Overview of Panama Corporation

 

Panama companies, also known as Panama Corporations are created under the General Corporation Law, Law 32 of February 26, 1927. Law 32 has been used as a model for many other jurisdictions and offers a flexible corporate structure, provides investor privacy and ensures the legal framework to conduct legitimate business activities in the international arena.

 

Legal Business Structure

 

Your first consideration is to decide what type of business structure to use.

 

There are 3 normal business entities here in Panama:

 

1.  Sole Proprietor:Where you and your spouse & family operate a business as sole owners.

2.  Partnership:Where you team up with one or more persons in running the business.

3.  Corporation:Where you register with the government as a company issuing stocks, having a Board of Directors and corporate officers.

 

While a sole proprietorship can be an oral agreement between close family members, the other two entities need the assistance of a Panamanian lawyer. That's because legal documents need to be prepared forming a Partnership or Corporation. If they are wrongly prepared, they will be legally null and void causing a business legal nightmare for its members.

 

This article is focus on the detail information of the Panama Corporation Regisration which are as following:

 

Some guidelines to follow for the formation of a Panama offshore company:

 

1.  A Panamanian corporation is formed by two persons (called Subscribers) or Nominees (who act on behalf of absent foreigners) who execute legal documents called the Articles of Incorporation.

Those documents are filed with the Panama Public Registry office. After the corporation is formed, only one shareholder will be required.

2.  Corporate shares are issued which can be of various classes, can have par value or not, may be officially registered, or can be discreet Bearer shares.
The corporation must have a resident Registered Agent (Panamanian lawyer).

3.  There must be at least three Directors whose names must be in the Articles of Incorporation. Any changes of Directors must also be filed with the Public Registry. Unless the Articles are changed or the corporation merges or dissolves there will be no other filing requirements.

 

Panama Company Share Capital and Currency

 

1.  The standard capitalization for a Panama Corporation is US$10,000.00.

2.   Panama IBC do no require paid-in capital.

3.  There is no time limit in which Authorized Capital must be fully paid.

4.  Par and Non-par Value Shares, voting and non-voting shares, as well as various other categories and classes of shares are allowed.

5.  The legal tender of Panama is the US dollar.

6.  There are no exchange controls or restrictions on the free movement of

 

Meetings of Shareholders and Directors of Panama Corporation

1.  There is no requirement for Annual General Meetings of the Shareholders and/or Directors.

2.  Meeting of Shareholders and/or Directors if found necessary, may hold these meetings by telephone or any other electronic means available and convenient.

3.  If Shareholders and/or Directors think it is advisable to hold meetings, this may be held anywhere in the world.

 

Taxation of Panama Corporation

 

Non-resident Panama Corp. is 100% tax-free on its activities outside of Panama.

 

For further information or assistance, please feel free to contact us

 

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