The Republic of Panama’s corporate regime is world-wide known. Since the enactment of Law No. 27 of 1932, Panamanian corporations have been part of major commercial transactions around the globe. Mimicking on such success, on 2009 Law 4 was enacted whereby Limited Liability Companies adopted most of the Corporation’s characteristics, thus making them another feasible option to incorporate. Panamanian LLC’s are ofter preferred by man international entities as their beneficial owners are publicly known.
Formation of Companies
Panama’s corporate entities provide several attractive features which could be used advantageously. Some of them include:
- No requirement of being a Panamanian citizen to form a company.
- The law only requires the appointment of a lawyer or a firm as resident agent of the corporation.
- Complete anonymity of stockholders in the case of Corporations.
- No requirement to hold annual meetings for shareholders, partners or directors.
- Meetings can be held any place in the world, or even via conference call, if so provided in the Articles of Incorporation.
- Accessible annual franchise taxes.
- Capability to migrate to and from other jurisdictions.
- Separation of equity and liability.
- Expedient delivery times for incorporations or corporate changes.