Panama

Main » Jurisdictions » Panama

Panama

Panama

 

Panama, being recognized by The New York Times in 2012 as one of the best places of our world to visit, attracts us by an exceptionally beautiful nature, rich national history and original business schemes.

  1. Legislation:  the company's activity is regulated  by such acts: General Corporation Law, Law 32 of 1927, Commercial Code 1997.
  2. Forms of the company: Partnership, Corporation. The most popular form of doing business is corporation.
  3. 3.      Registration of the company.

 

The main characteristics of corporation  registration:

The name of the company: the name of the company can not include such words: Limited, Ltd, Financial Finance, Trust, Trustee, Foundation, Insurance, Bank or other words, implying banking, insurance or financial activity. The name of the company may include words Corporation, Corp., Incorporated, Inc., Sociedad Amonima, S.A.

Director's information: minimum quantity – three. The information about names and address of the directors is the part of public statements. There are no residence requirements.

Shareholder's information: usually 2 natural persons-residents of Panama

Secretary information: the secretary is required to be. The natural person, Panama or foreign corporation or any other legal entity may be a secretary. Also there should be the president and the treasurer of the corporation, these can be both: natural person and legal entity.

Information about registered agent: there are requirements about registered agent.

Minimum size of share capital: the standard size of share capital is 10,000$, there are no requirements about paying it.

Taxation: there are no requirements about paying taxes on all the types of activities and transactions, those are done outside of Panama.

Accounting: There are no requirements about submission of audit, financial statements to the state bodies but the share register and minutes of the corporation must be saved. (there are no requirements about the place, where these documents must be saved)

 

Peculiarities: Political stability, status of one of basic  business centers of the world, using the US dollar as its currency, the national system of bank transfers, the high level of confidentiality – these are not all advantages of doing business in Panama.