| Panama is a rapid growing economy and international business center. It is the fourth largest economy in the Central America. The various factors like geographic, political and legal make Panama a dream destination for entrepreneurs.
Panama Corporation is a group of businesses engaged in various services like Offshore Incorporation Services, creating Private Interest Foundation, Yacht & Ship registration. Apart from this Panama Corporation offers other services like Immigration, Relocation and Property management. Panama Corporation has got lot of offshore companies under its belt and registered its presence in almost every sector i.e. Investment & Finance, Real Estate Holding, Trading Corporation, Venture Capital Corporation, Intellectual Property, Licensing or Franchising Corporation, Plant Rental, Shipping Corporation, Personal Services Corporation and Employment Corporation.
How to establish a Panamanian Corporation
The corporation law of the Republic of Panama provides that any two natural persons acting as the organizers and the subscribers may appear before a Notary Public constitutes a corporation. For the purpose of drafting necessary documents, the following simple information and particulars are supplied by the client to the incorporation agent:
Company Name - A chosen name, with two or three alternatives in the event that the desired name may conflict with a name already in use, expressed in any language, The name must also include a corporate ending such as Corporation, or Corp, Incorporated, or Inc., Limited, or Ltd. to clearly denote that it is an incorporated company.
Articles of Incorporation – One must specify the purpose of the company as broad or specific and indicate a number of activities.
The capital of a Panama corporation is authorized capital and the indicated capital is not more than US$ 10,000 and minimum initial capital registration fee is US$250, minimum tax if there are no profits derived from any business activity is $ 250.
Shares may be issued in Bearer form or in Nominative form.
Directors - A minimum of three directors is required no maximum limit. These may be of any nationality, residence or occupation.
Officers - A President, a Treasurer, and a Secretary are required. These may be natural or juridical persons, and there are no requirements as to nationality, residence or occupation.
Domicile - The company can be domiciled anywhere in the world, better you stay with Panama or another tax haven as the domicile of the Panamanian Company.
Duration - The Corporation may have a limited or unlimited life, however, it is customary for the duration to be everlasting.
Corporate Minutes, Seals, Etc. - Corporate Seals or Minutes Books are not required, especially if the corporation does not operate in Panama. With your certified copy of the “Articles of incorporation”, you should not have a problem opening a bank account or conducting other business.
Expenses – the entire cost is not exceeded than $3000.
So this is the prominent procedure to establish a corporation in Panama. |
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