Each Panamanian corporation must have Panamanian registered office address and Panamanian agent, who is an attorney or a law firm.
Shares of Panama IBC may be issued to individuals or companies, who are residents of any country.
A minimum of one shareholder is required. A minimum of one share of US$100.00 must be issued to that shareholder.
Every Panamanian corporation shall be managed by the Board of Directors. A minimum of three directors is required. Corporate directors are not permitted. All directors must be individuals of full age (at least 18 years old). Residents of any country may be appointed as directors.
The Board of Directors appoints officers such as President, Secretary and Treasurer. Officers shall be individuals as well. Officers may be residents of any country. One person may hold more than one officers positions. No officer needs to be a director.
Standard authorized capital is US$ 10,000 divided into 100 registered shares of US$ 100 each. Such capital keeps the incorporation and annual cost of Panama IBV at a minimum level.
Authorized capital is the amount, which the company may receive from its shareholders in consideration for the issued shares. For example, if a company has the above authorized capital, it is allowed to issue up to 100 registered shares and receive from its shareholders not less that US$100 for each issued share.
Panama Corporation is not required to issue all its shares for the total amount of authorized capital in any mandatory time frames. The company could issue just one share to a single shareholder and remaining shares or any part of them issue any time in the future or not issue at all.
All issued shares must be paid up by shareholders. It means, if a company issued one share of US$100.00, the shareholder must pay into his company US$100.00.
If a Panama Corporation conducts its business outside of Panama, it is exempt from all local taxes including income tax, capital gain tax, dividend tax, and stamp duty on transfer of corporate shares, and other property.
Information about shareholders and beneficial owners is not filed with the Public Registry Office and not available to the public.
Names and addresses of directors and officers are included in the Articles of Incorporation. Therefore, such information is available to the public..
There are no statutory requirements of audit for Panama offshore companies. Accounting records are required and may be kept in any country. Directors of the company are required to provide address of accounting records to company's Regisered Agent.
Annual meetings are not required. Board of directors may decide to conduct an annual meeting of shareholders. Such meeting shall be held within Panama unless otherwise stated in the Articles of Incorporation or By-Laws.
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