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Company formation process Panama?

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Panama’s economy is the largest and most stable in Latin America. This Caribbean paradise offers an attractive business environment for international investors: the option for foreigners to form offshore companies – a great form of asset management. There are many benefits that arise from forming an offshore company in Panama and investors from around the globe use the region as their wealth management destination of choice. Additionally, by establishing an offshore company in Panama, business owners can in most cases apply for a Friendly Nations Visa, thereby providing individual tax residency in Panama. Despite the vast array of advantages, setting up in Panama can be complicated due to the local legal system. In order to better understand the steps to form an offshore company in Panama, our experts have created a presentation that outlines everything you need to know. Get in contact with us and receive personalised information by filling out the form at the bottom of the page.

Doing Business in Panama - Provided is a detailed guide on the process for incorporating a company in Panama, including information on the types of companies in Panama, the duration to form a company in Panama, information about the initial capital requirements for a new legal entity in Panama and other key requirements for establishing a company in Panama. Furthermore, the steps on how to form the most common type of company in Panama and to open a corporate bank account are provided.

Proudly provided by the Biz Latin Hub Group - www.bizlatinhub.com - Latin America´s leading provider of Market Entry and Back Office Services in both English and Spanish.

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Company formation process Panama?

  1. 1. Panama – How to Form an Offshore Company in Panama? www.bizlatinhub.com
  2. 2. ABOUT US The Biz Latin Hub Group was established in 2014 to assist both local and foreign companies doing business in Latin America, by providing a full suite of multilingual Commercial Representation and Back Office Services. The group is owned and managed by an experienced team of local and expat professionals, dedicated to assisting clients to navigate their way through the complexities of Latin American business environment. www.bizlatinhub.com
  3. 3. www.bizlatinhub.com What is an Offshore Company? • Offshore companies, often called international business companies, are companies that do not conduct substantial business activity (often none) in the country in which they are formed. Due to this, the companies are not bound by the local tax jurisdictions. • An offshore company is a business strucutre that ensures effective wealth managment. There are many negative connoations that surround offshore banking; most of which are untrue.
  4. 4. www.bizlatinhub.com Why Should You Set Up an Offshore Company in Belize? • Straightforward set up process • No income tax for income earned outside of Panama • High levels of assest protection • Full confidentiality
  5. 5. www.bizlatinhub.com 7 Steps
  6. 6. www.bizlatinhub.com Key Considerations When Forming a Company in Panama • Yes Can Company Sponsor Foreign Employees? • Zero Capital Controls • 2-3 weeks How Long Does It Take (Including Bank Account) • Panamanian Balboa Currency • 2 Min # of Shareholders • Yes Is Foreign Ownership Allowed?
  7. 7. www.bizlatinhub.com Step 1 – Choose the Type of Company You Want to Form Sociedad Anonima There are different kinds of companies you can choose from to start your business. The most common company types used by foreign investors are: • Sociedad Anonima • Limited Liability • Sociedad en Comandita The majority of companies that are set up in Panama are Sociedad Anonimas. This presentation will outline the process of setting up a:
  8. 8. www.bizlatinhub.com Step 2 – Structure of the Company Get the ball rolling… • The client (or their legal representation) will be required to fill in a Company Incorporation Form with the following information: • Three (3) possible names of the corporation; in order of preference • Name(s) and address(es) of all of the shareholders • Names of the 3 mandatory members of the Board of Directors/Officers; namely the President, Secretary and Treasurer • Physical address where corporate documents will be sent.
  9. 9. www.bizlatinhub.com Naming an Agent • By law, every company must have a resident or registered agent. • The resident or registered agent is normally a lawyer or a law firm in charge of the legal representation of the company in Panama. • In addition, this person will be in charge of paying the annual fees of the company as required by law in Panama. Step 3 – Resident Agent
  10. 10. www.bizlatinhub.com Step 4 – Certification of Incorporation and Bylaws Elaborating the Articles of Incorporation… The company representative will have to organize the certification of the incorporation and bylaws. The corporation has the option to adopt bylaws for the regulation of its internal affairs and procedures.
  11. 11. www.bizlatinhub.com Step 5 – Tax Registration • Every Panamanian corporation has to pay an annual tax for an amount of US$300.00 imposed by law. • The law requires corporations to pay this amount in order to remain in good standing. Good standing is taken to mean having a valid registration at the Public Registry of Panama. • If the company is not involved in business activities in the country for the specific fiscal year (for example, when it is solely used for holding assets), formal tax registration is not required. Paying annual tax to ensure good standing...
  12. 12. www.bizlatinhub.com Step 6 – Registration in Public Registry of Panama Once the tax registration is completed, you will be able to obtain the registration of the company in the Public Registry of Panama. One step closer to completing the process…
  13. 13. www.bizlatinhub.com Step 7 – Bank Account Put the Champagne on Ice! Finally, you will need to open a corporate bank account to conclude the offshore company formation process in Panama. • Accounts are approved and opened within two (2) weeks or less by the bank’s compliance department, depending on each financial institution. • Once an account is approved and opened by the bank, the client is generally notified by e-mail of its account number and asked to make the initial deposit. • Depending on the institution, these deposits may range between US$500.00 to US$3000.00.
  14. 14. CONTACT US www.bizlatinhub.com Buenos Aires – Argentina Argentina@bizlatinhub.com Panama City – Panama Panama@bizlatinhub.com Belize City – Belize Belize@bizlatinhub.com São Paulo – Brazil Brazil@bizlatinhub.com Guayaquil – Ecuador Ecuador@bizlatinhub.com Santiago – Chili Chili@bizlatinhub.com Bogotá – Colombia Colombia@bizlatinhub.com México City – México Mexico@bizlatinhub.com Lima – Peru Peru@bizlatinhub.com
  15. 15. OUR SERVICES www.bizlatinhub.com • Commercial Representation Services • Company Formation Services • Visa Processing Services • Accounting & Finance Services • Legal Services • Due Diligence Services • IT Support Services • Recruitment Services
  16. 16. RECENT ARTICLES www.bizlatinhub.com Biz Latin Hub Discuss Growth with UK Trade Commissioner and NZ Ambassador Biz Latin Hub Meets Up with Costa Rican Ambassador to Australia in Sydney Can I Get a Visa in Colombia by Investing in Property?