Panama Offshore Company

PANAMA OFFSHORE COMPANY INCORPORATIONS

The Republic of Panama is a Spanish speaking country located in Central America, between Costa Rica and Columbia. It is a long established tax haven with excellent communications.

The return of democracy to Panama in 1990 has created a stable political environment in the country, making the Panamanian jurisdiction one of the most attractive offshore financial centers.

The financial sector of Panama's economy provides the best facilities in Latin America with the principal banks of the world being represented. There is complete freedom in the movement of funds. All business is conducted in United States dollars and there are no exchange controls. English is widely used.

Although Panama has fairly high rates of tax internally, its status as a tax haven depends upon the principle that income received by a Panamanian corporation from sources outside Panama is exempt from tax.

The incorporation documents are in Spanish but are accompanied by certified English translations.

FINANCIAL SERVICES LICENSE

A Financial Services License can be issued to a Panama offshore company. Click here for more details.

PANAMA OFFSHORE COMPANY FEES

• Click Here for Typical Panama Offshore Incorporation Fees
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OFFSHORE LEGISLATION

According to Panama's Corporation Law 32 of 1927 ("the Panama Corporation Law"), corporations may be created by any two persons of any nationality. The Panama Corporation Law is based on the Delaware Business Corporation Law of 1926. Unlike the laws of many offshore jurisdictions, there is no difference between domestic and offshore companies in Panama. All corporations pay taxes only on income derived from Panama.

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. Nominee Directors are provided by Maritime International Ltd. if desired, at no additional cost.

The following names may not be used without a licence or special permission:

Bank, Building Society, Savings, Insurance, Assurance, Re-Insurance, Fund Management, Investment Fund, Trust or their foreign language equivalent.

All Panamanian corporations must end with the suffix "Corporation", "Incorporate", "Sociedad Anonima" or the abbreviations "Corp". "Inc" or "S.A". They may not end with the suffix Limited or the abbreviation Ltd.

The standard authorised 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.

The advantages of incorporating in Panama are:

(NEW) BEARER SHARES - 2015

All original bearer shares must be held by an authorized custodian in Panama.

Contact Maritime International Ltd. for further details, if you wish bearer shares. Note we do not recommend bearer shares as most banks either do not accept bearer share companies, or require possession of the original bearer shares by themselves. For privacy, appoint a nominee shareholder.

GENERAL INFORMATION

The Republic of Panama, with an area of approximately 76,900 square kilometres, is located between Costa Rica and Colombia, and forms the narrowest and lowest portion of the Isthmus that links North and South America.

The population of Panama is approximately 2.4 million, about 52 percent of which is urban.

Spanish is the official and spoken language. English is also spoken widely in urban areas and is used daily in commerce and international trade.

The Isthmus of Panama was discovered in 1501 by Rodrigo de Bastidas and Casco Nunez de Balboa, who played a leading part in the establishment of Santa Maria La Antigua del Darien in 1510; the first permanent settlement on the mainland of the Americas. In 1513, Balboa led an expedition, in Panama, that discovered the Pacific Ocean. Panama City was founded by Pedro Arias Davila on 15th August 1519, almost a hundred years before Jamestown, the first permanent English settlement in North America was founded. Panama was a Spanish colony until 1821 when it became part of the Gran Colombia of Simon Bolivar. In 1903, Panama broke its alliance with Colombia and became an independent republic.

GOVERNMENT

There are free and democratic elections with universal suffrage.

The executive branch of the goverment is at present composed of a President and two Vice- Presidents, elected for a five year term by direct election.

LEGAL

The legal system is based on Spanish Civil Law with many Common Law influences; particularly regarding Company Law which is based on the Delaware model. Generally, corporations are incorporated under the Corporation Statute Law 32 of the 1927 Commercial Code.

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