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Establishing a Company in Panama and Corporate Support

Panama International Business Corporation (IBC) Company Formation

The jurisdiction of Panama is one of the world’s most popular for foreign investors because of the benefits it offers in terms of privacy and tax benefits. Foreign companies who are interested in incorporating their business in Panama have a great benefit because it offers extensive confidentiality for companies and business owners can leverage it. The procedure of company register is not part of the Panama process by which the details of the company are not showcased to the public, and shareholders have the liberty to enjoy all sorts tax exemptions including the local taxes, duties, income tax, capital gains, and even the corporation tax. Apart from several other benefits the best thing is the tax advantage as it has follows the territorial tax system. In simple words, you are not charged any tax for the income generated outside of Panama.
The rules and regulations is applicable on the income of personal and company. For all kinds of maritime business and privacy laws, Panama is a great place known to all. The stability of political system in Panama is one of the great thing for foreign investor. Apart from 140 other industries in Panama, banking and shipping are the two important industries which are good to choose from. The most common form of company incorporation type in Panama chosen by foreign investors are the company limited by shares. The companies are setup as per the law number 32 formed in 1927 as well as the commercial code (Decree-Law No. 5 of 1997, Article 5).

Overview

Company Type

Limited Company (IBC)

Currency

The local currency used in Panama is Panamanian Balboa (PAB) as well as US Dollar (USD)

Price

Please contact us

Company Name

The name of the company selected by the business owners can be in any language as per their interest and business requirements but it should be unique end with the title as:

  • Corporation (Corp)
  • Incorporated (Inc)
  • Sociedad Anónima (SA);
  • The tile of Limited cannot be used.

We at AbroadBiz can help you hold the unique name of the company ten days.

Shareholder

Even single shareholder is sufficient for forming the company successfully as per Panamanian IBC and the details of the shareholders’ are showcased in the public records.

Timescale

After receiving the ID proof and address proof for the company the incorporation process will be completed within a week.

Registered Agent

In order to incorporate any company in Panama successfully it should have a local registered address where all the legal and official communication can be delivered as well as a local agent is needed. Abroadbiz offers these services as part of our company incorporation package.

Accounting Requirements

If the entire income of the company has been generated from outside of Panama then the company does not have to make any income tax payment in Panama. Similarly, for all sorts of foreign income, the company does not have to maintain the financial statement either in Panama.
As per the law defined on 1st of January 2017, all the foreign companies incorporated in Panama which performs business within country has to follow standard procedure of maintain books of accounts as well as supporting documentation for not less than 5 years on the last day of the calendar year when the transactions are recorded in the book of accounts.

Directors

Minimum of three directors are needed to incorporate a company in Panama. The details of the directors of the company are not showcased in the public registry. As the details of the directors of the company are part of the public records, the nominee directors are hired for the incorporation and their details are used for the public process.

Share Capital

The minimum amount of share capital required for the formation of the company is USD 10000 and it can be further broken in 100 common voting shares equivalent USD 100 each. It can also be broken into 500 common voting shares without any value. The capital of the company can be showcased in currency as per the business requirements. The share value of the company should either 1 or none. The share capital need not be deposited in the bank before the company formation process.

Proof of Idendity

As a process of company incorporation, we will need the ID proof and address proof of all the directors and shareholders of the company. The document for the address proof and ID proof can be a valid passport copy.

Travel

Your personal presence is not required for the incorporation of the company in Panama

Taxation

Income and profit generated from foreign income by the company incorporated in Panama are not taxed.

Governing Corporate Legislatio

Companies incorporated in Panama are governed by the Supreme Court law of 32 formed in 1927.

Information Published relating to Company Officers

In order to avoid the name of the company’s actual directors which has to be filed in the public registry as per the company registration process, nominee directors can be hired.

Confidential

Companies can leverage the highest level of confidentiality and privacy maintained in Panama for foreign companies.
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