The Republic of Panama is the most southerly country of Central America, situated on the isthmus connecting the north and south of the continent, it is bordered by the Caribbean to the north, and the Pacific Ocean to the south, Costa Rica to the west, and Columbia to the southeast. The Panama canal joins the Caribbean Sea to the North Pacific Ocean and connects Central America to South America. The president of Panama is democratically elected as both the head of state, and the head of government. The capital city is Panama City. The Balboa, which is set on parity with the US Dollar, is the official currency of Panama. However, in practise the country uses mainly the US Dollar for its paper currency, whilst using the Balboa for its coinage. The official language is Spanish. Panama has a free trade agreement with the United States of America. The Panamanian economy is amongst the fastest growing and best managed in Latin America. It is largely based on a well-developed service sector, heavily directed to banking, financial services, commerce, tourism and trading.
- TYPE OF COMPANY: Corporation
- COMPANY LAW: Corporation Law 32 of the 1927 Commercial Code, Decree Law 5 of 1997 and Executive Decree 296 of 1997
- SUFFIX TO DENOTE LIMITED LIABILITY: Corporation (Corp); Incorporated (Inc); Societe Anonyme (S.A.), it cannot end in Limited
- DIRECTORS: They can be of any residency/nationality and either a natural person or corporate bodies, they must also appoint a President, Secretary and Treasurer (who can also be the directors) – we can provide
- SECRETARY: One who can be of any residency/nationality and either a natural person or corporate body – we can provide
- SHAREHOLDERS: Minimum one who can be of any residency/nationality and either a natural person or corporate body – we can provide
- CLASSES OF SHARE: Registered or Bearer
- CAPITAL REQUIREMENTS: Minimum US$1
- OWNERSHIP: 100% Foreign ownership allowed
- TIME TO INCORPORATE: 2 days
- REGISTERED OFFICE: Required in Panama – we can provide
- ANNUAL RETURN: No
- ACCOUNTS: No
- DISCLOSURE: No
- TAXATION: None
- GOVERNMENT LICENCE FEE: US$350
- DOUBLE TAXATION TREATIES: N/A
- LANGUAGE OF DOCUMENTATION: Spanish with a certified English translation
If you would like further information on setting up a company in Panama or the formation of a Panamanian company or other Panamanian corporate entities or require professional advice relating to taxation or the structuring and requirements of a Panama company, please contact us. We can also provide advice on establishing a subsidiary, joint venture or foreign company to carry on business in Panama.
We can provide a wide range of support and administration services, bank introductions, nominee directors, nominee shareholders, virtual offices, accountancy and legal services. We can also advise on compliance with all the regulatory and statutory requirements.