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Panama Corporation (Sociedad Anonima) (IBC)
- No reporting requirements.
- It is possible to keep a business under direct control while maintaining complete confidentiality. Names of beneficial owners are not publicly available.
- It is not required to file any changes to ownership schedule, after the registration is complete.
- It is not required to maintain a legal address.
- No Citizenship or residency requirements or restrictions with respect to Owners, Directors and Officers as with most other tax havens.
- Stockholders' and Directors' meetings may be held anywhere in the world.
- Strict regulations now apply to bearer shares: the registered agent must keep the bearer share certificate in safe custody and must notify the Registrar about such shares
- Funds and accumulated offshore profits can be deposited or invested in any country in the world without becoming subject to taxation in Panama.
- One person might hold all three positions of a President, Corporate Secretary and Treasurer.
Other common Advantages of Panama IBC's are:
- Ultimate financial privacy
- Asset Protection
- Income Tax Reduction, or elimination
- No inheritance, succession or gift taxes
- Protection from inflation
- Reduction in legal liabilities
- Reduction in operating expenses
- Freedom from currency exchange control
- Local Government concessions, subsidies and support
- Data on Owners and Directors is not publicly available and remain confidential
- Easy access to North American and European Capital Markets
- No International Trade Tariffs
- No annual tax return requirements
- No import/export quantity limitations
- No costly bureaucracy
Upon registration of your Offshore Company you will receive the following (Certified) Statutory Document in Spanish with a copy in English, General Power of Attorney, Bearer Shares, Certificate, Nominee Directors with Letters of Resignation, Resident Agent
GENERAL
Type of Company Non-resident
Political Stability Good
Common or Civil Law Civil
Disclosure of Beneficial Owner No
Migration of Domicile Permitted Yes
Tax on Offshore Profits Nil
CORPORATE REQUIREMENTS
Minimum Number of Shareholders / Members One
Minimum Number of Directors / Managers Three
Bearer Shares Allowed Yes
Corporate Directors / Managers Permitted Yes
Company Secretary Required Yes
Standard Authorised Capital US$ 10,000
LOCAL REQUIREMENTS
Registered Office/Agent Yes
Company Secretary No
Local Directors No
Local Meetings No
Government Register of Directors / Managers Yes
Government Register of Shareholders /Members No
ANNUAL REQUIREMENTS
Annual Return No
Submit Accounts No
RECURRING GOVERNMENT COSTS
Minimum Annual Tax/Licence Fee US$ 150
Annual Return Filing Fee N/A
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Generally, corporations are incorporated under the Corporation Statute Law 32 of the 1927 Commercial Code. Limited Liability Companies and Limited Partnerships are used also.
PROCEDURE TO INCORPORATE
By presentation of the proposed corporation's signed Articles of Incorporation before a Notary Public who creates a Public Deed for registration at the Public Registry.
RESTRICTIONS ON TRADING
Cannot undertake the business of banking, trusteeship and trust administration, insurance, assurance, reinsurance, fund management, investment funds, collective investment schemes or any other activity that would suggest an association with the banking, finance, fiduciary or insurance businesses.
LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS
Spanish and certified English translations.
REGISTERED OFFICE REQUIRED
Yes, must be maintained in Panama at the address of the Registered Agent.
NAME APPROVAL REQUIRED
Yes.
SHELF COMPANIES AVAILABLE
Yes.
TIME TO INCORPORATE
One day, subject to name approval.
NAME RESTRICTIONS
A name that is similar to or identical to an existing company. Names of well known companies incorporated elsewhere or a name that implies government patronage.
LANGUAGE OF NAME
Names may be expressed in any language using the Latin alphabet. The Registrar may request a Spanish or English translation.
NAMES REQUIRING CONSENT OR A LICENCE
Bank, building society, savings, insurance, assurance, reinsurance, fund management, investment fund, trust or their foreign language equivalents.
SUFFIXES TO DENOTE LIMITED LIABILITY
All Panamanian corporations must end with the suffix Corporation, Incorporated, Sociedad Anónima or the abbreviations Corp, Inc or SA. They may not utilise the suffix Limited or Ltd.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No requirement.
COMPLIANCE
AUTHORISED AND ISSUED SHARE CAPITAL
The standard authorised share capital is US$ 10,000 divided in to 100 common voting shares of US$ 100 each or 500 common voting shares of no par value; the capital may be expressed in any convertible currency. The minimum issued capital is either one share of no par value or one share of par value.
CLASSES OF SHARES PERMITTED
Non-voting shares, preferred shares, bearer shares and registered shares.
TAXATION
No corporation tax is levied on non-Panamanian sourced income.
DOUBLE TAXATION AGREEMENTS
None.
LICENCE FEES
Annual Franchise Tax of US$ 250 is payable.
FINANCIAL STATEMENT REQUIREMENTS
No requirement if income is of non-Panamanian sources.
DIRECTORS
Both corporations and natural persons may act as directors and the minimum number of directors is three. They may be of any nationality and need not be residents of Panama. Panamanian companies are also required to appoint a minimum of three officers (president, secretary and treasurer) who may also be the directors.
COMPANY SECRETARY
A company secretary must be appointed, who may be a natural or corporate person. The company secretary may be of any nationality and need not be a resident of Panama.
SHAREHOLDERS
The minimum number of shareholders is one.