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Corporation Formation
Corporate Formation

Corporate Formation


Opening and maintaining a corporation under Panamanian Law is a simple unrestricted process. Panama has approximately more than 350,000 companies registered, second only to Hong Kong which has close to 400,000.

Corporations may be formed for any lawful purpose by two or more persons of legal age, of any nationality, or two or more juridical persons whether or not they are domiciled in Panama. Panamanian Corporations are an appropriate instrument for asset protection purposes and to obtain financial privacy. Panamanian Corporations can engage in any kind of lawful business and exercise rights in any part of the world. Panamanian Corporations may be used in different kind of businesses, such as consulting companies, shipping companies, small business, and any lawful purpose. Panamanian Corporations may own real estate property, vessels, licenses, patents and trademarks, intellectual property, industrial property, among others.

There are many reasons for the popularity of the Panamanian Corporation.

Advantages of Panamanian Corporations

" Foreigners enjoy same rights as nationals under Panamanian Law.
" Taxes are levied only on net income derived from operations within Panamanian territory and there are no exchange controls. Income obtained from offshore operations is not considered as income obtained from sources within Panama and is, therefore, not taxable.
" The articles of incorporation may be executed in any language anywhere in or outside Panama.
" The capital stock may be issued as bearer shares, thus providing more privacy to the owner of the corporation.
" Meetings of shareholders and directors may be held in any part of the world. The meetings may be held by phone, fax or any other electronic means of communication.
" In general, there are no nationality or residence requirements for shareholders, directors or officers of the corporation, except for certain sensitive areas.


Required information

a. Name of the corporation.

b. The main object of the corporation.

c. The amount of authorized capital (the standard practice is $10,000.00 US Dollars), indicating the amount of shares into which such capital is to be divided.

d. Whether or not the shares are to be bearer shares.

e. The full names (without initials) and addresses of at least 3 directors. The law permits that the directors be juridical persons. Whenever a juridical person is involved its registration data and jurisdiction must be vouched for. It is also convenient to provide, the full names (without initials) and addresses of the first officers of the corporation, which must be at least a president, a secretary and a treasurer. The law permits that directors be officers, that the same person holds more than one office and that officers be juridical persons. However for practical purposes it is recommended that the offices of president and secretary be held by different persons. If you wish we can provide your corporation with a board of directors and officers.

 

 

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