Global Business Service Agency: legal services for business

The economy of Panama is unique in its region – by the end of 2017, the Republic's GDP amounted to $52 million, and in per capita it was almost $13 thousand per person. This indicator has reached the country in the last 8 years, which today belongs to the list of progressive fast-growing countries of the continent of America.

Panama's offshore zone and its uniqueness for new business

1. The registration of companies in Panama provides the highest confidentiality and anonymity among all jurisdictions of the world.
2. Subject to international operations and cooperation outside the country, there are no restrictions on trade activities for Panamanian companies.
3. Advantageous territorial location. Due to the occupied territory on the Panama Isthmus, the Republic conditionally divides the zone of North and South America, which allows carrying out reimport and re-exporting in large volumes without significant tax burden.
4. Possibility to transfer business to any other jurisdiction. Companies with residence of Panama can be re in another zone with the preservation of all rights and assets without restrictions.
5. Territorial scheme of taxation. This means that for all companies that conduct business outside the country (Panama is not a place of contracting, no contracts with local companies, no contract items on the territory of the Republic), all types of taxes are nil.
6. No reporting requirements. There is no requirement for offshore companies to conduct annual audits or reporting. However, the company is obliged to keep the financial documentation in case of audit at the address of the entities registration site.

Taxation in jurisdiction

Any company that operates within the country is obliged to pay the following fees:

• Income tax – 25% (both for individuals and for legal entities).
• Capital gains tax – 10%.
• VAT – 7%.
• State fee – $350.

Company registration in Panama: key requirements

Statutory fund

There are no requirements for the size and currency of the authorized capital in the jurisdiction. The standard accepts capital of $10 thousand, which is not required for payment and can be reserved for one share. In the jurisdiction, the issue of bearer shares is available, with the indication of the nominal value or without.

Founders and minimum staff

Registration of an offshore company in Panama requires the presence of a minimum of one shareholder and two founders without restrictions in residency and the form of management (natural or legal person). A minimum of three directors with any residence and form of management is also required. It is obligatory to have a secretary who can be a non-resident, but must be a natural person only.

The fees of shareholders, the board of directors are not regulated in the republic, and may be held anywhere in the world with any regularity and without a protocol confirming its fact.

Minimum package of documents for opening a firm in the jurisdiction:

• Statut;
• The agreement of the founders;
• Certificate of Incorporation in Spanish and English;
• Minutes of the first meeting of shareholders;
• Resolution on the appointment of directors and executive persons;
• Register of founders and directors;
• Certificate of shares;
• Print;
• Apostilled power of attorney.

The cost of company registration-from $945, package of apostilled documents – from $145, services of nominal service – from $245, annual extension of offshore (including reporting) – from $995.

The average term of business opening on the territory of the country is 2 weeks. However, with the help of GBS Agency specialists you will significantly simplify the procedure of opening an offshore account and forming a mandatory structure of the enterprise. At the same time, we guarantee complete confidentiality of information.

Create a business in the highest priority zone of the Americas already now. Ask for a free consultation!