Panama

PANAMA

Panama is very well established jurisdiction with developed financial and corporate infrastructure.

 

Advantages of the Panama non – resident company registration:

  • Tax requirements – if the company does not operate physically on the territory of Panama the annual franchise tax will be US$300.00
  • Privacy laws – The corporation data (incorporation number, name, registration date) as well as the identity of 3 Directors / Officers is publicly available.
  • Stable economy and government – Panama has the most stable government and economy in all of Central or South America.
  • Favorable and flexible Incorporation Laws – it has over 400,000 corporations & foundations, making it the second most popular jurisdiction to incorporate in the world, next to Hong Kong.
  • Currency Restriction Regulations – the currency of the country must be stable, and there should be no restrictions on the movement of funds in or out of the country, and your offshore bank should be able to hold your money in any major currency.

In order for us to proceed with the incorporation, you must provide the following:

1. Three possible names of the corporation or foundation in order of preference.
– it must end with S.A., Inc., Corp..
– it must not contain Ltd. and Limited
– if you wish to use the words such as Finance, Trust or Insurance you should have a license for that
2. Your courier address and phone number where corporate documents shall be sent
3. Name and passport copy of each owner
4. Corporation shares are issued in nominative form (Corporation Name, Registration Numbers, Registration Date and Jurisdiction and ID / Passport of its representative – for corporations; passport copy of each owner – physical persons).
5. Payment to EURO COMMERCE bank account. (Visa or MasterCard also accepted).

INCORPORATION COSTS
  • Notary fee
    Registered agent
    Registered address
    Power of Attorney (Apostille)
    3 nominee directors
    Annual franchise tax
    Courier fee
    2100 USD

ANNUAL FEES
  • Franchise tax
    Registered agent
    3 nominee directors
    1250 USD
Full list of optional costs available upon request

About Panama

Panama is a country in Central America. It is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The capital and largest city is Panama City.

The economy of Panama is based primarily on private enterprises and depends heavily on the services sector, which is closely geared to international trade and external factors.

Known as the “Bridge of the Americas” or “Crossroads of the World” Panama has become the prime location for financial migration between the two continents and the two oceans.

 

What is a Panama IBC?

The Panama IBC, a legal structure created since 1927 is an International Operating Company accepted in the worldwide banking and financial community as a proven structure to carry on all kinds of business interests.

The Corporations law of Panama was drafted with special characteristics that streamline the registration, operation and management of these corporations for both nationals and foreigners.

Main key features and advantages:

  • No Requirements to File Reports
  • No nationality restrictions
  • Low incorporation costs
  • Accounting flexibility
  • Shareholders identity are private

 

Taxes in Panama

The territorial source principle is the basis of taxation in the Republic of Panama. Any income obtained from operations outside of the country of Panama is not taxable.

 

Nominee Service

Three Nominee Directors are provided in the incorporation costs.
Identities of 3 Directors are publicly available.

 

Accounting and Audit

Panama companies are required to keep accounting records and keep its supporting documentation in the offices of its Resident Agent in the Republic of Panama or in any elsewhere inside or outside the Republic of Panama, as determined by its management. The physical address where the accounting records and supporting documentation are kept needs to be provided to the registered agent. Registered agent is entitled to request at any time such documentation from the company.

 

List of documents received for standard IBC

  • The original copy of the public deed issued by Notary Public of Panama, whereby is notarized the Articles of Incorporation, duly registered at the Panama Public Registry and certified by Apostille.
  • Official translation into English language of the Articles of Incorporation duly certified by Apostille.
  • Original Certification of Incorporation issued by the Panama Public Registry, stating that the corporation is in good standing, duly certified by Apostille and with its official English translation.
  • One (1) or Two (2) certificates of shares issued in nominate form.
  • Two (2) Assignments of subscription of shares.
  • Initial Minutes.
  • General Power of Attorney

 

Privacy

Shareholders identity are private. The corporation data (incorporation number, name, registration date) as well as the identities of 3 Directors are publicly available.

 

Restricted activities

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.

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.

 

Bank account

For Panama IBC we can assist you with the bank account opening internationally. The banks we cooperate with are reliable financial institutions with a long tradition in private and corporate banking. Our clients are provided with an excellent customer service, online banking, Visa and/or Master cards, as well as other services, such as factoring, foreign exchange, savings and specialized banking solutions.

 

More Info