The corporation’s constitutions are regulated by the Act 32 of 1927 and to date it have had no changes. The constitution of these corporations allows investors to perform their businesses in a safely, secured and confidential manner.
They are constituted by three (3) or more investors over 18 years old of any nationality and may even be legal persons.
USE AND ADVANTAGES OF THE PANAMANIAN CORPORATIONS
These corporations enjoy certain advantages to international investors in performing their businesses outside the country of origin.
- Constituted from 24 to 48 hours.
- The income produced from outside of Panama does not produce any tax based on the principle of territoriality.
- The alien may pursue the wholesale trade.
- Stokes can be nominative or to the bearer (protecting the identity of the owner, protecting their assets).
- Purchase of properties through the corporation providing full protection the owner’s identity and assets.
- Confidentiality of your assets and your business.
- The owner of the corporation is the one holding the stakes that may be to the bearer, without having to be on the board of directors, not reveal the identity of the shareholders.
- The capital does not have to be deposited in any bank account.
- You may be able to give a power to a foreign national; to manage the Corporation without having to figurate on the board.
- The annual tax to be paid is ($/300.00 per year).
- You can make bank deposits banks in Panama through the corporation.
- The U.S. Do1lar is the legal currency.
- A very competitive financial and banking center, comprising national and international banks of recognized standing, who keep current the principle of banking secrecy.
- The interests earned on bank accounts in Panama pay no tax.
- Does not require the shareholders to be Managers of the corporation.
- Management from an office established in Panama of transactions refinement or producing an effect abroad.
THE IMPORTANCE OF CREATING CORPORATIONS IN PANAMA TAKING ADVANTAGE OF THE PANAMANIAN TAX BENEFITS SCHEME BASED ON THE PRINCIPLE OF TERRITORIALITY
- Maintain bank accounts or investments.
- Promoting and managing international business transactions.
- As owners of real state, you avoid taxes in countries where there are taxes on inheritances or successions.
REQUIREMENTS
- The name of the corporation may be in any language and must use the completion S.A., CORP. or INC.
- The object (the business of the company) is a format for all corporations.
- The required capital is a minimum of $10,000.00, does not require that it be paid immediately.
- The law requires a minimum of three (3) mangers, or can not be shareholders of the company (president, secretary and treasurer).
- Shares can be nominative or the name of the shareholder is required or to the bearer to protect your investment.
- Panamanian law requires a resident agent who is a lawyer or a law firm (Carrizo & Associates).
- The powers are optional and the customer does not need to register it on the Public Registry, ensuring the confidentiality of the owner.
INFORMATION REQUIRED FOR A CORPORACION CONSTITUTION
- Fill out the form.
- Customer information (name, nationality, passport, phone, address).
- Copy of passport.
- Copy of a water, light or phone bill from the country where you reside.
- Copy of a bank statement.
- Letter of reference.
PAYMENT REQUIREMENTS
There is no need for customers traveling to Panama for the corporation constitution.
Can be made as follows
- Application form required with the entire customer’s data.
- Bank transfer which will cost $30.00.
- Via courier.
Once you have complied with everything and the corporation is registered, it would be delivered by courier to the address indicated by the client.
