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Panama

Overview

The Republic of Panama, with an area of approximately 76,900 sq km, is located between Costa Rica and Colombia, forms the narrowest and lowest portion of the isthmus that links North and South America. Panama is famous for its Canal which joins the Atlantic and Pacific Oceans. With a population of about 2.8 million and due to the importance of the Canal, Panama has excellent telecommunications as well as international airline links. There is a sophisticated banking and financial system together with a major Free Trade Zone. Now firmly established as a democracy, the Country has legal system based on a constitution and is politically stable with a continuously growing economy.

There are absolutely no exchange controls or currency restrictions in Panama. Panama is home to one of the world's largest banking centers and the relaxed banking laws make it easy to move funds in and out of the country.


Corporate Structure

Panama offers the most favorable and most flexible incorporation laws available in the world. Individuals from all over the globe who are interested in asset protection, tax minimization, privacy, investment diversification, affordability and convenience use Panama corporations.

Panama corporations can be used for international trade, to settle trusts or foundations, to establish and own bank or brokerage accounts, or hold ownership of real estate or any other type of asset. In some cases, Panama corporations are formed for very private and confidential business transactions such as the movement of funds to another jurisdiction for the protection of the assets.

Panama uses the most solid banking and corporate book secrecy laws in the world. These secrecy laws are engraved in its constitution. With Britain's proposed regulation for removal of bank and corporate book secrecy in Britain's offshore territories, it is clear that Panama remains the most secure offshore financial center - where privacy and confidentiality is not only respected, but also vigorously protected by constitutional law. Panama is a sovereign nation, that is, not governed or controlled by any other country in the world. Panama does not have any MLAT's (Mutual Legal Assistance Treaties) with any other country. Panama is a genuine international trade and banking center that is well known and respected throughout the world.

Both corporations and natural persons may act as directors. Panamanian Law requires a minimum of three (3) directors and three (3) officers. These three directors may also act as officers of the company i.e. President, Secretary and Treasurer, or other positions as desired. Directors and officers need not be shareholders and they may be non-resident aliens. Directors may be companies or natural persons. The minimum number of shareholders is one.

The standard authorized share capital is US$10,000 divided into 100 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. Higher capitalization requires higher government fees. Bearer shares are allowed.


Benefits of Panama

• Total secrecy and anonymity, protected by statute
• No requirement to disclose beneficial owners; bearer shares permitted.
• No requirement to file annual return/financial statements or hold annual general meetings of shareholders or directors.
• Full exemption from taxation on any business activity or transaction carried on outside of Panama.
• Reasonable formation and maintenance costs and fees.
• No minimum nor maximum capital requirements.
• Minimum registration fee on capital.
• Corporations may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
• Companies may issue Registered or Bearer shares, preferred shares and non-voting shares.
• The shareholders, directors and officers may be of any nationality and may be residents of any country.
• Neither the directors nor the officers need be shareholders.
• Shareholders and/or directors may hold their meetings in any country and they may attend such meetings by proxy.
• The legal tender is the US dollar as Panama's official currency.
• Panama offers low taxes and favorable investment and financial incentives.
• Unregulated money exchange and unrestricted movement of capital.
• No tax liability on interest earned from bank deposits or CD'S held in banks located in Panama.
• An attractive fiscal structure that operates on the "local source income" principle, meaning taxes are levied only against income generated by operations conducted in the territory of Panama.
• Strong bank secrecy laws.
• The best corporate book secrecy laws in the world.
• Import and export of goods and merchandise.
• Panama has no mutual legal assistance treaties (MLAT's) for sharing of banking information with any other nation and does not recognize court rulings from other countries.
• "Piercing the Corporate Veil" is not a principle contemplated in Panamanian Law.
• Panama Corporations offer "Bearer Shares", for shareholders to maintain complete anonymity and privacy.
• Panama Private Interest Foundations allow for Private Protectorate Documents and Private Letters of Wishes, enabling controllers (Protectors) and beneficiaries of foundations to remain completely anonymous and private.


Prices

Exempt Company Registration

US$1950.00

Annual Registered Agent Fees w/o nominee directors

US$450.00

Annual Registered Agent Fees with nominee directors

US$780.00

Annual Government License fees

US$250.00

Power of Attorney

US$350.00

Certificate of Incorporation with Apostille

US$195.00

Please note that company has to pay $250.00 Government Fees within 3 months of incorporation


Requirements to Register

In order to register exempt company we need to provide the inland Registered Agent with names, addresses, and contact phone numbers of three original directors of the company as well as the copy of their passports. This information will be retained by the Register Agent of the company for the due diligence purposes and for annual maintenance cost forwarding.

Please note that above information is not public and can be released only upon request of authorized authorities.

 

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