Panama

General information is detailed below outlining the formation and regulation of Panama companies, as embodied in the Company Law No. 32 1927.

1. Incorporation
Companies can normally be incorporated within five working days.

2. Company Name
The company name may be in any language. The most common endings include: “S.A.”, “Corporation”, “Corp.”, “Incorporated” or “Inc.”

3. Shares/Capital
The standard share capital is US $10,000, although there is no minimum capitalisation. Bearer shares and no par value shares are permitted.

4. Shareholders
The minimum number of shareholders required is one. There are no residency requirements. Corporate shareholders are permitted.

5. Directors/officers
The company must have a minimum of three directors and three officers: president, vice-president/treasurer and secretary. Directors may act as officers. Corporate directors and officers are permitted and there are no residency requirements.

6. Meetings
Annual general meetings of directors/shareholders are not required.

7. Registered Office/Agent
A company must have a registered office and registered agent in Panama.

8. Accounts
There are no requirements for accounts to be audited or filed.

9. Taxation
Panama offers complete tax exemption on foreign source income and on income generated from transactions taking place outside Panama even if management is conducted in Panama.

Additional Information
For additional information about Panama Companies, please speak to Christine Breitler in the Dixcart office in Geneva (christine.breitler@dixcart.ch) or your usual Dixcart contact.