Panama Corporation with bank account is a simple and fast procedure.
Every time you want to start a business in Panama, the first step is the creation of an anonymous society, or SA. The corporation is named S.A. (in Spanish: Sociedad Anónima) because the owner, or owner thereof, is held under complete anonymity as this does not appear on the public registry of Panama; it is something that only appears in the shareholder’s documents, which are private documents of each business.
The corporation requires a minimum of three directors, usually a president, a secretary, and a treasurer, who are all appointed. The directors of the company do not necessarily have to be the real owners of the corporation. Their function is to represent the company, and they appear on the public registry of Panama.
The resident agent of the corporation is the lawyer or law firm that represents the company. This agent carries the theme of the single annual fee and is responsible for the annual maintenance of society. And it is usually done once a year to remind the customer to pay the annual fee. Importantly, the resident agent has no responsibility for the actions of society. Neither the directors of the company
The companies pay the government of Panama an annual rate of 300 USD. It is important for the companies to pay these taxes because the banks and government institutions will ask for the good standing certificate of the corporation. To proceed with any proceeding or need to be licensed, you must be up to date. In addition, a defaulting company paid a penalty of $50 per year.
For all foreign clients of any nationality, it is not necessary to come to Panama for the constitution of the corporation. We designate the figures of two subscribers, and once society makes them waive this right, If it is important to come to Panama for a bank interview for the bank account, we also support the opening of the bank account for our clients.
The difference between a corporation and an offshore company is basically the same; the difference is that an offshore company is managed from abroad.
Thousands of offshore companies in Panama are recorded annually from all over the world, and the reasons are many, including tax savings.
An offshore company is usually accompanied by a bank account, and we support our customers in opening accounts in the best banks in Panama.
Corporations are governed by Law 32 of February 26, 1927, which is considered a fairly flexible law.
It’s simple to create a corporation in Panama.
We, as a law firm, will deliver you a form by mail that the client must send with a completed copy of the passport. You will be the main shareholder of the company.
Name: The customer must provide the attorney with three possible names, which the society will look up in the Panamanian public register in that order to see if the names are available.
Abbreviations: The name of the company may end up with the 3 following acronyms: Corp., SA, and Inc., all of which represent the same, and the customer can choose any of the 3 stands for society.
Activity: The activity or activities that will be developed by society.
Directors: Provide three directors and their positions in the corporation.
Capital: The minimum amount required to establish a society’s capital is $10,000, but this is only on paper and does not have to be proven.
The company’s capital is variable, and each company can be formed with capital equal to the quantity that the company will have.
The cost of the corporation fees varies depending on the company capital, since the payment for entry registration fees is assessed based on the amount of such capital.
Panama Corporation processing Time: The time it takes for the establishment of a corporation is 3–5 business days. After that, we will send you the document via DHL.
It is important to understand who is responsible within the corporation.
According to Law 32, the company directors don’t have criminal or civil responsibility; those who are responsible are the owners or shareholders in that society. The resident agent or attorney is not responsible for the criminal acts of the corporation. We also have Panama corporations for sale.
In conclusion, we create Panamanian corporations; the process is simple and fast, and you don’t need to come to Panama for that.
The business license in Spanish is called «aviso de operación» (only for companies that will operate in Panama).
We can also support you with this process. This license is authorized by another institution called the Ministry of Commerce and Industry.
The commercial license is distinct from society, and it is required of any company operating in Panama.A corporation is granted legal status as well as operational reporting.The commercial license will have the following information: the name of the company, the names of the directors, the activity developed, the address of the company, and the name of the resident agent.
The business license, once obtained, should be placed in a visible place in the business that will be developed, and the government should check this license annually, either once or twice per year.
Request your corporation’s cooperation with us. We will send you the information needed for this simple process.
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