Panama Offshore Company Incorporation Overview

Prices in Singapore Dollars (Prices below do not include Nominee Director. Please refer to our Nominee Service Price List for fees.)

 

Incorporation$1,715
Hong Kong Bank Account$1,040
Bank Account in Singapore, Latvia, Austria, British Virgin Islands, St. Vincent & The Grenadines, Mauritius, or Belize$975

 

Panama's dollarised economy rests primarily on a well-developed services sector that accounts for four-fifths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004 led by export-oriented services and a construction boom stimulated by tax incentives. The government has been backing tax reforms, reform of the social security program, new regional trade agreements, and development of tourism.

 

 

 


 

Key Corporate Features

 

General

Type of Entity Limited
Type of law Civil
Shelf Company Availability No
Minimum Government Fees (Excluding Taxation) SGD 560
Corporate Taxation None on Foreign Profits
Double Taxation Treaty Access No

Share Capital or Equivalent

Standard Currency USD
Permitted Currencies Any
Usual Authorized US$ 10,000
Minimum Paid-up Capital US$1.00
Directors or Managers
Minimum Number Three
Local Required No
Public Access to Records Yes
Location of Meetings Anywhere
Members
Minimum Number One
Public Access to Records Optional
Location of Meetings Anywhere
Company Secretary Required Yes
Local or Qualified Not Required
Accounts
Requirement to Prepare Yes
Audit Requirements No
Requirement to File accounts No
Public Access to Accounts No
Other
Requirement to File Annual Return No
Change of Domicile Permitted Yes

 


 

General Information

The Republic of Panama, with an area of approximately 76,900 sq km, is located between Costa Rica and Colombia, forms the narrowest and lowest portion of the isthmus that links North and South America. The population of Panama is approximately 3.4 million, about 52% of which reside in Panama City, consisting of mainly the Mestizos (70%) and a mix of West Indians, Caucasians and Indians. The dominant religion is Roman Catholicism.

 

Infrastructure & Economy

The Colon Free Zone is located on the Caribbean side of the Isthmus of Panama near the Atlantic entrance to the Panama Canal. This Free Trade Zone is the second largest in the world after Hong Kong.

 

Operations and transactions taking place in the Free Trade Zone are subject to a special tax treatment whereby imports from other parts of the world and re-exports to other countries are exempted from any import or export taxes imposed by Panama. Income earned from re-exports is taxed at specially reduced rates. Other areas of economic activity are in agriculture, manufacturing, construction, transport, tourism and financial services.

 

• Language

  • Spanish.

 

• Currency

  • United States Dollar (US)

 

• Exchange Control

  • None

 

• Type of Law

  • Common Law Based on English Common Law

 

• Principal Corporate Legislation

  • Corporation Law No. 32 of the 1927 Commercial Code, Decree Law 5 of 1997 and Executive Decree 296 of 1997.

 

 

Company Information

 

• 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.

 

• 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.

 

• Powers of Company

  • A company incorporated in Panama has the same powers as a natural person.

 

• Language of Legislation and Corporate Documents

  • Spanish and certified English translations.

 

• Shelf Companies Available

  • No.

 

• Language of Name

  • Spanish and certified English translations.

 

• Registered Office Required

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

 

• 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.

 

• Suffixes to Denote Limited Liability

  • All Panamanian corporations must end with the suffix Corporation, Incorporated, Sociedad Anónima or the abbreviations Corp, Inc or SA. They may not utilise the suffix Limited or Ltd.

 

• Disclosure of Beneficial Ownership to Authorities?

  • No

 


 

If you are a lawyer, accountant , tax advisor or financial consultant and require services for your clients, please contact us for further options.

 

Copyright 2005 - 2015 by Hilda Loe Associates Pte. Ltd. All Rights reserved.

 

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