Incorporating in Panama

Panama is one of the top offshore jurisdictions, distinguished by its advanced offshore legislation. The pillars of the local economy are offshore banking, commerce, and tourism. Though Spanish is the official language, English is widely used in business communication. To date, more than 500,000 Panama Companies have been incorporated by the Panamanian Registrar.

Advantages of Panama Corporation

• High level of asset protection
• Financial privacy
• No minimum capital requirements. A corporation may operate without any issued share capital requirements
• Both registered and bearer shares are allowed
• Reduction or elimination of income taxes
• No inheritance, succession or gift taxes
• All Panamanian companies must appoint a registered agent, but there is no requirement for a local registered office. This function more often is carried out by a local attorney or a firm of attorneys
• Information about owners and directors of the company remains confidential and is not kept on public record
• There must be at least three directors, who need not be nationals or residents of Panama
• No requirements as to the number of shareholders, and no nationality restrictions
• No annual tax return requirements
• Every corporation must have a share register and minute book which may be kept anywhere. Names and addresses of directors must be on record at the Public Registry
• Protection from inflation
• No currency exchange control and complete freedom to transfer funds
• No International Trade tariffs
• No taxes on capital (stocks, bonds and other investments) held by Panamanian corporations
• No accounts or annual summaries have to be filed with the Government, with the exception of the annual franchise tax filed by the registered agent.
• The Colon Free Trade Zone offers unique opportunities for the duty free storage, repackaging and reshipment of goods of all sorts.
• No bureaucracy
• Local Government concessions, subsidies and support
• No limitations on the amount of import/export
• Unless otherwise specified in a company's articles/bylaws, there is no legal obligation to hold specific annual meetings. If such meetings are held, they do not have to be in Panama.
• The name of the corporation can be expressed in any language and shall include a word, phrase or abbreviation to indicate that it is a corporation as distinguished from a natural person or partnership
• The most common endings include S.A, Corp., Incorporated, Inc. The words Limited or Ltd. are not sufficient by themselves

Panama non-resident corporations are primarily designed for use outside of Panama and may not carry on business in Panama. They are a popular choice because of their administrative ease, privacy features, tax exempt status and they are widely recognized by the worldwide financial community.

 

Global Company Formation UK Ltd 

Suit 6-Westward House

Glebeland Road Camberley

Surrey, GU15 3DB

Tel: 02079935929

E  :info@globalcompanyformation.co.uk

W :www.globalcompanyformation.co.uk

Welcome to Global Company Formation 

We offer formation advice to start up business globally. We advise you of the mode of start up like limited company, partnership, sole trader, trust and which is more suitable to your business. Our professional team consists of Lawyers, Chartered Accountants & Business Consultants in all major jurisdictions across the globe. We guide you to the country of formation on the basis your domicile status, double taxation agreement, international plan and repatriation rule of the each country. Now you can form your business anywhere in the world with us and we care your business.

Mathew Stephen FCA, AAIA, CeFA

Mathew Stephen is the founder Director of Global Accountancy Services. He isa qualified accountant from the Association of International Accountants in the UK and the Institute of Chartered Accountants of India. He is also one of the partners of international Chartered Accountants firm P. Parikh & Associates. He has 20 years’ experience in accounts, business consultancy, taxation & statutory audit. He is also a UK Independent Financial Advisor (IFA) and CeFA qualified at the IFS School of Finance.

He has won the Online Technology Award in two consecutive years, 2011 and 2012, from the Tenet Network. He specializes in Global Company Formation, International Taxation and also as Corporate Protection Advisor to the directors of Limited Companies.