Company Formation in Panama
Panama is an independent country located in Central America with access to the Caribbean Sea and the Pacific Ocean. Its greatest assets are the Panama Canal, the world’s largest shipping registry, and its developed financial sector.
Panama is considered the world’s oldest offshore financial centre, with numerous first-class banks boasting strong ties with the Americas. Companies operating outside Panamanian borders enjoy all the benefits of the classic model of territorial taxation.
Panama is a stable and democratic presidential republic with legislative functions vested in the National Assembly. The president is both the head of state and of government. The country is a famous offshore financial centre with a rich history of providing financial services. Panama is an offshore tax haven that has a lot to offer to someone who is seeking to operate internationally.
WHY REGISTER A COMPANY IN PANAMA
- A country with a stable economy and understandable legislation attracts businessmen from all over the world.
- The registration of a company in Panama is simple, inexpensive, and does not require a personal presence.
- Territorial differentiation in the calculation of taxes. Offshore Panama companies that receive income from external activities do not pay taxes from them.
- Confidentiality. There are no requirements for the publicity of the founders’ personal data. In addition, the law permits nominal services.
- Capital safety. Political stability and the developed infrastructure of the zone create prerequisites for capitalization and attracting investments.
- No restrictions on the export of assets outside of Panama.
- Availability of numerous incentives for investors in different industries.
- Exemption of non-residents from the preparation of reports.
STEPS FOR REGISTERING A COMPANY IN PANAMA
- Defining commercial goals that are subject to realization through the entity in Panama.
- Choosing and checking a commercial name for the future legal entity.
- Arranging the future registered office for an enterprise.
- Collecting legally required data about founders (natural and legal persons), beneficiary owners, and future managers.
- Composing and executing statutory documents for a prospective enterprise.
- Submitting a complete set of registration documents to the Public Registry.
- Registration for tax and social security purposes.
- Applying and receiving a commercial license.
- Opening a corporate bank account for a newly opened enterprise.
- Getting extra permits and must-have licenses for regulated types of activities that an enterprise intends to perform.
TYPES OF BUSINESSES
- Limited Liability Company – a body corporate that is formed by its members (from two) who bear the limited liability for the results of this entity’s operation within their contributions only. Members of this firm can be legal entities or citizens (individuals) of any state.
- International Business Company (IBC) – a corporate entity that opens opportunities for doing business around the globe while its members bear restricted liability for the results of such operations exclusively within the values of their investments. The authorized capital of USD 10,000 is traditionally required in this case. The IBC registration in Panama requires a minimum of one shareholder and three directors.
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