Panama (Panama Business Formation) is one of the most desirable offshore company incorporation countries available. With an area of approximately 76,900 square kilometers, the Republic of Panama is positioned between Costa Rica and Colombia and represents the narrowest and lowest stretch of the Isthmus that connects North and South America. Panama has a population of roughly 2.4 million people, with about 52 percent of them living in cities. The official and spoken language is Spanish. English is also commonly spoken in metropolitan areas and is utilized on a daily basis in commerce and international trade.
The US dollar is the official currency of the country and there are no requirements to file corporate reports of any kind. Furthermore, the income earned from sources outside of the country is exempt from taxes.
Basic characteristics of a Panama corporation:
The following constitute some of the most popular uses for a Panama offshore company:
We will need the following information to incorporate a company and execute the Articles of Incorporation in accordance with Panama legislation:
In order for us to incorporate an offshore company in Panama for you, we will need you to send us the following:
After we have received the name of your company, approval of the company name can be obtained within a few hours. We will then submit the Memorandum and Articles of Association of the company to the Registrar, a certificate of incorporation will be issued and your new company will then have been incorporated. It usually takes two days for a company to be fully incorporated.
The names of all corporations in Panama must end in Corporation, Incorporated, Sociedad Anónima or the abbreviations Corp, Inc or SA. They cannot use the suffix "Limited" or "Ltd". The name may be expressed in any language. We can reserve your company name for up to 10 days.
Under Panama's Corporation Law, it is possible for a company to only be owned by one person. However, the Law requires a minimum of three officers (a president, a treasurer, and a secretary) and three directors. However, one person may hold two or more offices. It is not necessary for the directors or officers to be Panamanian nominees or shareholders.
Both corporations and individuals may act as directors and the minimum number of directors is three. They may be of any nationality and do not need to 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.
The company must have a minimum of one shareholder and he/she can be of any nationality and may reside anywhere. The name of the shareholder does not need to be registered in the Panamanian Public Registry, thus ensuring complete confidentiality. A Panamanian corporation can either have registered shares or bearer shares.
Spanish together with a certified English translation
A registered office must be maintained in Panama at the address of the Registered Agent.
A company secretary must be appointed, who may be an individual or a company. The company secretary may be of any nationality and does not need to be a resident of Panama.