Ready made companies
Brief jurisdiction description
The Panama Canal bisects the isthmus at its narrowest and lowest point, allowing passage from the Caribbean Sea to the Pacific Ocean. Panama was part of Colombia for a while but in 1903 with US backing proclaimed its independence from Colombia. As of the end of 1999, the canal and all its US facilities and bases reverted to Panama, creating a major economic opportunity for the country.
Company law
Law 32 on Corporations of 26 February 1927. Complemented by Law 25 and
Executive Decree 418 of 1995, Decree Law No.5 of 2 July 1997 and Law 9 of 9 January 2009. Decree Law No.5 of 2 July 1997.
A type of company preferred for international transactions
Private Foundations and Corporations.
Capital requirements
No minimum requirement for paid-in capital and there is no time limit in which capital must be paid up.
Who may incorporate
Two persons of any nationality, individual or corporate. Private foundation
requires only one person. One person in case of a Private Foundation. Ready made companies are available.
Method of incorporation
After Articles of incorporation/foundation are notarized, they must be
submitted to the Public Registry.
Minimum members/shareholders
One.
Directors and company secretary
Three directors minimum and three officers minimum are required, they can
be the same person (a president, treasurer and company secretary). Individual or corporate. One corporate council member or three individual members are needed for Private Foundations. Corporate directors are allowed, “shadow” directors are not. Shareholders act as a highest decision making body.
Registered office
Each corporation must have a resident agent (a lawyer) in Panama, named
in the Articles. Registered office is maintained at the address of registered
agent.
Annual fees paid to authorities
USD 300 as Annual Franchise Tax.
Taxation rates, exchange control, audit, other financial restraints
No tax on any transaction or business activities outside Panama or on any foreign source of income; no annual returns requirement for offshore companies; the audit of financial statements and disclosure of profits by filling balance sheets with annual returns are not required; there is no exchange control. U.S. dollar is the currency of Panama. There is no residency requirement for director and secretary.
Meetings
Shareholders/Board meetings - as established in the articles of incorporation. Can be held in and outside the country. Regular meetings are not required.
Panama with population reaching only 3.3 million people manages to have the the largest merchant marine fleet in the world. The registry was founded in 1925 and has no restrictions on the nationality or country of owners residence. Also no restrictions on the age, size or type of vessel. In fact, it accepts many types of vessels that are not being registered as such in
other countries. For instance, drilling rigs. There is a possibility for dual registration. Vessels registered under Panama flag but under charter to a company incorporated in other country, can also be registered in that country.
- If you want to leave a message or get consultation, please simply register here and indicate time preferable to you.
- A brochure of Company Express Group describes services offered and characteristics of most popular offshore jurisdiction.