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Panama

Advantages

• A very well established jurisdiction that has developed a good reputation over a number of years
• The legal infrastructure is well developed and the professionals within Panama have marketed the jurisdiction aggressively and actively over an extended period.
• Well-known flag of convenience for shipping purposes.
• Based on Delaware Corporation Law

Disadvantages

• 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.
• One of the few non-English language offshore centers.

Company Features

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

Are shelf companies available? Yes

Usual minimum capital No minimum

Capital duty Registration fee of $50 for capital of US$10,000. Sliding scale operates above this level.

Minimum number of shareholders One

Are bearer shares/shares of no par value possible? Yes/Yes

Directors: Minimum number/corporate directors allowed/location Three/No/No restriction

Secretary: Mandatory/corporate secretary allowed/location Yes/No/No restriction

Is there a requirement for a Registered Office/Registered Agent No/Yes

Is any information required by the authorities prior to incorporation or prior to tax status being granted? None

What information is available on the public file? Deed of Incorporation, names and addresses of Directors, Registered Agent

What documents must be kept at the Registered Office? None

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.

Are accounts required/filed? No/No

Is an annual return required? No

Where are meetings to be held? No restrictions

Annual fees payable to the government: Tax/Annual Return filing fee US$150/None

Are there any exchange controls No

Double tax treaties None

Incorporation Fees

For the incorporation of a Panamanian Corporation: US$888

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$200 (required for any bank acc)
Certificate of good standing (after first year of existence) US$250.
Nominee services US$500 p.a.
Mail Forwarding: US$450 p.a. + $50 deposit
Bank account in Panama: US$700. (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$450 p.a.
Mail Forwarding: US$450 p.a. + $50 deposit