Panama Corporation, commonly referred to as Panama International Business Company (IBC) is conceived as a favourable choice of company formation due to multiple reasons, inter alia, the non-existence of corporation tax, the minimum capital requirements, the exemption from all local taxes for income received outside of Panama, and the non-existence of restrictions when it comes to proceeding with domestic transactions.
GFA TRUST considers Panama to be amongst the favourite offshore jurisdictions in the world.
The incorporation process takes 2 days. The tax on offshore profits and exchange controls are non-existent.
The jurisdiction’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in Panama with no obligation attached as to the presence of a local Company Secretary, Director or with the legal obligation that the meetings of the company take place in Panama, as the location of the Board Meetings, can be placed anywhere in the world, as also, the company’s administration. The minimum number of Directors is 3 whereby the appointment of a President, Secretary and Treasurer is required. The minimum number of Shareholders is 1.
Public filings are restricted only to the Director(s) of the company, hence, safeguarding the Shareholder(s) and the Ultimate Beneficial Owner(s) from publicly disclosing their information. Furthermore there are no Annual Filing Requirements attached i.e. there exists no obligation for the submission of the company’s Annual Return or Audited Accounts.
The issuance of bearer shares is acceptable and company re-domiciliation is permitted, as also, the acquiring of shelf companies and the appointment of Corporate Directors.