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Panama Company Registration Requirements

Updated:2018-9-19 15:23:48    Source:www.tannet-group.comViews:52

Panama company registration offers many benefits, such as global asset protection, anonymous ownership, confidentiality, and no taxes. It also includes less government involvement and the same privileges that corporations enjoy when doing business in other countries. There are over 350,000 corporations registered in Panama in 2017. Most of their owners and beneficiaries are non-resident foreigners who do not conduct any commercial business in Panama. Before settign up a business, you need to know the relevant requirements. Below are the requirements on company formation in Panama.

1. Company Name
Names bearing the words banks, trust, fiduciary, insurance or reinsurance, finance, financial or similar terms require prior licensing under regulatory bodies, since these activities are strictly regulated under special legislation. As the Republic of Panama has a large number of companies already registered, it is recommended that you provide us with several choices (in order of preference) for the name of the proposed company.

2. Registered Capital
Regarding authorized capital, none of the proposed activities will require any special minimum or maximum. We recommend the maximum authorized capital for the minimum Registry fees, US$10,000, but higher capital is permitted (at a higher Registry fee). There is no time frame for paying up authorized capital, and it may be paid up with money, goods, services, rights, etc.

3. Shareholder and Directors
Three Directors minimum are required, and one shareholder minimum. These may be natural or juridical persons, from any nationality.

4. Board of Directors
Needs to be compose by a minimum of 3 natural persons or a minimum of 1 juridical person which can be national of any part of the world. Their names appear public in the articles of incorporation of the company . If the company is not going to be use in Panama, meaning that will be use offshore, the client have the option of choosing nominee directors or appointing its own directors. If the company is doing business in Panama, is better to appoint is own directors.

5. Registered Address
When registering a new Panama corporation, it must have a legal physical address that is included in the articles of incorporation. Tannet's local partner provides a legal physical address as Registered Agent.

6. Business Scope
Some of the activities do require personnel with licenses that can only be granted to Panamanian nationals, such as Real Estate licenses or Engineering licenses.

7. Required Information
The documentation necessary varies depending on the type of legal entity, basically the documents required for formation are as follows:
(1) Certified copy of passport;
(2) Beneficial Owner's Declaration form;
(3) Proof of residential address;
(4) Reference letter from a Bank, Lawyer, Accountant or other professional;
(5) Business reference letter, (if possible). Business reference letter cannot substitute a reference from bank, lawyer, accountant.

Panama offers the most favorable and most flexible offshore incorporation laws available in the world. If you wish to incorporate a company in Panama, or are interested in company formation services in other jurisdictions, just turn to Tannet. We are glad to help.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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