How long does it take to incorporate a Panama company?
Setting up a Panama company is fast and will take less than two weeks after we receive all of the required information and documents.
How difficult is it to open a corporate bank account for a Panama company?
Panama is soon to implement their agreement with the US, effectively giving the US government a transparent view of Panamanian bank accounts for tax information. This will cause all semblance of privacy to vanish. Panama was traditionally a popular jurisdiction for corporate structures due to the country’s territorial tax system, meaning that there was no tax on foreign sourced income. The agreement is retroactive in nature, giving officials access to information dating back to 2007. Opening accounts in Panama is now more difficult, with standard requirements including: i) physical presence at the bank you wish to open an account at, ii) two financial reference letters from previously used companies, printed on the company’s official letterhead, made out in the name of the bank you are applying to and signed by a company official, iii) two professional or commercial letters for reference, i.e. from lawyers, iv) copies of your income tax returns for the last two years, v) signed account applications, vi) a statement showing your pension status, or letter from your employer.
Am I required to visit Panama to incorporate a company there?
No. Healy Consultants can legally incorporate your Panama company without you needing to travel.
What is the minimum number of directors required for a Panama company?
A Panama company needs a minimum of three directors.
Is a resident director required?
A resident director is not required for Panama company formation.
What is the minimum number of shareholders required for a Panama company?
Panamanian corporations require only one shareholder.
Are shareholder / director details available for public viewing?
What are the minimum capital requirements for a Panama company?
Panama company formation has no minimum capital requirements, with capital contributions of as little as US$1 permitted.
What is the problem of setting up a Panama company?
A President, Treasurer and company secretary is required for Panama company formation. A Panama company portrays a poor image for global business. In February 2020, Panama was added to the European Union’s (EU) tax havens blacklist for its failure to implement ‘economic substance’ requirements on local companies, in order to crack down on tax evasion.
Does a Panama company benefit from any trade agreements?
Panama is a member of the Free Trade Area of the Americas (FTAA), which makes it an optimal country to enter the American market through.