What is Panama? About Panama Company - Panama is Tax Haven?

Panama Tax Haven

The Republic of Panama is a presidential independent, sovereign state. It is well known as one of the most developed international business center. Panama has the fastest growing economy and the largest per capita income in Central America.

ADVANTAGES OF PANAMA

Independent jurisdiction

Exemption from all local taxes for income received outside of Panama

Panama companies have no restriction on doing business in Panama

High level of privacy protection

Well developed financial services industry

Well developed professional infrastructure

Excellent telecommunications system

Easy air access to North America

No foreign exchange restrictions

Citizenship programs are available for investors.

TAXATION

No income, dividend and capital gains tax for for income received outside of Panama. Therefore, Panamanian corporations (Sociedad Anonima) are widely used for doing business and holding assets outside of Panama.

PRIVACY AND DISCLOSURE

The laws of the Republic of Panama only permit the submissions of accounting records, files, correspondence or other documents to foreign authorities with the express permission of the Courts of Panama. Information sharing treaties are limited to drug-related offences. All other revelations are expressly prohibited and may result in criminal prosecution.

There are no tax treaties. As a result, no exchange of tax related information with other countries is possible.

CURRENCY

The official currency is the Balboa (PAB). It has a fixed exchange rate with US Dollar, which is US$1.00 = PAB1.00.

US Dollar is the major currency in Panama.

TRANSFER OF FUNDS

There are no currency exchange and transfer of funds controls in Panama.

No approval need be obtained for the transfer of dividends, interest, royalties other profits or for repatriation of capital. Companies are permitted to repatriate all profits, dividends and management charges.

POLITICAL SYSTEM

Panama is an independent constitutional presidential republic. President, first and second vice-presidents are elected by direct vote for 5 years.

LEGAL SYSTEM

The legal system is based on civil law system.

GEOGRAPHIC LOCATION

Panama is located in Central America between Costa Rica and Colombia. It's connected by direct flights with many major cities of US, Canada and other countries.

Panama City is the capital of the Republic of Panama. Local time: GMT - 5:00.

OFFICIAL LANGUAGE

Spanish is the official language of Panama. English is the second widely spoken language. Most Panamanian residents are bilingual.

About Panama Company

If you would like to incorporate an offshore company in an independent offshore jurisdiction, you should consider a Panama corporation, which is also known as Panama Offshore IBC.

This offer is valid until May 2, 2016.

MAJOR ADVANTAGES OF PANAMA COMPANY:

Exemption from all local taxes, when income received outside of Panama

Inexpensive annual support

No requirements of a minimum paid up capital

Information about shareholders and beneficial owners is not filed with the Public Registry Office and not available to the public

Any individual and legal entity may become a shareholder

No foreign exchange control.

CORPORATE LEGISLATION

Panamanian corporations are incorporated under the Law No. 32 of 1927 and the Commercial Code (Decree-Law No. 5 of 1997, Article 5).

CORPORATE NAME

The name of Panama IBC may be in any language and must include one of the following legal endings: Incorporated, Corporation, Sociedad Anonima, Inc., Corp., S.A.

The name must be a different from already existing or reserved corporate names in Panama.

OFFICE ADDRESS AND LOCAL AGENT

Each Panamanian corporation must have Panamanian registered office address and Panamanian agent, who is an attorney or a law firm.

Principal office address (business address) of the corporation may be in any country.

Our incorporation fee includes Panama registered office address and registered agent for the first year.

SHAREHOLDERS

Shares of Panama IBC may be issued to individuals or companies, who are residents of any country.

A minimum of one shareholder is required. A minimum of one share of US$100.00 must be issued to that shareholder.

If you need a nominee shareholder, our company provides such services.

DIRECTORS AND OFFICERS

Every Panamanian corporation shall be managed by the Board of Directors. A minimum of three directors is required. Corporate directors are not permitted. All directors must be individuals of full age (at least 18 years old). Residents of any country may be appointed as directors.

The Board of Directors appoints officers such as President, Secretary and Treasurer. Officers shall be individuals as well. Officers may be residents of any country. One person may hold more than one officers positions. No officer needs to be a director.

If you do not have three directors or need extra layer of privacy protection, our company is able to provide nominees.

AUTHORIZED CAPITAL

Standard authorized capital is US$ 10,000 divided into 100 registered shares of US$ 100 each. Such capital keeps the incorporation and annual cost of Panama IBV at a minimum level.

Authorized capital is the amount, which the company may receive from its shareholders in consideration for the issued shares. For example, if a company has the above authorized capital, it is allowed to issue up to 100 registered shares and receive from its shareholders not less that US$100 for each issued share.

Panama Corporation is not required to issue all its shares for the total amount of authorized capital in any mandatory time frames. The company could issue just one share to a single shareholder and remaining shares or any part of them issue any time in the future or not issue at all.

All issued shares must be paid up by shareholders. It means, if a company issued one share of US$100.00, the shareholder must pay into his company US$100.00.

TAXES

If a Panama Corporation conducts its business outside of Panama, it is exempt from all local taxes including income tax, capital gain tax, dividend tax, and stamp duty on transfer of corporate shares, and other property.

ANNUAL FEES

Each Panama Corporation must pay the annual renewal fee starting from the second year. Our annual fees are listed in the Fee Schedule.

PUBLIC RECORDS

Information about shareholders and beneficial owners is not filed with the Public Registry Office and not available to the public.

Names and addresses of directors and officers are included in the Articles of Incorporation. Therefore, such information is available to the public.

Our company assist clients with protection of their privacy by offering nominee services.

ACCOUNTING AND AUDIT REQUIREMENTS

There are no statutory requirements of accounting and audit for Panama offshore companies. It's totally up to the corporate directors, what kind of records they would like to keep.

ANNUAL GENERAL MEETING

Annual meetings are not required. Board of directors may decide to conduct an annual meeting of shareholders. Such meeting shall be held within Panama unless otherwise stated in the Articles of Incorporation or By-Laws.

TIME REQUIRED FOR INCORPORATION

We incorporate Panamanian corporations the same or next business days. If a client needs to get a copy of the Articles of Incorporation, we could email a scanned copy within 2 business days.

Additional 5 to 8 business days are required for preparation of resolutions, share certificates, registers and legalization of corporate documents with Apostille.

SHELF COMPANIES

We incorporate Panamanian companies and keep them in our office as shelf companies for convenience of our clients. All shelf companies do not have any previous business transactions. When a client buys a shelf company of any age, he may be absolutely confident that he is the first owner of it. (Apintertrust)