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Questions about the
incorporation Time Frame.
How long does it take to incorporate a Panama Offshore Company?
 Our Firm
can have the corporate documents ready to be sent in approximately five
business days.
Questions about the necessity
of being present in Panama for the Incorporation.
Is it necessary to come personally to Panama to incorporate the Company?
No. It is
not necessary to be present in Panama for incorporating a Panama Offshore
Company.
Questions about the Authorized
Capital / Also Called Registered Capital.
What is the Authorized or Registered Capital?
The
Authorized Capital is a nominal figure which represents the average amount
of assets held by the corporation. The minimum authorized capital according
our law is US$10,000.00; however, this does not limit the corporation for
making transactions below or above the US$10,000.
Is it necessary to pay or deposit the Authorized or Registered Capital of
US$10,000?
No. This is
just a nominal figure. It is not required for said Authorized Capital to be
paid or deposited in any of its parts.
It is possible to register the corporation with a higher Authorized Capital?
Yes. It
is possible to register the corporation with an authorized capital higher
that US$10,000.00 if desired. In this case, it will be necessary to pay an
extra registration tax fee depending of the amount of the Authorized Capital.
It is possible increase the authorized capital in a future?
Yes. It
is possible to increase the authorized capital in a future, in this case it
will be necessary to modify the articles of incorporation registered at the
Panama Public Registry.
Questions about the payment
options and the annual maintenance payments.
How do we pay for the incorporation services?
It is
possible to make the payment by Bank Wire Transference, Visa & MasterCard credit
cards as well as Western Union or similar companies. Please contact us in order to provide
payment details and instructions.
How much are the second year costs and annual payments for the corporation?
The only
payment that Panama Offshore Corporations are required to pay annually is the Annual
Franchise Tax of US$300.00. Our fees
for being the Resident Agent of the Corporations are US$ 150.00 per year.
Nominee Directors services are charged additionally.
Who pays the annual taxes for my corporation?
Our Firm,
as Resident Agents of your corporation
takes care of paying the annual taxes; we will inform and remind you with
time ahead in order to make the correspondent payment and have your
corporation in good standing.
Questions about taxes
responsibilities in Panama.
Do I have to pay taxes in Panama
for my corporation?
No, as
long as the
corporation activities are performed outside the Panama Territory the only
tax responsibility shall be the annual franchise tax.
Do I have to pay taxes for the Interest of a bank account that the corporation
has in Panama?
No,
only income or profits generated within the geographic
territory of Panama are subject to tax. Any profit obtained from activities
outside of Panama, such as transfers or acquisition of securities,
management of bank accounts and investments, the transfer or sale of real
property or chattels, and the dividends received from companies operating
abroad, will be exonerated from Panamanian taxes.
Questions about the
corporation books.
Can I keep the books of the company or they have to stay in Panama?
Our laws does not require for
the corporation books to be issued or kept in Panama.
You can keep the books in your country.
According
to this provisions, the Minutes Book and the Shares Book can be obtained by
the client in any library or kept by electronic means and due to the fact
that no longer need to be registered or sealed in Panama, is not necessary
to be sent from Panama. In other words, the client is entitled to obtain
these books and kept the records by his own and in his own country.
Questions about the
Corporation Resident Agent.
What
is the corporation Resident Agent?
According
our law, corporation must have a Resident Agent that must be a Panama Lawyer or a Panama Law Firm. The Resident Agent of the corporation is the
link between the Panamanian government and the corporation. Usually Resident
Agents takes care of paying the annual taxes of the
corporation as well.
Who will be the Resident Agent of the Corporation?
When
incorporating a Panama IBC through our Firm, Mata & Pitti will be the
Resident Agent of your Panama Corporation. As Resident Agents we will take
care of paying the corporation annual taxes as well as any legal assistance
you require in Panama for your corporation.
Is it
included in your incorporation cost the Resident Agent fee for the first year?
It is
correct, in our quotation is included our fees as the Resident Agents of the
Corporation in Panama and Registered Office fee for the first year of
incorporation.
Can we change the Resident Agent?
Correct,
if you desire in a future to change the Resident Agent, you are free to do
so and it is totally possible, in this case, it will be necessary to modify the
articles of incorporation. The new Resident Agent can take care of this
modifications.
Questions about the Panama
Public Registry.
What is the Panama Public Registry?
Corporations in Panama are registered through the Panama Public Registry.
This is the official institution in charge of companies registration and all other
procedures that are required by law to be Public in Panama.
Are the articles of incorporation registered in the Public Registry?
It is
correct; the general information regarding the corporation is available at the
Panama Public registry, including the Directors identities.
Is the shareholders information registered at the Panama Public Registry?
No, the information regarding the shareholders
is not registered. Share Certificates are issued
only through private documents.
What if we don’t want our names to be registered in the Public Registry?
In order to
keep anonymity we can provide a Nominee Board of Directors for your
corporation.
Questions about the Directors
/ Officers.
What is the Board of Directors?
The
management, administration and business of the Corporation is administered
and conducted by a Board of Directors, composed of at least of three members of
full age, of any nationality, usually directors are as well officers of the
corporation (president, secretary and treasurer).
Is the identity of the three member of the Board of Directors public?
Correct,
this information is public and is registered at the Panama Public Registry.
Is it necessary for the Board of Director Members to be shareholders?
It is not
necessary for the members of a Board of Directors to be shareholders.
Can I be appointed as President, secretary and treasurer?
According
our law, the Panama Corporations require a minimum of three Directors /
Officers. They must be three different persons, it is not possible for
one person to be appointed for the three charges.
Can I appoint my own directors?
Correct, they can be of any nationality and resident in any part of the
world.
If we appoint our Directors, what
information or documents do your require from them?
In this
case, we will require their complete name, address and simple copy of their
passports or official ID for our Firm private files.
Questions about the Nominee
Director Services.
Do you provide nominee director services?
Yes. Our
Firm provides this service, the three Directors appointed are from our staff.
Said nominee directors will not participate in any way in the corporation
activities. They will just act on behalf the client instructions.
How do I control the corporation if Nominee Directors are used?
In these
cases you will require a General Power of Attorney in order to grant you the
power to act individually on behalf the corporation, this documents is usually issued in a
Private Separate document for more privacy.
Is it possible to change the Nominee Directors in a future?
Yes, it is
possible to change directors; in this case it will be required to modify the
articles if incorporation registered at the Panama Public Registry and to
appoint the new Directors.
Do you provide resignation letters when Nominee Directors are appointed?
Yes, in
order for you to be free to change the nominee directors appointed by our
Firm in a future, our Firm provides undated letters of resignation signed by
the directors.
Questions about the Shares,
the Share Certificates and the Shareholders.
Is it possible to issue bearer share certificates?
Correct,
according the Panama Law it is possible to have bearer share certificates.
What is the difference between bearer share certificates and nominative share
certificates?
The main
difference is that in the bearer share, the owner is the person that physically
holds and has the possession of the share. In nominative form, the
shares clearly states who is the owner.
Bearer or nominative share certificates, which one do you recommend?
It really
depends in each case; bearer shares are more flexible,
taking into consideration that they are easily transferable and provide more
privacy, however,
nominative shares provide more security. It is important to note that if you
plan to open a bank account on behalf the corporation, many banks prefer
nominative shares instead of bearer shares, nevertheless, this will depend on
each bank policies.
Are the shareholders the maximum authority of the corporation?
Correct,
shareholders are the maximum authority of the corporation, they are above
the Directors of the company.
Is the shareholders information registered at the Panama Public Registry?
No, the information regarding the shareholders of the
corporation is not required to be registered. Share Certificates are issued
through private documents.
Is it possible to have two share certificates?
Yes, it is
possible to issue two or more share certificates, for example two
certificates of 50% each, or 80% and
20%. The distribution is up to you.
Questions about the
Corporation Name.
Are
there any requirements for the Corporation Name?
The name of
the corporation, may be in any language, however, must include at the end a word
or abbreviation which indicates that it is a corporation, such as: S.A.
(Sociedad Anonima en Spanish),
Inc, Incorporated, Corp, Corporation. The word Limited or its usual abbreviation Ltd
will not be suitable for this purpose.
How do I know if the Corporation name is available?
Please send
us the name alternatives and we will check the availability at the Panama
Public Registry, free of charge.
Questions about opening a
corporate bank account in a bank outside Panama.
Can I open a company bank account in a bank outside Panama with the
documents you provide?
Yes,
according our laws a Panama Corporation can establish a bank account in any
country of the world, we will provide in our corporation package all
necessary documents in order for you to open a bank account. Each bank will
require different documents; however, the documents usually required are
included in our package. If you require a special document, we will be glad
to assist you in order for you to comply with the bank requirements.
Questions about opening a
Panama Corporate Bank Account and our Firm Bank Introduction Services.
Is it possible to open a bank account in Panama for my corporation?
Yes, it is
possible.
Do you provide bank introduction services in order to open a bank account in
Panama?
Our Firm
does provides bank introduction services in order to establish corporate bank
account in Panama with high rated banks. These services are only for
companies incorporated trough our Firm and only for clients that come
personally to Panama for this purpose.
Do I need to come personally to Panama in order to open the bank account?
Banks in
Panama are required by law to know very well their clients for this reason
it is required for the client / account signatory to come personally to Panama in order
to have a brief personal interview with the bank, this will facilitate the account
opening procedure. Usually a short trip of one or two business days is
sufficient. It is important to note that all the information provided to
the banks is private.
What if I cannot personally go to Panama for opening the bank account?
In this case, the procedure shall
be made directly between you and the bank, our Firm only provides bank
introduction services for clients that come personally to Panama for this
purpose.
How long doe it takes to open a corporate bank account in Panama?
If all the
documents and references provided to the bank are in order, the account
opening procedure can take approximately 3 weeks. After the personal
interview with the bank, our Firm will complete and finish the bank account
procedures until the account is approved.
What documents are necessary to present to the bank in order to open a
corporate bank account in Panama?
It will be
necessary for the account signatory to provide original personal bank references and
personal commercial references, also, the bank will require documents
proving the origin of the funds and documents proving the business
activities of the corporation. Please contact us in order to provide
the complete list of requirements usually requested by the banks in Panama.
It is important to note that all the information provided to the banks is
private.
Please do not hesitate in
contact us if you have any further enquiries. We will be glad to help.
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