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Set up IBC Company in Panama
Incorporating in Panama
Due to its structure, geographical position, political stability and characteristics of its economy, Panama has become one of the most important tax havens of the Western Hemisphere. It has excellent international transportation and communication systems; the United States Dollar has been a currency of legal tender for more than ninety years.
Panama has taken several steps to modernise its economy and promote foreign investment. Most Panamanian and foreign investors choose to form Corporations. There are no exchange controls, currency restrictions or reporting requirements, and Panama imposes no limits on monetary transfers to and from the country.
Why registering your Business Company in Panama?
- Incorporation in 24-48 hours.
- Panamanian Companies can be incorporated without regards to the nationality of its directors and shareholders.
- Incomes generated by a Panamanian Corporation outside of the Panamanian territory are tax exempted.
- The authorized capital does not have to be paid in full or partially.
- There is no need to file any financial reports or tax returns with any government entity in the Republic of Panama, provided that the company does not receive income from Panamanian source.
- Legal entities of any jurisdiction may act as directors, officers and shareholders of a Panamanian Corporation.
- There is no need to hold annual meetings of Directors or Shareholders.
- Directors and Shareholders may attend to the meetings personally, by proxy, by phone or by any other electronic means.
- Three (3) directors are required, either natural persons or legal entities.
- The officers (President, Secretary and Treasurer) do not have to be directors and one person can occupy several or all offices. Physical persons or legal entities can also be appointed as officers. Officers are not mandatory.
- Shares may be issued to the bearer or in nominative form. In any event, the name of the shareholder is not required to be registered in the Panamanian Public Registry, thus, ensuring total anonymity.
- A corporation can effectuate transactions and have assets in any part of the world without the obligation of maintaining assets in the Republic of Panama.
- Panamanian Corporations are empowered by law to conduct any lawful act.
Absence of exchange control.
Panama is not on the OECD blacklist and will soon be off the blacklist of many countries, thus allowing the company to operate and go into transactions with more freedom.
Other Benefits of Panamanian Corporations
- Ultimate financial privacy.
- Asset Protection.
- Income Tax Reduction or elimination.
- No inheritance, succession or gift taxes.
- Protection from inflation.
- Reduction in legal liabilities.
- Reduction in operating expenses.
- Freedom from currency exchange control.
- Local Government concessions, subsidies and support.
- Data on Owners and Directors is not publicly available and remain confidential.
- Easy access to North American and European Capital Markets.
- No International Trade Tariffs.
- No annual tax return requirements.
- No import/export quantity limitations.
- No costly bureaucracy.
Type of Company for International Trade Investment
Procedure to Incorporate
Restrictions on Trading
Language of Legislation and Corporate Documents
Registered Office Required
Name Approval Required
Time to Incorporate
Language of Name
Disclosure of Beneficial Owner to Authorities
Authorised and Issued Share Capital
Classes of Shares Permitted
Double Taxation Treaties
The purpose for the Republic of Panama is triple: First, to cooperate in the implementation of regulations against international tax evasion. Second, to fulfill international requisites with the Organization for Economic Cooperation and Development in order to be considered as non-taxation sanctuary of international tax evasion. Third, to avoid the double payment of taxes of foreign citizens or companies domiciled in Panama and in their countries of origin as well.
Financial Statement Requirements
Shareholders’ records are not publicly accessible; however, all relevant information and identification documents must be deposited at the local registered agent’s office.
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