Updated time: Jun 30, 2015 , 12:53 (UTC+08:00)
Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela - named the Republic of Gran Colombia. Panama has the largest rainforest in the Western Hemisphere outside the Amazon Basin and its jungle is home to an abundance of tropical plants, animals and birds - some of them to be found nowhere else in the world
Law and Taxation
The Panama legislature enacted Law 47 of 2013 (the “Bearer Shares Law”) which shall come into effect two years after the enactment date (i.e. 7 August 2015) and creates a regulatory framework for the continued and lawful use of bearer shares in Panama. The following is a non-exhaustive list of the features of the Bearer Shares Law:
- Bearer shares issued prior to the Enactment Date shall have an additional three (3) year grace period before having to be placed into the custody of an authorized custodian.
- Same annual franchise tax irrespective of whether said companies authorise or prohibit the use of bearer shares.
- Creates a framework for users to designate one or more beneficiaries for any and all bearer shares held in custody, allowing authorised custodians to register the designated beneficiaries as the beneficial owners of such bearer shares without having to wait for probate and/or a court order.
- Protects a user’s rights to freely transfer his or her bearer shares.
- An authorised custodian is a duly authorised person or entity that may exercise custody over duly issued and outstanding bearer shares. Authorised custodians are divided into two categories: local authorised custodians (consist of attorneys, resident agents, trust companies, general licensed banks, brokerage and/or clearing houses regulated in Panama) and foreign authorised custodians (consist of trust companies, banks and financial intermediaries that are duly licensed and regulated in member jurisdictions of the Financial Action Task Force on Money Laundering (FATF) and their associated members). Foreign authorised custodians must register with the Panamanian Superintendence of Banks and designate a process/notification agent in Panama.
Prior to the formation of your offshore company, you will need to decide on one of the following commercial entities existing under the Panamanian Commercial Code:
- general partnership
- limited partnership, (operates similar to a U.S. Limited Liability Company, or "LLC")
- stock issuing limited partnership
- single proprietorship
- limited single proprietorships
Most business enterprises, however, are conducted in the Republic of Panama in the form of corporations. Almost without exception, foreign-base operations are also conducted through corporations.
Offshorecompanycorp will assist you to obtain all documents required for opening a corporate bank account in most international banks. Your Panamanian offshore foundation will be completely organized and ready for opening a corporate bank account in a bank of your choice. You may also create your own package by ordering additional services according to your business needs.
Panama Foundation Package includes all documents and services required for protection of your assets