Summary of Features of Panama Company


General Information
Company Law Company Law No. 32 1927
Type of Company Corporation
Language of Legislation and Corporate Documents Spanish
Taxation of Foreign Profits Nil
Exchange Controls None
Length of Time to Incorporate 5 working days
Shelf Companies Available Yes
Corporate Names
Name Restrictions Names identical or similar, offensive words
Endings and Abbreviations Required Corporation, Incorporated, Sociedad Anonima, or its abbreviations
Length of Time to Verify Name Availability 2 hours
Reservation of Names Permitted Yes
Language of Name Any language using the Latin alphabet
Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes
Capital and Shareholders
Minimum Number of Shareholders One
Local Shareholders Required No
Corporate Shareholders Permitted Yes
Disclosure of Shareholders No
Minimum Authorised Capital Required Yes
Bearer Shares Permitted Yes
Registered Shares Permitted Yes
No Par Value Shares Permitted Yes
Directors and Officers
Minimum Number of Directors Three natural persons or corporate bodies
Qualifications of Directors Legal age
Officers Required Yes
Corporate Directors/Officers Permitted Yes
Local Directors/Officers Mandatory No
Appointment of Subsequent Directors/Officers Articles of Incorporation
Annual General Meeting of Shareholders Required No
Annual General Meeting of Directors Required No
Location of Directors and Shareholders Meetings Anywhere
Adoption by Consent Permitted No
Quorum required for purposes of meetings Articles of Incorporation
Local Requirements
Qualified Registered Office/Agent Yes/Yes
Government Register of Shareholders No
Government Register of Directors/Officers Yes
Government Register of Charges No
Register of Directors/Officers to be kept at Registered Office Yes
Company Seal Required No
Copy of Minutes to be kept at Registered Office No
Copy of Share Register to be kept at Registered Office No
Annual Requirements
Minimum Annual License Fee or Franchise Tax US$300
Annual License Fee or Franchise Tax Due Date July 15 (for companies incorporated from January to June)
January 15(for companies incorporated from July to December)
Applicable Surcharges US$50 (Additionally a US$300 penalty applies for nonpayment of more than one franchise tax)
Requirement to File Annual Returns No
Requirement to Submit Annual Audited Accounts No
Other Relevant Information
Member of Apostille of the Hague Convention Yes
Increase or Reduction of Capital Shareholder’s resolution
Redomiciliation Prohibited No
Reinstatement at Registry No
Removal from Registry Even if a company is dissolved, its corporate documents are kept at the Registry.