| JURISDICTIONS & FEES |
| Panama |
| UTRUST Rating |
*** |
| General |
| Type of Company |
Non-Resident |
| Political Stability |
Fair |
| Standard Authorised Capital |
No |
| Tax on Offshore Profits |
Nil |
| Corporate Requirements |
| Local Registered Office and Registered
Agent Required |
Yes |
| Minimum Number of Directors/Managers |
3 |
| Local Directors Required |
No |
| Corporate Directors Permitted |
Yes |
| Minimum Number of Shareholders/Members |
1 |
| Local Shareholders Required |
No |
| Corporate Shareholders Permitted |
Yes |
| Company Secretary Required |
Yes |
| Bearer Shares Allowed |
Yes, but not available |
| Annual Requirements |
| Filing of Annual Return |
No |
| Submit Audited Accounts |
No |
| Min. Annual Tax / Licence Fees |
US$250 |
| Shelf Companies Available |
No |
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GENERAL INFORMATION
INTRODUCTION
The Republic of Panama occupies an area of 77,082 square
kilometres and is situated between Costa Rica in Central
America and Columbia in South America with coastlines
on both the Pacific and Atlantic Oceans. Its capital,
Panama City, is on the Pacific coast at the entrance of
the Panama Canal. Panama was a Spanish colony until 1821.
In 1903, Panama broke an alliance with Colombia and became
an independent republic. The population of Panama is approximately
2.4 million, of which 700,000 live in Panama City..
LANGUAGE
The official and spoken language is Spanish, although
English is also spoken widely in urban areas and is used
daily in commerce and international trade.
TYPE OF LAW
Panamanian law is based on the Spanish Civil Code, although
the company law has been taken from the corporation law
of Delaware in the USA.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Limited Liability Companies and Limited Partnerships
TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words, or their
relevant abbreviations - Limited, Corporation, Incorporated,
Societe Anonyme, Sociedad Anonima. Names may be expressed
in any language using the Latin alphabet. The Registrar
may request a Spanish or English translation.
The following names and their associated activities, cannot
be used: Assurance, Bank, Building Society, Savings, Loans,
Insurance, Reinsurance, Fund, Royal, Trust, Chamber of
Commerce, University Co-operative and Municipal.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, shares of no par value,
preference shares and non-voting shares.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
A Non-Resident Company pays an annual licence fee of US$250.
FINANCIAL STATEMENT REQUIREMENTS
There is no requirement to file annual audited accounts
with the authorities.
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 error or omission. |
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