The Republic of Panama occupies an area of 77,082 square kilometres and is situated between Costa Rica in Central America and Columbia in South America with coastlines on both the Pacific and Atlantic Oceans. Its capital, Panama City, is on the Pacific coast at the entrance of the Panama Canal.
Population of Panama is approx. 2.6 million. The Constitution of Panama provides for a Republican form of Government.
Panamanian law is based on the Spanish Civil Code, although the company law has been taken from the corporation law of Delaware in the USA.
The official language is Spanish. Documents in a foreign language, which required to be filed at Companies Registry must be accompanied by a Spanish translation. Company documents in Spanish are accompanied by an English translation.
Corporations organized in accordance with Law no. 32 of 1997 can conduct business and exercise their powers in foreign countries.
A Panamanian Corporation has the following characteristics::
11. Renewal of Panama Corporation:
Renewal for Panama Corporations will fall depending on the date of incorporation as per below:
|Company Anniversary date between:||Due date:|
|January to June (1st half)||Before July – 31st|
|July to December (2nd half)||Before December – 31st|
In case of late renewal, government and service charges shall be applicable for late payment of it’s annual license.
Latest valid passport copy and recent utility bill for address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If shareholder is a corporate entity, then latest certificate of incumbency and above stated docs of directors would be required.
12. Documents Required in Setting Up a Panama Corporation:
KYC Documents for individual Director/Shareholder:
KYC for Corporate Director/Shareholder:
All documents of the corporate entity must be certified by a Lawyer or Certified Public Accountant
Incorporation of a Panama Corporation begins from USD 2,160/-
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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.