Panama is rightfully included in the list of the most developed world trade and financial regions. A favorable “business climate” for the rapid development of entrepreneurship created and supported by the authorities of this jurisdiction. What prospects open up for investors, who wish to register a business in Panama?
The geographical position of Panama on Central America, between Colombia and Costa Rica. This jurisdiction borders with the Caribbean Sea, the Pacific Ocean.
A service sector covers 3/4 of GDP. This sector is developing through the use of the Panama Canal, the rapid development of logistics, banking, the insurance sector, container ports and a tourism. Panama, like some other states, recently entered into double tax treaties. YB Case experts will provide you with qualified assistance in registering a commercial enterprise in Panama. We will also provide advice on how to open an American account.
The establishment of commercial companies in Panama has such positive characteristics:
- the annual mandatory tax of 150 USD paid, if entrepreneurship takes place outside of jurisdiction;
- you have excellent prospects for promoting your business, which are based on a stable economy and the support of local authorities;
- a favorable, flexible tax system;
- cash flow within the country or abroad is unlimited;
- a reporting is optional;
- entrepreneurial activities outside Panama does not require taxes;
- duties on property, inheritance are absent;
Planning to open A COMPANY in Panama, you need information about types of local companies:
- Corporations (IBC);
- a General partnership;
- a Limited Partnership (acts similar to US LLC or LLC);
- a Joint-Stock Partnership with a public organization;
- a Cooperative;
- a Single enterprise;
- a Limited Individual Entrepreneurship.
If you decide to set up a Panamanian company, YB Case specialists draw your attention: opening a Panamanian commercial company is easy, adhering to the requirements:
- Positions of the director, a treasurer, a secretary must be present (residency is not important);
- The director, secretary these are 2 different positions for 2 persons;
- A standard capitalization is 10,000 USD, without a time limit for its mandatory payment;
YB Case help: opening a firm in Panama is profitable, because the level of a bureaucracy here is much less, than in other similar jurisdictions.
The authorities have developed laws aimed at mitigating the requirements for the work of foreign investors. Panama offers numerous tax incentives for international companies and private foundations.
Deciding to start an entrepreneurship in Panama, you will get rights to issue certificates of registered shares and with an anonymous ownership structure. You can register a company in Panama remotely (without licensing).
Establishing a commercial enterprise in Panama
- Clearance IBCs are based on local law and the Commercial Code.
- In addition to IBC, you can set up a sociedad de responsabilidad limitada (LLC), Sociedad Limitada (LР) in Panama.
- A prerequisite is registering a unique brand in Panama.
- Allowed suffixes in the name: Corporation, Corp, Incorporated, Inc or SA. But, without special permission/consent of the secretariat it is forbidden to use terms: Insurance, Reinsurance, Unit Investment Fund, Bank.
- At least one shareholder.
- A minimum statutory capital is $1.
- Bearer shares are also permitted. The registrar must be notified of them.
- Three directors must be present, when setting up a company in Panama.
- Officers the chairman, a treasurer, a secretary (they can act as directors) must be drawn up at the enterprise without fail.
- Each company must possess a Panamanian office.
- Conclude an agreement with a local agent.
- Annual sessions held at any desired location or by phone, Skype, email, etc.
- Activities outside Panama are tax-free and do not require tax returns.
- Filing a financial report is optional.
How to open a commercial company in Panama remotely?
For the establishing of a Panamanian company to be quick and successful, contact professionals. Experienced YB Case specialists will assist you in preparing necessary documentation, will provide support at all stages of a registration process.