Panama is located in Central America, between Colombia and Costa Rica and borders both the Caribbean Sea and the North Pacific Ocean. Panama has a dollar-based economy which rests primarily on a well-developed services sector. This sector accounts for more than three-quarters of the country’s GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Further economic growth will be strengthened by the Panama Canal expansion project which began in 2007. It is scheduled to be completed by 2014 at a cost of $5.3 billion. The expansion project will more than double the capacity of the canal, enabling it to accommodate ships that are too large to negotiate the existing canal. The United States and China are the top users of the Canal. Panama has also recently signed a number of double taxation treaties with other nations. CompanyRegistrationsWorldwide.com will assist you in Company Registration Panama.
Setting up a company in Panama – what are the main features?
- Companies that can be set up in Panama include; Corporation, General Partnership, Limited Partnership (operates similar to a U.S. Limited Liability Company, or “LLC”), Stock Issuing Limited Partnership, Cooperatives, Single Proprietorship, Limited Single Proprietorships
- Corporations may be organised by two or more persons of legal age (who can be Panamanian or foreigners) as well as juridical entities
- The authorised capital of a Panama corporation does not have to be fully subscribed or paid up
- A minimum of three directors is required
- The names and addresses of these directors is part of the public record
- Panama offshore companies require officers for the position of President, Treasurer and Secretary and may be natural persons, Panama Corp. or foreign corporations or other entity
- An officer may hold more than one position, but the President and Secretary should not be the same person
- Shareholders and/or Director meetings may be held anywhere in the world
- The standard capitalisation for a Panama Corporation is US$10,000.00
- There are no exchange controls or restrictions on the free movement of currency
- Non-resident Panama Corp. is 100% tax-free on its activities outside of Panama
- No books or records have to be kept by a Panama offshore company
- There is no requirement to prepare, maintain or file financial statements
In the case of company registration Panama, once you get success, every business opportunity becomes the best scope of growing your idea for capturing the market. So it is advised to get every requirement verified, that is to be presented for setting up your company in the area.
As it is really necessary to look up for services that are helpful in establishing a perfect setup of the firm, so it is strongly recommended to select company registration Panama service for starting a business in this country.
Company Registrations Worldwide can provide and efficient and professional service in all aspects of company registration in Panama. Contact us for more information.