The Republic of Panama is a rising destination for foreigners who want to retire or for visitors looking for a wonderful pictures que paradise or for enthusiastic entrepreneurs looking for offshore company incorporation. The Panama government has set up attractive programs and special zones in order to attract foreign investors to its shores. In 1994 Panama passed Law No. 8 which is the most modern and comprehensive law for the promotion of tourism investment in Latin America and the Caribbean. Panama has excellent amenities like fine restaurants, banking and financial services, top hotels, and an excellent internet and telecommunications network. Panama is also recognized as a leading offshore banking center.
In Panama, an can engage in any activity which is not illegal under any law. Panama being the oldest jurisdiction has its share of offshore company incorporation requirement which are stated below:
• Director: It is important to appoint at least three directors who are to be nominated for positions of president, director
• and treasurer.
• Secretary: It is absolutely necessary to have a secretary for offshore company incorporation.
• Shareholders: There should be minimum 1 shareholder. No locals are required for offshore company incorporation.
• Corporations are allowed to be appointed as shareholders.
• Shares and capital: The authorized capital is usually US$ 10,000 divided into 100 shares.
• Name of the company: The name must end with one of the following suffixes: Limited or Ltd.; Corporation or Corp.;
• Incorporated or Inc.; Sociedad Anonima or S.A.
• Registered offices: It is not compulsory to have a registered office. However a registered agent is important.
Entrepreneurs interested in Panama can easily sit back home and avail accurate details and information’s online through offshore service providers who will be more than happy to guide you through the incorporation process. One can even fill up the offshore company incorporation form online, which will require few details like company name, personal details, director details, secretary details, shareholder details, beneficial owner details and will ask for few diligence documents like certified passport copy, proof of residence, bank and professional reference. These offshore company incorporation agents charge their fees through cheque, credit cards or by bank transfers.
Young enthusiasts thinking about Panama as a haven of investment should go ahead to initialize their offshore company incorporation without delay as Panama is also one of the few places with developed infrastructures and great tax incentives and above all it’s an exotic and entertaining place to live in.
