Panama - Corporation/Other jurisdictions
Basic information about jurisdiction
Area - 75.515 sq. kmPopulation - 3,300,000
Political status - republic
Capital - Panama Сity
Official language - Spanish, widely used English.
Official currency - US dollar (USD), Bilboa (RAV)
Time zone – GMT–5
Directors of the company
Number: at least 3Status: natural or legal persons
Residents: residents of any country
Information about directors: only in the Register of Enterprises of Panama
Nominee directors: allowed
Shareholders of the companyNumber: not regulated
Status: not regulated
Residents: not regulated
Information about shareholders: only in registers of the company itself
Nominee shareholders: allowed
Secretary CompanyQuantity: at least one
Status: natural or legal persons
Residents: residents of any country
Information about secretary: only in the Register of Enterprises of Panama
Nominee Secretary: allowed
Authorized capital of the companyStandard declared capital - 10.000 USD.
There are no requirements for payment of this capital or part of it.
Company nameMust end with the words '' Sociedad Anonima '', '' Incorporated '', '' Corporation '' or the abbreviations '' Inc. '', '' Corp. '', '' S.A ''. Registration of names containing the words '' Bank '', '' Insurance '', '' Trust '', '' Assurance '', '' Imperial '', etc., is allowed only with the presence of an appropriate license.
Information about the real owner of the company
Information about the real owner is submitted only to the registered agent and is confidential.
Annual ReturnRequirements for the submission of the annual report is not put forward.
Requirements for the submission of financial report non-advanced.
TaxationTaxation of income received outside of Panama - 0%.
Double tax treatiesPanama does not have double tax treaties.
The term of registration of a new company6-7 business days; The term of receipt of the full package of documents is 5-6 weeks.
Acceptance of third-party companies for service FIVECONSULT
Perhaps, but only by agreement with the previous service agent in Panama.
A set of constituent documents of the company
1) registration certificate - notarial act on the establishment of a company with a mark of the Register of Enterprises, certified by a notary and apostil in Spanish (Escritura Publica);
2) translation of the document mentioned in paragraph 1 into English, certified by a notary and apostil ;
3) an additional extract from the database of the Register of Enterprises (Certificada) in Spanish;
4) translation of the document referred to in paragraph 3 into English certified by a notary and apostille; < / p>
5) the form of transfer of shares from the initial founders (Subscription transfer);
6) the general trust ness (General Power of Attorney), signed by the nominee director;
7) minutes of the first meeting of directors (Written resolution of Directors) on the distribution of shares;
8) share certificate (ShareCertificate ), signed by nominee directors;
9) Resignation letters of nominee directors, signed, but without a date;
10) company stamp.
Buying "ready-made" companies is possible. Shelf companies are always available.
FIVECONSULT comment:Panama is a classic offshore jurisdiction that is very popular among businessmen all over the world, providing high quality corporate services. The authorities of Panama, which actively provide offshore services, at the same time could avoid including jurisdiction in the black lists of OECD organizations, FATF. Therefore, if it is necessary to use a classic offshore company, Panama is ideal.Features of offshore registration in PanamaAll offshore companies in Panama are registered in accordance with the General Corporation Law governing business activities in the international market. According to this law, it is allowed to establish offshore companies of various legal forms in the country, but a foreign investor is most interested in such types of offshore companies in Panama as a joint-stock corporation established by one or more legal entities / individuals (Sociedad Anonima), and a limited liability company, established by two or more partners (Sociedad de Responsibilidad Limitada).Requirements for Offshore in PanamaWhen registering an offshore company in this state, you need to consider ultiple founding moments.First, a company must have a registered address in the offshore jurisdiction and the local office for the management of the organization's activities. Despite the fact that the meeting of shareholders and directors of offshore is allowed to be held anywhere in the world, and financial documents are stored in any territory, Panamanian law prohibits holding meetings by phone, and minutes of meetings cannot be signed without obligatory signature.Secondly, a registered offshore company can not engage in insurance, reinsurance, stock, banking and trust activities without the permission of the Ministry of Trade and Industry of Panama.Third, any offshore in Pan I am obliged to pay annual state fees for renewal of registration. In the event of non-compliance with this obligation, an offshore company is excluded from the register of offshore companies in Panama. Recovery in the register is made only after the payment of the relevant duties and fines.