Gibland Secretarial Services Limited can provide a Panamanian Company within 24 hours. Ready-made companies are also available upon request with speedy administration procedures.

Background:
The Republic of Panama is located between Costa Rica and Colombia, comprising an area of approximately 29,700 square metres (76,900 square kilometres). The International Airport is located approximately 17 miles from Panama City. Communications by airlines are provided to all major cities in Europe, North, South & Central America, also including national flights from towns and cities in Panama.

The official language is Spanish although many people speak English. Civil Law is the basis of the Legal System in Panama, the basic statutes are the Constitution, Civil and Commercial Codes.

Taxes are payable only if income arises from Panamanian sources, no corporation is taxed if the income arises from outside Panama, therefore to be free of Panamanian taxation the company cannot receive any Panamanian income.

Type of Company(s):
The most common company used is the "Sociedad Anonima" or (S.A.), although other types of companies do exist such as Limited Partnership, General Partnership and Stock Issuing Partnership.

The incorporation of a Panamanian company is based on the Corporation Law 32 of 1927 ("the Panamanian Corporation Law").

Panama is a Civil Law Country, the company as a result of this, is regulated by the terms and conditions stipulated in the Articles of Incorporation. Any name can be used if approved by the Companies Registry. The name should end with the words (Sociedad Anonima or S.A.) or in any other language indicating that it has limited liability such as Corporation, Corp, Incorporation, Inc, GMBH or AG., Limited or Ltd cannot be used. To incorporate a Panamanian Company you need to have a Registered Agent who is resident in Panama that must be either a Lawyer or Law Firm.

Summary Benefits:

• No filing of accounts
  
• No filing of Annual Returns
  
• No requirements to hold Annual General Meetings (AGM)
  
• Full exemption of taxation arising from outside sources activities
  
• No minimum capital required
  
• Capital can be raised in any currency
  
• Normal authorised capital is US$10,000 (paying a registration duty of US$60)
  
• Annual registration tax of US$150 payable to the Government
  
• Shares can be registered or on bearer form
  
• Three individual officers are required which need not be directors e.g. President Treasurer & Secretary
  
• Meetings can be held in any country if permitted by the Articles
  
• Accounting books of the Company may be kept in Panama or abroad