Panama Corporations
Benefits of Panama Offshore Corporations: - No reporting requirements.- Direct control of business with complete confidentiality. Names of beneficial owners are not publicly available.- No filing of changes to ownership schedule after registration. - A legal address is not required for a Panama offshore corporation. - No Citizenship or residency requirements of Owners, Directors and Officers. - Stockholders’ and Directors’ meetings may be held anywhere in the world. - Capital Shares may be issued in a nominative form, or to “Bearer” – the ideal protection of the Corporation owner’s identity and total privacy.
- Funds and accumulated offshore profits can be deposited or invested in any country in the world without taxation in Panama.
- No Paid-In Capital at all.
- 3 Officers. Directors / natural persons for the Panama corporations.
- Officers and Shareholders may be of any nationality and resident of any country.
- Directors names and identifications must be presented in the public registry when the panamanian corporation is formed.
For purposes of confidentiality an as an optional service for the Panama corporations our office may provide “Nominee Directors”. For this reason our clients prefer we provide nominee directors / officers. We deliver our clients with pre-signed, undated letters of resignation from our nominee Directors in our Panama corporation packages so that our client can replace them at any time.
Procedures of Panama Offshore Corporation
Two or more persons of full age, of any nationality even though not domiciled, nor physically present in the Republic of Panama, form the corporation for any lawful purpose. Law #32 of 1927 imposes no restrictions upon ownership of shares by foreign citizens or corporations, nor are there any nationality restrictions nor residence requirements imposed upon directors or officers of Panamanian corporations under the said law.
Panama offshore corporations are formed through nominee incorporators in Panama, who execute the basic instrument (Articles of incorporation) before a Notary Public of Panama registered at the Public Registry office.
Articles of Incorporation may be executed anywhere, within or outside Panama, in any language, as long as the signatures are certified by a Notary Public, or by any other public officer at the place of execution thereof their signatures having to be legalized by a Panamanian Consul or apostilled.
Contents of Articles of Incorporation are prescribed by Article 2 of Law Number 32 of 1927, and may be summarized as follows:
- Name and domicile of subscribers or incorporators.
- Name of corporation, (not to be the same nor similar to that of another existing corporation in Panama), and shall include a word, phrase or abbreviation to indicate that it is a corporation. We request several possible names in order of preference, to avoid expenses and delays in communications.
- General purpose(s) for which the corporation is organized, i.e., commercial, shipping, trading, tourism, etc., and which may be ample and general.
- Proposed capital structure or authorized capital, including number, classes of shares, whether with or without par value, whether bearer or nominative (registered) shares, and if there are to be shares of different classes, number of shares in each class, designations and relative rights, preferences and limitations thereof.
- Authorized capital and par value of shares may be expressed in the currency of any country.
- Number of shares that each of the subscribers agrees to take.
- Domicile of the corporation, which may be in Panama or elsewhere, as well as name and domicile of its Resident Agent in Panama who must be an attorney or an attorney’s firm.
- Duration of corporation which may be perpetual.
- Full names and addresses of at least three directors.
- Any other lawful clauses. It is usual practice to include full names of the first officers of the corporation consisting of at least a President, a Secretary and a Treasurer, as this affords a considerable time saving.
FOR MORE INFO PLEASE CONTACT US: info@panamalegalconsultants.com
