	Jurisdictions

	Cyprus

	Malta

	United Kingdom

	Bahamas

	British Virgin Islands

	Cayman Islands

	Denmark

	Gibraltar

	Hong Kong

	Isle of Man

	Jersey

	Netherlands

	Netherlands Antilles

	Panama

	Seychelles

	USA

Panama

General Information:
The Republic of Panama is located between Costa Rica and Colombia with an area of approximately 76,900 sq. km. and with a population of approximately 2 million. Panamanian law is based on the Spanish Civil Code with many Common Law influences in particular the company law has been taken from the corporation law of Delaware in the USA.

Currency:
Balboa, which is freely convertible to US Dollar. US Dollar is also legal tender.

Language:
Spanish is official and spoken language. English is widely spoken. Spanish and English are used equally in business circles.

Characteristics of Panamian Company

Type of Company:
Non-Resident

Taxation:
No tax is levied on income outside Panama.

Annual Franchise Tax:
US$250 per annum (to maintain good standing of the company).

Directors:
Corporation or physical person of any nationality may act as directors. Minimum of three (3) directors and three (3) officers (president, secretary and treasurer) who may also be the directors. Details of Directors must be registered on the public file.

Shareholders:
Minimum one (1). Only the first subscribing shareholders appear on public records, subsequent change of shareholders is not required to be lodged with the Registry.

Registered Agent/Office:
Agent must be a Panamanian lawyer or firm of Panamanian lawyers.

Annual Reporting:
Provided no business is carried on within Panama, there is no requirement to file returns or to lodge any financial or other information unless the company is being wound up.

Confidentiality:
The details of the Shareholders and Directors must be maintained on Public Record, but anonymity can be retained by nominee third parties.

Double Tax Treaty Network:
Panama is not a party to any Double Taxation Agreements.

Trading Restriction:
Companies can be formed for all lawful objects except banking, trusteeship and trust administration, insurance, assurance, reinsurance, fund management, investment funds, collective investment schemes or any other activity that would suggest an association with the banking, finance and fiduciary or insurance business.

Name:
Name should terminate in the words Sociedad Anonima (or SA) or in a word in any other language which denotes that it is of limited liability ("Corporation", "Corp", "Incorporated", "Inc", "AG" etc but not "Limited")

Disclosure of Beneficial Owner:
No

Tax on Offshore Profits:
No

Bearer shares allowed:
Yes

Corporate Directors Permitted:
Yes

Company Secretary Required:
Yes

Standard Authorised Share Capital:
US$ 10,000

Local Registered Agent:
Yes

Local Directors:
No

Disclosure of Directors:
Yes

Disclosure of Shareholders:
No

Annual Return:
No

Submit Accounts:
No