Denounce with righteous indignation and dislike men who are beguiled and demoralized by the charms pleasure moment so blinded desire that they cannot foresee the pain and trouble.
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Panama Offshore Company Incorporation Overview
(Prices below do not include Nominee Director. Please refer to our Nominee Service Price List for fees.)
| Prices in USD | |
|---|---|
| Incorporation* | USD 1,600 |
| Bank Account | USD 750 |
| *includes first year Company Secretary | |
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) | USD 400 |
| Corporate Taxation | None on Foreign Profits |
| Double Taxation Treaty Access | No |
| Share Capital or Equivalent | |
| Standard Currency | USD |
| Permitted Currencies | Any |
| Usual Authorized | USD 10,000 |
| Minimum Paid-up Capital | USD 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.
| General Information | |
|---|---|
| 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. |
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