Panama Company – FAQ's
1. How can I get a local organizer to subscribe to my Panama Corporation?
As your registered agent, we will provide you with this service.
2. Are the names of the directors part of the public record?
Yes. To form a non-resident Panama Corporation, you are required to have 3 directors whose names form part of the public record. Our service will provide you with this option i.e. nominee director which will ensure your anonymity.
3. Are meetings of directors and shareholders required?
No. Meetings are not a local requirement. If you decide to hold meetings, they may be held anywhere in the World and by any means.
4. Is there any requirement to file annual records and accounts?
No. The only public record is at incorporation. You do not have to file annual records and accounts.
5. What is the usual authorized capital of a Panama Corporation? When does it have to be paid-up?
The usual authorized capital of a non-resident Panama Corporation is US $ 10,000. This amount does not have to be paid-up at incorporation. In fact, there is no minimum required paid-up capital and no time limit in which the authorized capital must be fully paid.
6. How long does it take to form an Offshore Corporation in Panama?
You should allow us eight working days to incorporate your Company in Panama. After this, we will express courier your incorporation documents to you via FedEx or DHL. Depending on where you are, you must give the package the appropriate time to reach you. We will give you the tracking number so that you can use the Internet to track your kit.
7. Offshore Panama entities are called Panama Corporations; does this mean they are different from IBC's?
The offshore legislation was enacted since 1927, before the term IBC or International Business Company became popular, however, the Panama Legislation has for a very long time been used as a model for the jurisdiction that came after. The Panama Corporation is interchangeable with a Panama Non-resident Company or Panama Offshore Company and is no different from other offshore tax havens.
8. If circumstiances change and I change my mind about the offshore company, can I get at least a partial refund?
Once the incorporation form has been completed and the company paid for no refund is possible. These funds would have already been used for the incorporation fees and other services provided.
9. Are there annual fees payable, if so when are they due?
Companies and Foundations registered between January 1st and June 30th have to pay annual fees by June of the year following and every year thereafter. Companies and foundations registered from July 1st have until December 31st to pay the annual fees.
Panama Foundation - FAQ's
1. How long does it take to form a Panama Private interest Foundation?
Panama foundations can be formed within a week. Once we have received the payment and all the required information it takes seven working days to dispatch the documentation kit by express courier service (FedEx, DHL). Sometimes due to unforeseen circumstances it can take much longer than the normal time to complete the incorporation process. Depending on your location, give a few extra days for the package to reach you. We provide a tracking number by which you can track your package via the internet.
2. Is there a minimum amount to set up a Panama foundation?
The initial endowment value for Panama foundation is US10, 000, but this does not have to be gifted or paid up immediately.