Panama, officially the Republic of Panama, is the southernmost country of Central America. Situated on an isthmus, Panama is a transcontinental nation which connects North America and South America. It borders Costa Rica to the northwest, Colombia to the southeast, the Atlantic Ocean to the north and the Pacific Ocean to the south. The population of Panama is approximately 2.4 million. Panama is one of the oldest offshore jurisdictions.
Panama Offshore Company Formation – Requirements:
- DIRECTOR: A minimum of three Directors is necessary. Corporations are allowed to be appointed as Directors. The board of directors normally are nominated for the positions of: President, Director, and Treasurer.
- SECRETARY: A Secretary is necessary.
- SHAREHOLDER: A minimum of two Shareholders is necessary at the moment of incorporation, after incorporation only one on-going shareholder is necessary. Corporations are also allowed to be appointed as Shareholders.
- SHARES & CAPITAL: The standard share capital is USD 10,000.00 divided into 10,000 shares of USD 1.00 each. Shares can be issued with or without par value. Bearer shares are permitted.
- NAME OF THE COMPANY: Must end with one of the following suffixes: Limited or Ltd.; Corporation or Corp.; Incorporated or Inc.; Sociedad Anonima or S.A.
Other Information about Panama Offshore Companies:
- Status of the company: Panamanian Corporation IBC.
- Incorporation of Panama Company takes 48-72 hours.
- Incomes generated by a Panama Corporation outside of Panama are tax exempted.
- There is no requirement for filing annual returns or audited financial statements.
- The Panama incorporation documents carry the names of the subscriber shareholders and directors. Only directors’ names appear on the public record.
- The object of the Company is to engage in any act or activity that is not prohibited under any law. A Panama Corporation can do business within Panama but it will be taxed on the profit from these activities. No tax on doing business outside of Panama by Panamanian Corporations.
Panama Incorporation Package Includes:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Appointment of the First Directors
- Minutes of the First Meeting
- Register of Shareholder, Directors
- Register of Office
- Share Certificates