Panama

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Panama

GENERAL INFORMATION

The Republic of Panama is a transcontinental state, which, due to its location between Central and South America, has deservedly received the title of "world sea state". The country is well-known for its stunning azure coast, tropical reserves and a favorable climate for both leisure and business. Panama's economy is focused on international transit and port services, with one of the country's achievements being the fact that Panama is at the forefront of the world in terms of marine tonnage. Moreover, the jurisdiction has an extensive banking system, without having a central bank of issue and its own ability to print paper money. It is safe to say that the country is open to new opportunities and business ideas, and the Panamanian government provides all the conditions for registering a company in Panama. This process will be easy and affordable.

ADVANTAGES OF REGISTRATION OF A COMPANY IN CYPRUS:

- The country adheres to the principle of confidentiality of information (every ready-made Panama company is protected).

- No taxation of income received from outside the territory.

- An extensive market for sales and imports, an accessible free trade zone (city Colon).

- No obligation to have a registered office and keep financial records.

LEGISLATION

Companies are regulated by the Corporation Law of Panama (Law 32 of February 26, 1927), according to which Panamanian firms (offshores) can conduct business all over the world.

COMPANY REGISTRATION IN CYPRUS

Types of companies

When opening a company in Panama, you need to take into account that the names of companies must end with Corporation (Corp), Incorporated (Inc), Societe Anonyme (S.A.).

CORPORATIONS:

  • The minimum authorized capital is set at USD 1.
  • Shares - registered, common, preferred and bearer shares are allowed. Shares can be either without declaring par value or with par value.
  • Directors - at least three individuals or legal entities, no residency requirements.
  • Shareholder - at least one individual or legal entity, no residency requirements. The shareholder and the director can be the same person.
  • It is possible to use a nominee service (services of nominee directors and shareholders).
  • Secretary - not required, there is a director-secretary position.
  • Publicly available information - information about directors.
  • Non-public information - information about shareholders.
  • Information about the beneficiary (the real owner of the company) - entered in the state register of beneficiaries, access to which is limited.
  • The company is not required to prepare financial statements and be audited. The submission of annual reports is required only if the registration and opening of an offshore company in Panama is further accompanied by the conduct of activities in the country. This requires maintaining accounting records, providing the address of its storage and the data of the responsible person.
  • Panama offshore is required to have a local registered office.
  • Non-resident companies are prohibited from doing business in the country (otherwise the company will be subject to local taxation) and own real estate. It is also prohibited to engage in banking, insurance and trust activities without obtaining a license.

TAXATION

Panama, as a jurisdiction aimed at attracting investments, adheres to the territorial principle of taxation. So that, only those companies that receive income in the territory of the jurisdiction or do business with residents are taxed. If a Panamanian offshore company receives income from outside the country, they are exempt from taxation. Because of this, you can register an offshore company in Panama and do not think about taxes.

EXCHANGE CONTROL

Not applicable.

DUAL TAXATION TREATIES

The jurisdiction has valid double taxation treaties with Barbados, Belgium, Italy, Mexico and others, but a similar agreement has not been concluded with Ukraine. Also, the country has signed a number of international agreements on the exchange of information with 28 countries. If you are going to buy offshore, Panama is the perfect place to make your dream come true!

FEATURES

The European Union and Ukraine classify Panama as offshore zones of the world, so the jurisdiction is often included in the "black lists".

If you are planning to open a company or register a company in Panama, please contact our lawyers for advice:

+38 (044) 383-48-88

+38 (044) 383-28-88

We will help you to buy offshore companies in Panama or any other jurisdiction on the most favorable terms.