FEATURE OF PANAMA NON-RESIDENT COMPANY

ADVANTAGES

(1) A very well established jurisdiction that has developed a good reputation over a number of years (2) The legal infrastructure is well developed and the professionals within Panama have marketed the jurisdiction aggressively and actively over an extended period.
(3) Well-known flag of convenience for shipping purposes.
(4) Based on Delaware Corporation Law

DISADVANTAGES

(1) The professionals who once worked solely from Panama now have interests in other jurisdictions such as the BVI and Bahamas and tend to concentrate less on Panama.
(2) One of the few non-English language offshore centers.

FEATURES OF PANAMA COMPANY

Company Status
Non-Resident Corporation

Corporate Legislation Source
Civil Law; Delaware Corporation Law of 1927

Company Name
The name of the corporation may be in any language and must end with an appropriate suffix: Corporation, Incorporated, S.A., etc.

Time Taken to Incorporate
2 to 3 days

Shelf Companies Available
Yes

Usual Minimum Capital
The capital of a Panama corporation is expressed as "Authorized Capital", and there is no minimum capital that must be paid in. Unless there is a compelling reason to the contrary, it is standard practice to specify an authorized capital of US$10,000.00, represented by 100 common, voting shares having a par value of US$100.00 each, or to express the capital as being 500 common, voting "No Par Value Shares". In either case, the nominal capital registration tax (payable once only) is US$60.00.

Minimum Number of Shareholders
One

Bearer Shares Permitted
Yes

Directors
A minimum (with no maximum) of three directors is required. These may be of any nationality, residence or occupation. It is general practice to employ local nominees for this purpose. Juridical persons (other corporations or entities) can also act as directors.

Company Secretary
Yes/No/No restriction

Registered Agent
A Registered Agent domiciled in Panama is required and by law must be a practicing lawyer or law firm. Domicile of registry is not the domicile of "Business". Owner of corporation may have the company's business domicile anywhere in the world. Incorporating and Management Firms usually name their own lawyer as the Resident Agent, but they do not act as business offices for the corporation.

Information Available for Public Search
Deed of Incorporation, names and addresses of Directors, Registered Agent

Corporate Books & Seal
The company must maintain a minute book and stock register, both of which may be maintained in any part of the world.

Filing of Financial Statements
Not required.

Annual Return
No filing of Annual Return required.

Exchange Controls
No

Double taxation Treaties
None

PANAMA COMPANY INCORPORATION FEES

For the incorporation of a Panamanian Corporation: US$950

This price includes:
(1) Notarial and registration fees
(2) Letter of resignation of the subscribers of the social charter
(3) Blank Notarized Power Of Attorney
(4) Certified translation to English of the Articles of Incorporation and the letters of resignation
(5) Up to two (2) blank share certificates

Options:

Certificate of Incorporation with Apostille US$150 (required for any bank acc)
Certificate of good standing (after first year of existence) US$150.
  Nominee services US$400 p.a.
Mail Forwarding: US$400 p.a.
+ $50 deposit Bank account in Panama: US$600. (see below)

Process of incorporation will take between 10 to 20 working days after receipt of payment.

Annual maintenance fees after first year:
(1) Registered Office/Agent: $450 p.a.
(2) Government Licence: $250 p.a.

Options:
Nominee services US$400 p.a.
Mail Forwarding: US$400 p.a. + $50 deposit p>

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