PANAMA

Features of Panama Corporations

BUSINESS TRANSACTIONS

• Panama corporations may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
• Registration of mortgages on vessels and aircraft available.

TAXATION

• Full exemption from taxation for any business activity or transaction carried out outside Panama.

AUTHORISED CAPITAL / SHARES

• Nominative or bearer shares at owner's option.
• No paid-in capital is required.
• No minimum or maximum capital requirements.

DIRECTORS / OFFICERS (SECRETARY) AND SHAREHOLDERS

• Shareholders, directors and/or officers can be either corporate entities or natural persons.
• The directors may grant special or general powers of attorney.
• Neither the directors nor the officers need be shareholders.
• Shareholders, directors and officers may be of any nationality and may be resident of any country.
• Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc).

ANNUAL FILING

• No requirement to file annual returns or financial statements; no requirement to hold annual general meetings of shareholders or directors.

INCORPORATION AND ADMINISTRATION

• Familiarity of incorporation documents (Articles of Incorporation).
• The words "Corporation", "Incorporated", "Société Anonyme", or "Sociedad Anónima", or the abbreviations "Inc." or "S.A.", may be used in a company's name.
• Speedy incorporation procedure and simple ongoing administration.
• Shelf companies available.

RECORD KEEPING

• Accounting books of the company may be kept abroad.

REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION

• Use of Apostille should documentation need to be legalised. Legalisation via a Consulate is also available for some countries.
• Registered Office in Panama is required.
• Corporate seal is optional.

REDOMICILIATION

• Foreign companies can be speedily redomiciled to Panama.
• Low redomiciliation fees.