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Service Sector (Canal Zone, Colon Free Zone, Banking, Insurance, Transshipment) 70% GDP. Other: Tourism, Agriculture, Forestry and Mining.
Panama Corporation Formation Advantages:
- One of the most popular offshore jurisdictions in the world. Laws have been in existence for over 75 years.
- There are no taxes on the activities of Panama corporations outside of Panama.
- No reporting requirements for a non-resident Panama Corporation.
- Panama does not allow scrutiny of corporate books and records of Panama corporations. Corporate books are maintained 100% private and confidential by law.
- Privacy of Ownership; Share certificates can be issued in Bearer form, which ensures total privacy of the owner of an offshore Panama Corporation.
- Nominee Shareholders and Directors of a Panama company are permitted and are usually used. We provide Nominee Services in our package at no extra cost.
- Panama Companies do not require any paid-in capital and there is no time limit on when the Authorized Capital must be fully paid.
- Panama Company must have three Directors. The Directors may be Nominees.
- Panama incorporation requires three officers (President, Treasurer and Secretary). Officers may hold more than one position, with the exception that the President and Secretary cannot be the same person. Other positions may be combined. Directors may be officers.
- Directors’ names and addresses must be presented to the Mercantile Registry when the Panama IBC is formed. Note – Nominee Services are available.
- Annual General Meetings are not required of either shareholders or directors of Panamanian companies. If meetings are deemed necessary, they may be held by telephone, teleconference, or any other electronic means which is convenient. Meetings may be held anywhere in the world.
- Panama IBC must have a Registered Agent who must be a local practicing lawyer or law firm, a trust company or a Professional Management Services firm.
- The Registered Agent is not required to keep any records for the Panama Corporation.
- Every Panama corporation must hold a Minute Book and Stock Register. These records may be held anywhere in the world.
- A Panama Corporation must have two subscribers present before a Notary Public in order to be incorporated.
- A Non-Resident Panama Corporation has to pay an Annual Corporate Franchise fee of US$250.00 to remain in good standing.
- Panama Company must maintain a registered office in Panama.