FEATURE OF PANAMA NON-RESIDENT COMPANY
ADVANTAGES
(1) A very well established jurisdiction that
has developed a good reputation over a number of years (2) The legal
infrastructure is well developed and the professionals within Panama
have marketed the jurisdiction aggressively and actively over an
extended period.
(3) Well-known flag of convenience for shipping purposes.
(4) Based on Delaware Corporation Law
DISADVANTAGES
(1) The professionals who once worked solely from Panama now have
interests in other jurisdictions such as the BVI and Bahamas and
tend to concentrate less on Panama.
(2) One of the few non-English language offshore centers.
FEATURES OF PANAMA COMPANY
Company Status
Non-Resident Corporation
Corporate Legislation Source
Civil Law; Delaware Corporation Law of 1927
Company Name
The name of the corporation may be in any language and must end
with an appropriate suffix: Corporation, Incorporated, S.A., etc.
Time Taken to Incorporate
2 to 3 days
Shelf Companies Available
Yes
Usual Minimum Capital
The capital of a Panama corporation is expressed as "Authorized
Capital", and there is no minimum capital that must be paid
in. Unless there is a compelling reason to the contrary, it is standard
practice to specify an authorized capital of US$10,000.00, represented
by 100 common, voting shares having a par value of US$100.00 each,
or to express the capital as being 500 common, voting "No Par
Value Shares". In either case, the nominal capital registration
tax (payable once only) is US$60.00.
Minimum Number of Shareholders
One
Bearer Shares Permitted
Yes
Directors
A minimum (with no maximum) of three directors is required. These
may be of any nationality, residence or occupation. It is general
practice to employ local nominees for this purpose. Juridical persons
(other corporations or entities) can also act as directors.
Company Secretary
Yes/No/No restriction
Registered Agent
A Registered Agent domiciled in Panama is required and by law must
be a practicing lawyer or law firm. Domicile of registry is not
the domicile of "Business". Owner of corporation may have
the company's business domicile anywhere in the world. Incorporating
and Management Firms usually name their own lawyer as the Resident
Agent, but they do not act as business offices for the corporation.
Information Available for Public Search
Deed of Incorporation, names and addresses of Directors, Registered
Agent
Corporate Books & Seal
The company must maintain a minute book and stock register, both
of which may be maintained in any part of the world.
Filing of Financial Statements
Not required.
Annual Return
No filing of Annual Return required.
Exchange Controls
No
Double taxation Treaties
None
PANAMA COMPANY INCORPORATION FEES
For the incorporation of a Panamanian Corporation: US$950
This price includes:
(1) Notarial and registration fees
(2) Letter of resignation of the subscribers of the social charter
(3) Blank Notarized Power Of Attorney
(4) Certified translation to English of the Articles of Incorporation
and the letters of resignation
(5) Up to two (2) blank share certificates
Options:
Certificate of Incorporation with Apostille US$150 (required for
any bank acc)
Certificate of good standing (after first year of existence) US$150.
Nominee services US$400 p.a.
Mail Forwarding: US$400 p.a.
+ $50 deposit Bank account in Panama: US$600. (see below)
Process of incorporation will take between 10 to 20 working days
after receipt of payment.
Annual maintenance fees after first year:
(1) Registered Office/Agent: $450 p.a.
(2) Government Licence: $250 p.a.
Options:
Nominee services US$400 p.a.
Mail Forwarding: US$400 p.a. + $50 deposit p> |