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PANAMA Panama is situated in the Central America and is a narrow isthmus between the North and South Americas. Panama is famous for its canal connecting the Atlantic and the Pacific. The population of Panama is nearly 2.5 million people. Due to its position, Panama is a most important world transport junction. The democratic governing system is based on the constitution. After the overthrow of General Noriega, Panama turned into a politically stable country with the developing economy. The tax harbour industry existing since 1927 is the best warrant of the stability of this off-shore jurisdiction. |
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Corporate Law |
The Corporations Law of 1927, amendments of 1997 |
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The form of a tax-free company |
A corporation, hereinafter referred to as the “Company” |
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3 |
Permitted activities |
Any activity not prohibited by the law. A special license for banking, insurance, reinsurance and trust services is required. |
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Prohibited activities |
None |
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Taxation |
The Company is exempt from all taxes and duties on income arising from operations outside Panama |
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6 |
The period of registration |
3 to 6 days |
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7 |
The possibility to buy a shelf company |
Yes |
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The name of the Company |
Should not be identical or similar to any existing one. The words “Limited” or “Ltd.” relate to another form of companies and may not be used for off-shore corporations. The name may contain the words: “Corporation”, “Incorporated”, “Societe Anonyme”, “Sociedad Anonima”, “Gesellschaft mit beschrä nkter Haftung”, or the abbreviations “Corp.”, “Inc.”, “GmbH”, “SA”, “AG”. The words: “Assurance”, “Bank”, “Building Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Insurance”, “Municipal”, “Royal”, “Trust Company”, “Trustee Company” or other words and word combinations having the same meaning may not be used in the name of an IBC. |
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The documents required for the registration |
Articles of Association |
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Who signs the incorporation documents? |
At least two subscribers who subscribe to at least one share each. The function of the subscribers is only to sign the incorporation documents and appoint the first Director |
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The share capital of the Company |
The share capital of the company is authorized, there is no requirement of obligatory payment and minimum and maximum size |
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The recommended share capital |
USD 10,000 divided into 100 shares with the face value of USD 100. |
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Shares |
The issue of registered and bearer shares with or without the face value is permitted |
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Shareholders: -- minimum number -- nominee shareholders -- trust ownership of shares |
a single private individual or corporate entity permitted permitted |
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Whether the law provides non-disclosure of the information: -- on the beneficial owner of the Company -- on banking operations |
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Directors: -- minimum number -- ethnic origin and nationality -- status |
Three, may be private individuals or corporate entities No requirements All rights except those within the exclusive competence of the shareholders (determined by the memorandum, Articles of Association and/or the law) |
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The existence in the territory of Panama of: -- registered office -- registered agent |
Not obligatory Obligatory |
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Holding of shareholders/ directors meeting |
The meetings may be held in any part of the world, telephone conferences are also possible. The minutes of the meetings may be kept in any place. |
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The requirement of: -- the accounting -- preparing the annual report -- submission of the auditors’ opinion |
None None None |
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The information available upon request of any third parties |
The Articles of Association, the names of the registered agent and directors |
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Documents kept in the registration office |
Not kept |
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Double taxation avoidance treaties |
None |
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Currency control |
None |