Panama has been in the offshore financial service industry since 1927. It is modeled after the Delaware Corporations of the early 20th century. The Panamanian Corporate law was not drafted for possible offshore use, rather to adopt a modern and flexible corporate vehicle for the Panamanian corporate environment.
Panama is an Isthmus located in Central America and connects North and Central America to the countries of the South. There is a Constitutional Republic. Panama is an independent republic ruled by a democratic government. Political strength and economic stability based on its use to the US dollar as standard currency and its minimal inflation rate. The currency is the US dollar (Balboa). There is a population of approximately 2.8 million. The native language is Spanish and English is widely spoken. A full range of legal, accounting, management and trust company services are available.
- Banking and Professional Services
- Reporting Requirements
- Local Requirements
- Company Mobility
Banking and Professional Services
Panama hosts one of the most reputable banking centers in the world, which is complimented by several top international law firms and representation from top accounting firms and brokerage companies. There are full banking facilities with more than 80 international banks with office facilities. Panama has been a financial and offshore center for more than 75 years. Some of the international financial institutions located in Panama are: Barclays Bank Plc, Royal Bank of Canada, Bank of Nova Scotia, Banco Uno, and the Canadian Imperial Bank of Commerce.
There is no tax for nonresident companies.
A minimum of one shareholder is required and either registered or bearer shares may be issued. There is no disclosure of shareholders. Shareholders meetings are not required.
There is a minimum of three directors required and a resident director is not required. Directors meetings are not required.
Annual Returns are not required.
All companies must have a registered agent. A registered office is optional.
Asset security is provided through the ability to transfer domiciles.