Main Characteristics and the basic rules of Company registration in Panama
Business expansion is what most entrepreneurs have in mind and you may have similar plans for your startup or venture. However, you should be careful in selecting a business expansion hub or destination. If exploring the potential in Latin American market is in the mind, Panama can be a good choice. The country may be small in size but the advantages it offers for business formation and expansion should not be overlooked. For expanding company operations in Panama, our expertise and consultation can be of use to you. You may check out our Panama Company Formation services.
The location of a country should be analyzed before you pick it as your venture expansion destination. In this regard, Panama is perfect for serving as the gateway for your business to enter the Latin American market. It is bordered by the Caribbean Sea, Colombia and Costa Rica. You can set up a business expansion hub here and then expand operations into neighboring countries.
The economy of Panama is mostly based on commerce, trading and tourism. Over the years, several mid to large sized companies have chosen Panama for business expansion needs. This is not without enough reasons. One obvious advantage of taking business to Panama is the ease of starting operations. Company registration can be completed within a fortnight and you may not be physical present in the territory when that takes place.
Taxation issues need to be analyzed well before starting business in any country. Panama govt does not require tax from companies if their income is derived outside its territory. The country also has robust asset protection laws for businesses. Offshore companies operating in the country do not have to cope with hassles of currency exchange limitations. So, fund transfer in and outside of the country can be done minus woes. These may seem motivating for you to start a venture in Panama. However, you may try our Panama Company Formation services.
The economic growth of Panama is solid and the political stability is also pretty good. These factors are reassuring for entrepreneurs thinking of investing in the country- as it is. The Colon Free Trade Zone, located strategically also lures many entrepreneurs to Panama. It offers storage sans charges and other benefits.
While Panama may be ideal for venture expansion, our consultancy can make your task even smoother. Contact BRIS group today to know more. Check out our Panama Company Formation services.
|Panama Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||No Treaty Access|
|Panama Tax Information Exchange Agreements:||Yes, Panama signs Exchange Agreements|
|Account Filing Requirements:||No accounting / reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Panama Company Formation||Registration Requirements|
|Share Capital:||US$10,000 Minimum paid up share capital US$1|
|Classes of Share Available for Panama company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value|
|Bearer Shares:||Yes, Allowed|
|Registered Office Required:||Yes required and must be maintained in Panama|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is three. Can be any nationality and need not be resident in Panama. Corporate directors are allowed.|
|Your Company language:||English|
|Name of your Company must be ended:||“Corporation”/ Corp., “Incorporated”/Inc.,, “Societe Anonyme”/S.A., “Sociedad Anonima”,|
|Documents required for Panama company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Panama Company Formation||Restrictions|
|For Panama company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||Not permitted to trade within Panama|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Panama Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||No public register of company officers (Directors, Shareholders, Secretary)|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Secure jurisdiction and remarkable reputation|
|Capital city:||Panama City|
|Region:||A country on the isthmus linking Central and South America.|
|Political System:||Presidential Democracy|
|Governing corporate legislation:||Corporation Statute Law 32 of the 1927 Commercial Code as amended|
|Type of Law:||Common|
|Currency:||US Dollar and Balboa (PAB).|
|Language of Legislation and Corporate Documents:||Spanish|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.