Panama

Panama - Offshore company - Overview

Panama occupies an area that connects north and South America, being bordered on all forth sides by Costa Rica, Colombia, Caribbean Sea and Pacific Ocean. Panama jurisdiction has become one of the most important tax havens of the Western Hemisphere, due to its structure, geographical position, political stability and economical characteristics. The country has taken very important steps for economy modernization and promotion of foreign investments, becoming equally well known as a favorable and stable international offshore financial center, with hundreds of offshore banks, and thriving business of offshore incorporations.


Most Panamanian and foreign investors choose to form Corporations. The country does not impose any restrictions on incoming and out coming monetary transfers, no exchange controls, currency limitations and reporting requirements.
Panama jurisdiction is completely sovereign from any other country in the world. There are no any Mutual Legal Assistance Treaties between Panama and any other country. Panama is a genuine international trade and banking center that is well known and respected throughout the world. The original law establish for the formation of Panama Corporation is The Republic of Panama corporation law of 1927.
Panama is classified as a tax haven offering tax reducing opportunities to non-resident investors, and a plethora of offshore entities such as the offshore banks, offshore corporations (non-resident) and the Private interest Foundations(one of the most effective asset protection and real estate planning vehicles available today).


Offshore banks and companies in Panama and Panamanian corporations are used worldwide and well accepted by banks, investors and governments. The main advantages of incorporating an offshore company in Panama are: setting up of an offshore company is affordable and prompt; exemption from all local taxes for income received outside of Panama; the offshore company in Panama activities are not controlled by government; high level of privacy protection; Panama offshore company can be managed from any place in the world; well-developed financial services industry; offers the most strict corporate book secrecy and banking secrecy laws available in the world; no foreign exchange restriction; existence of bearer shares; no capital payment required for the incorporation of Panama offshore company and no limitation on Panama offshore company lawful activities.

Panama

General Information

Type of entity

Foundation

Type of law

Civil

Limited Liability

Yes

Company Registration Timescale

Two weeks

Foundation Capital minimum

$10,000

Foundation Capital currency

Any

Publicly accessible records

Foundation Charter

Yes

Foundation Regulations

No

Beneficiaries

No

Name of Founder

Yes

Officers of Foundation

Protector Required

Optional

Corporate Protector permitted

Yes

Minimum number of Council Members

Three

Corporate Council Members permitted

Yes

Meeting location

Anywhere

Local Requirements of Foundation

Registered Agent

Yes

Language of Charter

Any, but a translation is required

Language of Regulations

Any, but a translation is required

Accounts

Requirements to prepare

Yes

Audit requirements

Optional

Other

Annual Government Fee

US $300

Change in domicile permitted

Yes

Panama Incorporation Costs

Company registration

690  Euro

Bank account

390  Euro

Annual Tax( from 2nd year)

590  Euro

Optional/Additional costs

Nominee Director/year

200 Euro

Nominee Shareholder/year

 200 Euro

Certificate of Good Standing

 150 Euro

Power of Attorney

 150 Euro

Apostil/document

 150 Euro

Courier Delivery

 80 Euro