Public Limited Company: Whenever you are starting a business in Panama, the first step is the creation of a public limited company or S.A. (in Spanish). The company gets its name because the owner remains under complete anonymity as he/she does not appear in the public registry of Panama. He/she only appears in the actions and that is a private document of the owner of the company (S.A.)
The company requires a minimum of 3 directors, usually a president, a secretary and a treasurer. The directors of the company do not need to be the real owners of it. Their function is to represent the company and appear in the public registry of Panama.
The resident agent of the company
The resident agent of the company is the lawyer or law firm that represents the company. The resident agent takes care of the single annual fee and annual maintenance charge of the company and usually he/she reminds the customer to make the annual payment rate. It is important to note that the resident agent is not responsible for the acts of the company. Nor the directors of the company.
The companies pay the Government of Panama an annual rate of US$ 300. It is important that Public Limited Companies are up to date for the public record to certificate you as “peace and safe”. This clearance certificate will be requested by the bank to open a bank account and by government institutions for any type of process or license.
For foreign customers
For all foreign customers of any nationality, there is no need of coming to Panama for the establishment of the public limited company, as we designate the figures of two subscribers. It is important to come to Panama for the bank interview. We also support the opening of the bank account to our customers.
The difference between a corporation and an offshore company.
It is basically the same, the difference is that an offshore company lawyer stated in the document the word from the outside.
Offshore companies are managed from the outside.
Thousands of offshore companies are registered annually in Panama from all over the world, and the reasons are many, including due to tax savings.
An offshore company is usually accompanied by a bank account. We support our customers in opening accounts in the best banks in Panama, banks with general and international license and reputation.
Law No. 32 of February 26, 1927
Corporations are governed by law 32 of 26 February 1927 is considered a very flexible law. This law is the legal basis regulating Corporations in Panama or the law governing Corporations in Panama.
Advantages of Panamanian Public Limited Company
No need to pay income tax on income from sources outside of Panama.
The annual maintenance cost of the company is relatively low annual rate is US$ 300 dollars and the maintenance payment for the resident agent or attorney only US$ 300. Therefore, the total amount is US$ 600 dollars.
The shareholders or partners of the company may be foreigners and may also be other foreign or Panamanian corporations.
The directors of a Panamanian public limited company can be of any country; you do not need to be Panamanian.
The company and its capital can be found outside of Panama.
One person can own 100% of the shares of the company.
Public Limited Company in Panama requirements
It is very easy to create a Public Limited Company in Panama.
As a firm, we are going to submit a form by mail that the client must complete and send back along with a copy of the passport of the main stakeholder.
The questions on the form are the same as listed below:
- First name
- Time frame
Other Corporative Legal Services
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- Opening Bank Accounts
- Private Foundations