Key Benefits – Panama — Interstatus – Group of Companies Key Benefits – Panama – Interstatus – Group of Companies

Advantages of incorporation of companies in Panama:

  • Advanced legislation in line with contemporary international financial business.
  • The personal presence of beneficiaries is not required for the incorporation of a company as the procedure can be completed remotely.
  • High confidentiality standards exist with Panamanian laws defining any internal documentation as confidential and it cannot be requested by third parties, including government authorities of Panama or other countries.
  • There are no requirements for minimum or maximum share capital and the capital may be denominated in any currency.
  • Companies may be set up with only one shareholder resident in any country who is either a natural person or a corporation.
  • A nominee (director, shareholder or secretary) may be used within the corporate structure.
  • The opening of a bank account does not require a personal visit to the bank by the company representative.
  • There are no exchange controls.
  • Bearer shares and shares without par value are permitted.
  • Company administration is straightforward and with minimum staff.
  • Companies with no business activities in Panama are exempt from taxation. There is no wealth or inheritance tax.
  • There is no requirement for the submission of financial statements by companies with no business activities in Panama and there are no annual auditing requirements.
  • Non-resident companies are not required to hold annual meetings of the directors and shareholders, but if meetings are wanted they may be held in any country.
  • There is a perfect infrastructure with highly professional banking, accounting and legal services.
  • The jurisdiction enjoys economic, political and social stability.