Panama Corporation Types There are basically the LLC which constitutes less than one percent of our law firm filings and the anonymous bearer share corporation which is also called a Sociedad Anonima. With the bearer share corporation the ownership of the entity is based on the possession of the physical stock certificates. The stock certificates can be made out in blank, have a persons name on them or be titled to a judicial entity like a foundation or another corporation. There is no recording of the ownership of the bearer share corporation.
Panama IBC Panama has no offshore IBC Corporations. An IBC is a corporation that can not engage in any business in the country of its formation. It can not have a bank account there, it can not own real estate, do business or have employees in that country. Panama does not offer restrictive corporations like the IBC. All the Panama Corporations can bank in Panama, do business in Panama, own real estate in Panama and have Panama employees. Offshore IBC corporations are restrictive and not desirable.
Panama Corporation Nominee Directors You can use nominee directors for your Panama Bearer Share Corporation. Our law firm can provide nominee directors for your corporation. These nominees are known to the law firm and they do not know you or your affairs. They will render to you a signed but undated resignation letter for you to file whenever you may wish to change the nominees. Generally this letter is given to the next owner of your corporation who may wish to change the nominees.
Panama Corporation Name Selection You can use any name that is not already in use. Your Panama Corporation name choice must be different enough from an already in use corporation name so as to not be confusing to a member of the general public. The corporation name could be the same as another corporation in use in another country. The corporation name must not end with LLC or Ltd or Limited unless it is a LLC. The bearer share corporation name can end with INC., Incorporated, Corp, Company or SA for Sociedad Anonima which is the correct legal name for a Panama Bearer Share Corporation. You can not use words like bank, savings and loan, credit union, building society, insurance, etc in the name of the corporation.
Panama Corporation References Required To form a Panama Corporation we require two reference letters. One from a bank where you sign on an account. This bank may be in any country in the world that is able to directly transmit international wire transfers. It just needs to state that you have an account at the bank and for so long and that the account is currently open or in good standing. The other reference letter needs to be from someone you did business with. This could be a lawyer, an accountant, or anyone else.
Panama Corporation Identity Documents - Our law firm also requires notarized copy of a valid passport and a valid driver license to form a Panama Corporation. If your country does not use notaries a lawyer certification that these are true copies of the originals are fine. One does not need to come to Panama to form a Panama Corporation although you are always free to come visit our law firm by appointment.
Panama Corporation Bank Account Our law firm with the above references and identity documents can also get you a Panama Bank Account. The bank account can be in Euros or USD. There will be online banking with the ability to send international wire transfers and the ability to obtain a secured Visa card. Of course the bank will be covered by full Panama Bank Secrecy. Your Panama Corporation is allowed to have an unlimited number of bank accounts in Panama and around the world.
Panama Corporation Stock Brokerage Account A Panama Corporation can have stock brokerage accounts in Panama and around the world. No limit as to the number of stock trading accounts.
Panama Corporation Vessel Registration - A Panama Corporation is allowed to be the owner of a marine vessel, pleasure or commercial craft is allowed.
Panama Corporation Ownership Changes There is no legal requirement to report changes in ownership of the Panama Corporation. If it is a Panama bearer share corporation all one need do is transfer the shares of the corporation to the new owner and a bill of sale is also common.
Panama Corporation Foreign Domicile Your Panama Corporation can set its domicile to another country. This is allowable under Panama law.
Panama Corporation Registered Agent The law firm filing your corporation (us) would be your registered agent and the registered agent address would be that of our law firm. This registered agent address is suitable for the receipt of official correspondence and notices; it is not to receive routine commercial mail.
Panama Corporation Tax In Panama, the Panama Corporation pays a fixed annual fee of $300.00 per year. If the income for the Panama Corporation is offshore derived there is no income tax and there is not even a need to file an income tax return. In Panama there is no tax on bank interest income. A Panama Corporation need not pay tax on stock market gains as long as it is not trading in Panama Corporation Stock. Your Panama Corporation could maintain a physical office in Panama, have a phone here, have employees in Panama, have a vehicle in Panama, a bank in Panama and still if the income is offshore derived you have no income tax liability in Panama.
Panama Corporation Share Ownership A Panama Corporation may own shares of stock in another corporation anywhere in the world. The Panama Corporation shares can in turn be owned by another corporation or foundation anywhere in the world. The Panama Bearer Share Corporation shares can be kept anywhere in the world. There is no need to keep them on file anywhere in Panama. The certificates can remain made out in blank with no names on them. We generally value the Panama Corporation shares for a total of $10,000 so there are no issues about carrying the shares which as bearer shares are a negotiable instrument across international borders without making a declaration. These declarations generally are only required if the value is over $10,000, but do check with each country involved to make sure you are being lawful.
Panama Corporation Self-Employment This term is not correct but is being used to make a point. You can work for the Panama Corporation under a written contract that is signed by the nominee directors and notarized. The shares of this corporation that you do work for can be owned by a Panama Foundation or another Corporation anywhere so you are not the owner of the Panama Corporation. Since by definition a Panama Foundation has no owner this can make for interesting asset protection possibilities.
Panama Corporation Fees We charge $1495 for a complete Panama Bearer Share Corporation including three nominee directors, the $300 government fee for the first year, the resident agent, an English translation of the documents, stock certificates etc. NO HIDDEN FEES. If you wish to add in a Panama Bank Account the prices goes up to $1795.00. It is an extra $495.00 to add in a Panama Stock Brokerage Account with a Panama Stock Broker. Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues.
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