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Panama offshore company

23/06/2016

Company Information in Panama

  • Type of Company for International Trade and Investment

Generally, corporations are incorporated under the Corporation Statute Law 32 of the 1927 Commercial Code. Limited Liability Companies and Limited Partnerships are used also.

  • Procedure to Incorporate

By presentation of the proposed corporation's signed Articles of Incorporation before a Notary Public who creates a Public Deed for registration at the Public Registry.

  • Restrictions on Trading

Cannot undertake the business of banking, trusteeship and trust administration, insurance, assurance, reinsurance, fund management, investment funds, collective investment schemes or any other activity that would suggest an association with the banking, finance, fiduciary or insurance businesses.

  • Language of Legislation and Corporate Documents

The language is Spanish and certified English translations.

  • Registered Office Required

Yes, must be maintained in Panama at the address of the Registered Agent.

  • Name Approval Required

Yes.

  • Shelf Companies Available

Yes.

  • Name Restrictions

A name that is similar to or identical to an existing company.  Names of well known companies incorporated elsewhere or a name that implies government patronage.

  • Language of Name

Names may be expressed in any language using the Latin alphabet.  The Registrar may request a Spanish or English translation.

  • Names Requiring Consent or a Licence

Bank, building society, savings, insurance, assurance, reinsurance, fund management, investment fund, trust or their foreign language equivalents.

  • Suffixes to Denote Limited Liability
  • All Panamanian corporations must end with the suffix Corporation, Incorporated, Sociedad Anonima or the abbreviations Corp, Inc or SA.  They may not utilise the suffix Limited or Ltd.Disclosure of Beneficial Ownership to Authorities

No requirement.


ICompliance in Panama

  • Authorised and Issued Share Capital

The usual authorised share capital is US$ 10,000 divided in to 100 common voting shares of US$ 100 each or 500 common voting shares of no par value; the capital may be expressed in any convertible currency.  The minimum issued capital is either one share of no par value or one share of par value.

  • Classes of Shares Permitted

Non-voting shares, preferred shares and registered shares.  Bearer shares can be issued but no-par-value and bearer shares must be fully paid when issued. The registered agent must keep the bearer shares certificate in safe custody and must notify the Registrar that the shares have been issued;

  • Taxation

No corporation tax is levied on non-Panamanian sourced income.

  • Double Taxation Agreements

None.

  • Financial Statements Required

Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company

  • Directors

Both corporations and natural persons may act as directors and the minimum number of directors is three.

They may be of any nationality and need not 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.

  • Company Secretary

A company secretary must be appointed, who may be a natural person or body corporate.  The company secretary may be of any nationality and need not be a resident of Panama.

  • Shareholders

The minimum number of shareholders is one.

  • Disclaimer

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice.  We do not accept any responsibility, legal or otherwise, for any errors or omission.