Panama - a country situated in the Central America, between South and North America. Territory ~76900 square km. Population of Panama is approximately 2,5 millions and its official language is Spanish. Panama's national currency is Panamanian Balboa. (1US Dollar = 1.00000 Panamanian Balboa)
| Corporative legislation | Corporation Act year 1927, modified in 1997 |
| Form of tax-exempted company | Corporation (further-Company) |
| Authorized business activities | Any activities not prohibited by the law. Providing of banking, insurance, and re-insurance, trust services is subject to special license |
| Prohibited activities | No |
| Name of company | The name must not be identical or confusingly similar to the existing ones.Words Limited or Ltd are used for different kind of companies and cannot be used for offshore companies The name can include words Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Gesellschaft mit beschankter Haftung or abbreviations Corp., Inc., GmbH, SA, AG The words Assurance, Bank, Building society, Chamberof Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust Company, Trustee Company or other words with similar meaning may not be used in the name of company |
| Taxation | Company is exempted from all and any taxes and duties on profit, gained outside the territory of Panama |
| Who executes the foundation documents? | At least two individuals whose functions are limited to signing of the foundation documents and nomination of the first director |
| Equity capital of the company | Equity capital of the company is established by declaration, no mandatory contribution is required and no minimum/maximum limits are set |
| Recommended equity capital | 10000 USD, divided into 100 shares with par value 100 USD |
| Shares | Authorized emission of both registered and bearer shares with or without par value |
| Shareholders - Minimum number - Nominal shareholders - Holders of trust equities |
One natural or legal entity or bearers' shares Permitted Permitted |
| Does the law provide for non-disclosure of the information? - About actual owner of the company - About bank transactions |
Yes, the information about the actual owner is not disclosed Yes |
| Directors - minimum number - nationality and citizenship - status |
3 Either natural or legal entity All the powers apart from those falling into exclusive competence of shareholders (as determined by memorandum, articles of association and/or the law) |
| On the territory of Panama there has to be: - registered office - registered agent |
Not required Required |
| Holding of the meeting of shareholders/directors | Meetings may be hold in any part of the world, also by means of telephone communication Minutes may be kept at any place |
| Mandatory - keeping of accounting records - annual account - presentation of auditor's conclusion |
No No No |
| Information at disposal to the third party | Articles of association, names and address of the registration agent and directors |
| Agreements on exemption from double taxation | None |
| Currency control | No |
| Term of incorporation | 3 weeks |
| Financial year ending on | Look for: Annual support of companies |
| Costs of registration of company | Look for: Costs of registration and service |
| Possibility to purchase a ready-made company | Yes, look for: Ready made companies |