The Republic of Panama is in Central America between Costa Rica and Colombia. The capital and financial centre is Panama City. The language is Spanish but English is widely spoken in urban areas and is used in commerce and international trade.
The Colon Free Zone is the world’s second largest Free Zone at the Atlantic entrance to the Panama Canal and is dedicated to the re export of goods to Latin America and the Caribbean. A major industry is the operation of the shipping register. Panama is a major flag of convenience. The other major industries are the operation of the Canal, banking, agriculture and tourism. Panama is a constitutional democracy. The National Assembly is elected for a five-year term and the President is both Head of Government and Head of State.
The company most commonly used for international trade and investment is the non-resident Panama Company, Limited Liability Companies are also available. Three directors are required for a Panama company. They may reside and run the company from anywhere in the world and corporate directors are permitted.
The Government has made strenuous efforts to raise the standards of regulation of the financial services industries to internationally expected levels but there are still concerns in connection with money laundering and corruption.
|Panama offshore company regulations|
|Type of entity||Non Resident|
|Type of law||Civil|
|Double taxation treaties available||No|
|Minimum paid up||$1|
|Local resident required||No|
|Records publicly available||Yes|
|Corporate Directors allowed||Yes|
|Shareholders / Members|
|Records publicly available||Optional|
|Location of Meetings||Anywhere|
|Local or qualified||No|
|Annual return required||No|
|Change of domicile permitted||Yes|
|Shelf companies available||Yes|
|Time to incorporate shelf co||2-3 working days|
|Time to incorporate new co||3-5 working days|