PANAMA INFORMATION

Panama does not impose taxes on any income or dividends generated by sources outside the country, even if the operations are handled from offices established in Panama. The corporation which does not carry out business in Panama, or which operates outside of Panama from an office located in Panama is not obliged to file an Income Tax Return form.

Panama has no exchange control nor currency restrictions. The Balboa is the legal currency which has the same value as the United States Dollar. The United States Dollar is also used as legal tender.

Panama does not impose any sanctions nor restrictions upon income accumulated by a corporation which does not carry out business in Panama, therefore, the payment of dividends may be delayed for an indefinite time.

Panama Corporations Law (Law No. 32 of 1927) is ample and flexible. No significant amendments had been made to this law since its adoption.

Panama has excellent facilities, air and maritime services .

REQUIREMENT

Company Capital

Panama Corporations do no require paid-in capital. There is no time limit in which Authorized Capital must be fully paid. The standard capitalization for a Panamanian Corporation is US$10,000.00. Par and Non-par Value Shares, voting and non-voting shares, as well as various other categories and classes of shares are allowed

Organizers, Directors and Officers

• Two local persons are usually appointed to act as the organizers and subscribers for incorporation purposes.
• A minimum of three directors is required. The names and addresses of these directors is part of the public record and therefore nominee directors are usually appointed at incorporation and we provide this service.
• Panama offshore companies require officers for the position of President, Treasurer and Secretary. These may be natural persons, corporations or other entity. An officer may hold more than one position, but the President and Secretary should not be the same person. There is no maximum to the amount of officers appointed. The Director can be an officer of the company.

Reporting Requirements

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