1. Applicable Company legislation?
a) Law 32 of 26th February 1927, adopted from the State of Delaware, USA.
b) Law 24 of 1st February 1966
2. What types of Company are available in this jurisdiction?
Limited Liability Companies (Societe Anonyme)
3. What is the annual Government fee payable?
Annual Franchise Tax of US$ 150
4. Is a Registered Office required?
This is provided by a Law Firm in Panama who are the statutory legal representatives of the Company
5. Is it possible to reserve the name in the Company Registry?
Yes
6. How long is needed to incorporate in a name of your choice?
Approximately 5 days, although it takes up to 3 weeks to receive the documents from Panama
7. Are ready made companies usually available?
Yes - however clients normally prefer to register Companies in Panama in a name of their own choice
8. Where and when must board meetings be held?
Board Meetings may be held anywhere in the world unless specifically referred to in the Article of Association, customarily it has been specified that all meetings take place in Panama
9. Is an annual return required?
No - only the Franchise Tax Return
10.Are audited accounts required by authorities, and if so is a copy kept on public record?
No - for Offshore Companies
11.How many companies were on the Companies Register at the end of 1995?
Approximately 320,000
12.Minimum number of subscribers?
Two
13.Minimum subscribed capital requirements?
None
14.Standard authorised share capital?
Normally US$ 10,000 divided into 100 shares of US$ 100 par value or 500 shares of no par value. The Articles of Association must state the total number of shares the Company can issue under art. 22 of the 1927 Company Law. Both bearer and registered shares are permitted
15.Minimum number of shareholders?
See above - two minimum
16.Are the details of shareholders filed on public record?
No
17.Are trustee shareholders permitted?
Yes
18.Is it possible to increase the authorised share capital?
Yes
19.Is a Company Secretary required?
Yes
20.Is a local registered/or resident agent required?
Yes - the legal representative must be maintained in Panama
21.Minimum number of directors?
Three - it is necessary to appoint the following officers who must be Individuals, but need not be residents in Panama: The Company President, a Company Secretary and a Treasurer to the Company
22.Are the details of directors filed on public record?
The details of the directors are included in the Annual Franchise Tax Return
23.Are nominee third party directors permitted?
Yes - who must be individuals
24.What is the principle use for this type(s) of company?
Shipping, Ship and Aircraft Ownership, International Trade.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
