PANAMA
CORPORATIONS and FOUNDATIONS
CORPORATIONS
Opening and maintaining a corporation under Panamanian Law is
a simple unrestricted process. Panama has approximately more than
350,000 companies registered, second only to Hong Kong which has
close to 400,000.
Corporations may be formed for any lawful purpose by two or more
persons of legal age, of any nationality, or two or more juridical
persons whether or not they are domiciled in Panama. Panamanian
Corporations are an appropriate instrument for asset protection
purposes and to obtain financial privacy. Panamanian Corporations
can engage in any kind of lawful business and exercise rights
in any part of the world. Panamanian Corporations may be used
in different kind of businesses, such as consulting companies,
shipping companies, small business, and any lawful purpose. Panamanian
Corporations may own real estate property, vessels, licenses,
patents and trademarks, intellectual property, industrial property,
among others.
There
are many reasons for the popularity of the Panamanian Corporation.
Advantages
of Panamanian Corporations
"
Foreigners enjoy same rights as nationals under Panamanian Law.
" Taxes are levied only on net income derived from operations
within Panamanian territory and there are no exchange controls.
Income obtained from offshore operations is not considered as
income obtained from sources within Panama and is, therefore,
not taxable.
" The articles of incorporation may be executed in any language
anywhere in or outside Panama.
" The capital stock may be issued as bearer shares, thus
providing more privacy to the owner of the corporation.
" Meetings of shareholders and directors may be held in any
part of the world. The meetings may be held by phone, fax or any
other electronic means of communication.
" In general, there are no nationality or residence requirements
for shareholders, directors or officers of the corporation, except
for certain sensitive areas.
Required information
a.
Name of the corporation.
b. The main object of the corporation.
c. The amount of authorized capital (the standard practice is
$10,000.00 US Dollars), indicating the amount of shares into which
such capital is to be divided.
d. Whether or not the shares are to be bearer shares.
e. The full names (without initials) and addresses of at least
3 directors. The law permits that the directors be juridical persons.
Whenever a juridical person is involved its registration data
and jurisdiction must be vouched for. It is also convenient to
provide, the full names (without initials) and addresses of the
first officers of the corporation, which must be at least a president,
a secretary and a treasurer. The law permits that directors be
officers, that the same person holds more than one office and
that officers be juridical persons. However for practical purposes
it is recommended that the offices of president and secretary
be held by different persons. If you wish we can provide your
corporation with a board of directors and officers.
Corporation Package (USD$ 1,000.00), with board of Directors
(USD$ 1,300.00)
1. Articles of Incorporation in Spanish, registered in the Public
Registry Office.
2. English translation of the Articles of Incorporation.
3. Corporation Public Registry Certificate and its English translation.
4. Annual tax on corporations, corresponding to the first year
from the date of registration.
5. The service of the resident agent for the first year from the
date of registration.
6. The service of Directors and Officers form our offices for
the first year from the date of registration (optional).
7. First meeting of the board of directors, whereby the nominee
subscribers renounce their rights to one share each, and 100%
of the company shares are issued.
8. Company Share Certificate issued to the name of your foundation
(or to the Bearer).
9. General Power of Attorney, notarized and with the apostille
seal.
Shelf Corporation (USD$ 1,300.00)
The
corporation shall pay annually, the following:
-
Fees for serving as Resident Agent, from the second year on
USD$350.00. This means that we are acting as your legal agents
at the Republic of Panama.
- Fees for serving as Board of Directors, from the second year
on (optional) -USD$300.00 (USD$100.00 per Director)
- Annually Franchise Tax to be paid to the Government USD$250.00.
FOUNDATIONS
The Private Interest Foundation is a legal instrument designed
to manage and protect a patrimony, and operates of the following
manner: a natural or juridical person creates ("founds")
another juridical person (the foundation), which it transfers
items of its property in order for the latter, in turn, to administer
and protect the same in favor of certain beneficiaries designated
by the founder. This entire structure is established in a public
document known as the "Foundation Charter" and a private
document known as "Regulations". The Law provides that
the creator may simultaneously be the founder of the foundation,
the manager of the property and the beneficiary himself, creating
different types of figures in one private interest foundation.
The Panama Foundation is managed through a Foundation Council
which shall be designated by the Founder. The process of opening
a foundation is as simple and fast as establishing a corporation.
Advantages of the Panamanian Private Interest Foundations.
1.
Protection of your assets (real estate, personal property) in
any part of the world
2. The Founder may be a corporation, thus the owner of its shares
owns the foundation, protecting your name and your family's from
future lawsuits.
3. You don't have the obligation of submitting annual or financial
declarations.
4. Foundations are exempted from paying taxes due to activities
carried outside Panama
5. Flexible structure to handle all kind of assets in favor of
the founder or third persons
6. Successor rights applied to the founder's domicile are not
applicable to the asset's foundation. These assets are not subject
to seizure or any legal action.
7. Our foundations may be designed in a manner that in the event
of the death of the founder, his inheritors or whomever he designates,
take control of his assets.
Required Information
a.
Name of the Foundation.
b. The main objects of the Foundation you wish to include in the
Foundation Charter.
c. The Foundation initial patrimony.
d. The duration of the Foundation.
e. The domicile of the Foundation (if different from Panama).
f. The full names (without initials) and addresses of at least
3 officers that constitute the Foundation Council which must be
at least a president, a secretary and a treasurer. The law permits
that the Foundation Council may be a be juridical person. Whenever
a juridical person is involved its registration data and jurisdiction
must be vouched for. If you wish we can provide your Foundation
with Foundation Council Officers.
g. Any other clauses you wish to include in the Foundation Charter.
Foundation Package (USD$ 1,000.00), with Foundation Council
Officers (USD$ 1,300.00)
1.
Original Articles of the Foundation Charter in Spanish, registered
in the Public Registry Office.
2. English translation of the Articles of the Foundation Charter.
3. Foundation Public Registry Certificate and its English translation.
4. The annual tax on Foundations, corresponding to the first year
from the date of registration.
5. Service of the resident agent for the first year from the date
of registration.
6. Service of Foundation Council Officers form our offices for
the first year from the date of registration (optional).
7. General Power of Attorney, notarized and with the apostille
seal.
Shelf
Foundation (USD$ 1,300.00)
The
foundation shall pay annually, the following:
Fees
for serving as Resident Agent, from the second year on- $USD$350.00.
This means that we are acting as your legal agents at the Republic
of Panama.
Fees for serving as Foundation Council Officers (optional) -USD$300.00
(USD$100.00 per Officer)
Annually Franchise Tax to be paid to the Government -USD$250.00.
Call
Free USA & Canada: 1- 877-2910410
Panama
Legal Bureau
Phone: ++ (507) 213.2768 -
Fax: ++ (507) 213.2767
Email:
info@panamalegalbureau.com
