Panama

Panama IBC’s benefits are renowned for offering excellent tax benefits, asset protection and high confidentiality.

Some of the benefits are listed below:

• Panama has a territorial tax system which means that income is only taxed if it derives from Panama therefore no tax is payable when income is obtained from a source outside Panama.
  
•  The incorporation process is quick and the ongoing maintenance costs are minimal.
  
• Minimal reporting requirements, no audit is necessary.
  
• Corporate assets or capital of a Panama company can be kept outside Panama.
  
• There are no residency requirements or restrictions with regards to Owners, Directors or Shareholders.
• Shareholders and Directors meetings may be held and the Directors may attend personally or by proxy.
  
• No restrictions on shares. Shares may be held in registered or bearer form.
  
• No paid up capital requirement.
  
• No inheritance tax.
  
• No currency exchange controls.
  
• Legal protection provided for confidentiality of business and banking transactions.
  
• Excellent infrastructure and communications.
  

Panama adheres to common law based on the English system. Panamanian IBC’s are incorporated under Law No.32 of the 1927Commercial 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 thebeneficial 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.
  

Detailed Service Price List- Panama Company Incorporation

If you have any questions regarding incorporation in Panama, please contact our specialists: info@eltoma-global.com

* The Service fees placed on the website are intended for general information purposes only and may differ from the final quotation
**Some of the information stated may no longer reflect the most current legal developments