Procedure of company registration

Panama adheres to common law based on the English system. Panamanian IBC’s are incorporated under Law No.32 of the 1927 Commercial Code which was amended in 1997.

Procedure of incorporation:

The procedure for the formation of a Panama offshore company is fast and efficient. The general process is as follows:

  • An application form is completed with details of preferred name and details of Beneficial Directors and Shareholders (nationality, country of residence, address, profession etc).
  • A scanned copy of the passport of the beneficial directors and shareholders is required.
  • An original proof of residence showing the name and address of the individual. This can be in the form of a utility bill or bank statement and must not be older than 3 months.
  • Two original letters of introduction. The letter can be from a bank, lawyer, accountant or similar profession.
  • At this point Eltoma will issue an invoice for a Panama Company Formation. Upon receipt of money we start the incorporation process.
  • The Memorandum and Articles of Association are prepared and sent to the Registrar.
  • When the Memorandum of Association is accepted The Registrar of Companies will provide the company with a certificate of incorporation.

Company administration guidelines

Shares and capital requirements:

  • There is no minimum capital requirement.
  • The usual authorised share capital is US$1,000 divided into 100 common voting shares of US$10 each. The capital may be expressed in any convertable currency.
  • The minimum issued capital is either one share of no par value or one share of par value.

Directors and Officers:

  • Three Directors and three Officers are required for a Panama Company; a President, Secretary (see below) and a Treasurer. Directors can also act as Officers.
  • Directors and Officers can be any nationality and do not need to reside in Panama.
  • Directors and Officers can be either corporations or natural persons. If corporations are used however all corporate documents are public information therefore it is preferable to use nominees.

Restrictions on name & activity:

  • Companies cannot use or end with the following; Limited, LTD, Finance, Trust, Foundations, Insurance, Bank, Trust or Insurance.

Local requirements:

  • A registered office is not required however all Panama corporations must be registered by Agents holding offices in Panama.
  • A Company Secretary is obligatory and can be be either a natural or corporate person, of any nationality and is not required to be a resident of Panama.

Confidentiality:

  • Company documents are filed with the Mercantile Registry however a high degree of confidentiality is ensured with nominees permitted.

Timescale:

  • Incorporation will take approximately 3-4 working days however the post incorporation procedures take approximately 10 days to complete.
  • Shelf Companies are available.

Take the next step, we are here to help.

Register a Panama company.
Open a Panama bank account.

  Resources:

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.

Cyprus tax department releases new guidance on CRS deadlines and the online portal

Cyprus tax department releases new guidance on CRS deadlines and the online portal

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).

Hong Kong establishes AEOI agreement with Indonesia

Hong Kong establishes AEOI agreement with Indonesia

Last week, Hong Kong finalised and signed an agreement with Indonesia to allow for the automatic exchange of financial information (AEOI) regarding all tax matters.

 

New requirement for Scottish LPs to disclose all PSC information to the Companies House

The legislation for Scottish Limited Partnerships have changed regarding the disclosure of information. Going forward, Scottish LPs will have to register all information about PSCs and Business Owners with the UK Companies House from July 24th 2017.

 

Key amendments to the Singapore Companies Act

Significant changes to the commercial and company law in Singapore have come into effect. The changes to the Singapore Companies Act will hopefully make business entities more transparent as well as mitigating the risks of money laundering and terrorist financing.

Panama Law 52: Updated legislation for all legal entities

Panama Law 52: Updated legislation for all legal entities

Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.

Important 2016 reporting deadlines for BVI Financial Institutions

Important 2016 reporting deadlines for BVI Financial Institutions

Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.

Thinking of relocating your business to Singapore? Let us help you!

Thinking of relocating your business to Singapore? Let us help you!

Singapore has quickly become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle.