Panama

Corporate Legislation 

The modern legislative system is based on Corporation Statute Law 32 of the 1927 Commercial Code. As per the law provision an offshore company registered in Panama can be engaged in any business activity worldwide. 

Type of Company used for International Business and Investments
Corp., Inc., S.A. - Corporation, Incorporated, Societe Anonyme, Sociedad Anonima.

Business Activities 
Any activity allowed by Corporation Statute Law 32 of the 1927 Commercial Code, except for banking, insurance and trust activity.

Obligatory Requirements to Offshore Company
The company should have a Registered Office and Registered Agent in Panama and cannot conduct business operation on the territory of Panama.

Taxation 
The offshore company is exempted from taxes on 100%.

Authorized Share Capital 
There is no requirements to the size of authorized share capital.
Standard Authorized Share Capital is10,000 USD divided into 100 shares of USD 100 each.
There is no requirement for payment of share capital.

Bearer Shares
Yes, as per the approved Law 47 of 2013, which will enter into effect in 2015 the bearer shares must be submitted in an authorized custodian, such as banks in Panama, licensed trust companies in Panama, lawyers licensed in Panama.  

No par value Shares
Yes.

Shareholders and Directors
The minimum number of Shareholders - one (physical or legal person). 
The minimum number of Directors - three (physical or legal person). 
There is no requiremnet to the residancy. One and the same person can be director and shareholder.

Company Secretary 
Yes. 

Disclosure of Information on the Beneficial Owner and Bank Operations
Information is not available to the third parties. 

Shareholders/Directors Meetings
Meetings of shareholders and directors can be carried out worldwide.

Filing of Annual Accounts 
No. However for all companies there is an obligatory requirement to maintain the internal accounting records reflecting a financial position of the organization.

Filing of Annual Return 
No.

Keeping of Documents of the Company
The place of keeping of operational documentation (resolution, minutes of meeting entc) of the company is up to the decision of the directors.

Registration Time Frame 
Corporation can be registered within 2 weeks.

Shelf Company availability 
Available.  

Redomiciliation 
It is possible "to import" foreign IBC to jurisdiction of Panama and also Panama offshore company can be "exported" to other offshore jurisdictions.

General Information 

Location at the intersection of two continents and two oceans has played a decisive role in the history of Panama. Today, it is a major international business hub with hundreds of foreign companies operating in Panama City. Panama's official language is Spanish, so all documents written in other languages, submitted to government agencies and, in particular, to the Registrar of Companies, must be translated into Spanish and accompanied by Spanish versions. Both Spanish and English have the status of business languages. 
Tax incentives are not the only factors contributing to the country’s attractiveness and the continuing increase in the number of banking institutions and multinational corporations. Located right between the Americas, The Republic of Panama offers a favorable combination of political and financial stability.