading
Cannot undertake the business of banking, trusteeship
and trust administration, insurance, assurance,
reinsurance, fund management, investment funds,
collective investment schemes or any other activity
that would suggest an association with the banking,
finance, fiduciary or insurance businesses.
Language of Legislation
and Corporate Documents
Spanish and certified English translations.
Registered Office
Required
Yes, must be maintained in Panama at the address
of the Registered Agent.
Name Approval Required
Yes.
Shelf Companies Available
Yes.
Time to Incorporate
One day, subject to name approval.
Name Restrictions
A name that is similar to or identical to an existing
company. Names of well known companies incorporated
elsewhere or a name that implies government patronage.
Language of Name
Names may be expressed in any language using the
Latin alphabet. The Registrar may request a Spanish
or English translation.
Names Requiring Consent
or a Licence
Bank, building society, savings, insurance, assurance,
reinsurance, fund management, investment fund, trust
or their foreign language equivalents.
Suffixes to Denote
Limited Liability
All Panamanian corporations must end with the suffix
Corporation, Incorporated, Sociedad Anónima
or the abbreviations Corp, Inc or SA. They may not
utilise the suffix Limited or Ltd.
Disclosure of Beneficial
Ownership to Authorities
No.
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Compliance
Authorised and Issued
Share Capital
The standard authorised share capital is US$10,000 divided in to 100 common voting
shares of US$100 each or 500 common voting shares of no par value; the capital
may be expressed in any convertible currency. The minimum issued capital is either
one share of no par value or one share of par value.
Classes of Shares
Permitted
Non-voting shares, preferred shares, bearer shares
and registered shares.
Taxation
No corporation tax is levied on non-Panamanian sourced
income.
Double Taxation
None.
Licence Fees
Annual Franchise Tax of US$250 is payable.
Financial Statement
Requirements
No requirement if income is of non-Panamanian sources.
Directors
Both corporations and natural persons may act as
directors and the minimum number of directors
is three. They may be of any nationality and
need not be residents of Panama. Panamanian companies
are also required to appoint a minimum of three
officers (president, secretary and treasurer)
who may also be the directors.
Company Secretary
A company secretary must be appointed, who may be
a natural or corporate person. The company secretary
may be of any nationality and need not be a resident
of Panama.
Shareholders
The minimum number of shareholders is one.
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General
Information
The Republic of Panama,
with an area of approximately 76,900 sq km, is
located between Costa Rica and Colombia, forms
the narrowest and lowest portion of the isthmus
that links North and South America.
Population
The population of Panama is approximately 2.4 million,
about 52% of which are in urban areas.
Political Structure
Panama was a Spanish colony until 1821. In 1903,
Panama broke an alliance with Colombia and became
an independent republic. The executive branch
of the Government is at present composed of a
President and two vice-presidents, elected for
a five-year term by direct election.
Infrastructure And
Economy
The Colon Free Zone is located on the Caribbean side
of the Isthmus of Panama near the Atlantic entrance
to the Panama Canal. This Free Trade Zone is the
second largest in the world after Hong Kong. Operations
and transactions taking place in the Free Trade Zone
are subject to a special tax treatment whereby imports
from other parts of the world and re-exports to other
countries are exempted from any import or export
taxes imposed by Panama. Income earned from re-exports
is taxed at specially reduced rates.
Language
Spanish is the official and spoken language. English
is also spoken widely in urban areas and is used
daily in commerce and international trade.
Currency
US$.
Exchange
Control
None.
Type of
Law
Common Law based on English system.
Principal
Corporate Legalisation
Corporation Law No. 32 of the 1927 Commercial
Code, Decree Law 5 of 1997 and Executive
Decree 296 of 1997.
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We
offer Company formations in all major offshore
jurisdictions.
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