Panama Corporation – Company Incorporation

Author:Mr George Schizas
Profession:Genshape Management Limited
 
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Panama Corporations have been recognised across the world as offshore vehicles that can be successfully used in a variety of International Business, carry out commercial and industrial activities, business structure, business transactions, Asset Protection and Estate Planning Structures. Corporations are incorporated under the Corporation Statute Law 32 of the 1927 Commercial Code.

Company Name

All Panamanian corporations must end with the following designations or their abbreviations: Corporation (Corp), Incorporated (Inc) or Sociedad Anónima (SA); the designation Limited (Ltd) may not be used. The company name may not be identical to that of an existing company. This name may be expressed in any language.

Corporate Law

Under Corporation Law it is possible to have a corporation owned by only one person. The Law requires a minimum of three officers (a president, a treasurer, and a secretary) and three directors. However, one person may hold two or more offices. It is not necessary that the directors or officers be Panamanian nominees or shareholders.

Directors

Both corporations and individuals may act as directors and the minimum number of directors is three. They may be of any nationality and need not be residents of Panama. Panamanian companies are also required to appoint a minimum of three officers – president, secretary and treasurer – who may also be the directors.

Shareholders

The minimum number of shareholders is one, and the may be of any nationality and may reside anywhere. The name of the shareholder is not required to be registered in the Panamanian Public Registry, providing you with complete confidentiality.

Procedure to Incorporate

Companies are incorporated by means of presenting the proposed corporation's signed Articles of Incorporation to a Notary Public, who will create a Public Deed for registration at the Public Registry.

Language of Legislation and Corporate Documents

Spanish and certified English translations.

Registered Office

Is a requirement, and must be maintained in Panama at the address of the Registered Agent.

Company Secretary

A company secretary must be appointed, who may be an individual or a company. The company secretary may be of any nationality and need not be a resident of Panama

Features:

No restrictions on nationality No restrictions concerning ownership of shares No residence requirements for directors/officers No paid up capital requirements No income tax, if income is produced outside Panama Total...

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