PANAMA RM offers Panamanian incorporation services and ongoing company management in Panama. We provide readymade shelf companies as well as a "Name of your choice" service. Ongoing Registration agency and registered office services are provided for as well as legal advice and support services.

According to Panama's Corporation Law 32 of 1927, corporations may be created by any two persons of any nationality. The normal procedure in the formation of a Panama corporation is that the Panamanian lawyers acting for the client form the corporation and it is therefore not necessary for the client to go to Panama nor to sign any documents relating to the formation of the corporation.

ADVANTAGES

Total secrecy and anonymity. No requirement to disclose beneficial owners. No requirement to file annual return/financial statements. No requirement to hold an annual general meeting of shareholders or directors. Full exemption from taxation on any business activity or transaction carried on outside panama. Complete business privacy. No minimum or maximum capital requirements. Nominative or bearer shares at owner's option. The shareholders, directors and officers may be of any nationality and may be residents of any country. Shareholders and/or directors may hold their meetings in any country and they may attend by proxy. Complete banking privacy. Convenient registration of vessels and ship mortgages.

COMPANY STATUS

Non-Resident Corporation

COMPANY NAME

The name of the corporation may be in any language and must end with an appropriate suffix including Corporation, S.A. Inc.

TIME TAKEN TO INCORPORATE

2-3 days

SHELF COMPANIES

Shelf Companies are available for purchase. A list can be supplied on request.

SHARE CAPITAL

There is no Minimum. The share capital may consist of shares with a nominal no or par value or both. Our standard Articles provide that the authorised share capital will consist of US$10,000.00 divided into 100 shares of US$100 each.

CAPITAL DUTY

Registration fee of US$60 for capital of US$10,000. Sliding scale operates above this level.

SHAREHOLDERS

Two subscribers required, but only one on-going shareholder after incorporation.

DIRECTORS

Minimum - three. There is no restriction on location.

SECRETARY

Minimum - one. There is no restriction on location.

REGISTERED OFFICE

There is no requirement for a registered office.

REGISTERED AGENT

Panamanian legislation requires every Panama Corporation to have a Registered Agent in the Republic of Panama who must be either a lawyer or law firm.

WHAT INFORMATION IS AVAILABLE ON THE PUBLIC FILE.

Deed of Incorporation, names and addresses of Directors, Registered Agent.

CORPORATE BOOKS & SEAL

The company must maintain a minute book and stock register book both of which may be maintained in any part of the world. They must be bound books, stamped and signed by a circuit Judge of Panama.

ARE ACCOUNTS REQUIRED?

No

IS AN ANNUAL RETURN REQUIRED?

No

WHERE ARE MEETINGS TO BE HELD?

No restrictions.

ANNUAL FEES PAYABLE TO THE GOVERNMENT: ANNUAL FRANCHISE TAX

Capital Not exceeding US$50,000 - Tax Payable US$150.

TAX TREATMENT

With the exception of the annual 'franchise' Tax which is not an income tax, Panama corporations without income arising from operations within the territory of the Republic of Panama are not subject to taxation in Panama.

Whilst every precaution has been taken to check the accuracy of the information contained in this page, no responsibility can be taken for any inaccuracies contained herein. Please also note that we are not tax advisors. Professional tax advice should always be taken if in doubt.

Copyright © The Raymond Morris Group Limited. 1997. All rights reserved.