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Uribe & Asociados, your trusted lawyers in Panama and Colombia.
Specialists in Corporations in Panama and Colombia
Panamanian corporations can establish their legal domicile in the country and, in addition, operate or have a presence anywhere in the world where permitted. Meetings and management can be handled from abroad; shareholders and directors can be domiciled outside Panama; even board meetings and assemblies can be held abroad and virtually.
The share capital can be as low as ten dollars (USD $10), but it is recommended to be higher than ten thousand dollars (USD $10,000) or lower.
At Uribe & Asociados, the process is fast and reliable. We have the best team to advise you on incorporating your company with business purposes and asset protection.
- Incorporation and administration of corporations.
- Advice on mergers and acquisitions of companies.
- Creation and amendment of bylaws.
- Minutes of assemblies and issuance of shares.
- We also offer advice on the incorporation of companies in Colombia: S.A.S., Limited Partnerships (COMANDITAS), L.T.D.A., S.A.
More Information on Corporations
The structure is composed of:
1. Shareholders, who can be natural or legal persons.
2.Directors, who do not need to be shareholders or residents in Panama.
3. Legal Representative, the person who represents the company before the authorities.
The time it takes to create and register a corporation in Panama is approximately 3 business days. We handle the legal procedures so that your company operates efficiently and in compliance with all current regulations.
The Annual Fee is the tax that corporations must pay each year, with an initial amount of USD 300.00. The registration in the Public Registry has a cost of USD 10.00, and the incorporation fee is USD 50.00 for the first USD 10,000.00, plus 0.75% for each additional USD 1,000.00 or fraction thereof.
FAQ
The Articles of Incorporation is the company’s founding document and includes:
- Names and addresses of the subscribers of the Articles of Incorporation.
- The company’s name, which can be in any language, but cannot be the same as an already existing company.
- The general purpose of the company.
- The amount of the share capital.
- Shares may be issued registered or bearer.
- Each subscriber of the Articles of Incorporation agrees to take one (1) share each.
- Company’s domicile and the name of the resident agent in the Republic of Panama, which may be a legal entity.
- Duration of the company, which may be perpetual or for a specified term.
- The law requires that the number of directors must not be less than three (3), with their names and addresses.
- Subscribers may agree on any lawful clauses within the Articles of Incorporation.
One of the main benefits is that it projects a solid image and international trust to your clients by domiciling in Panama. There are many more advantages, but the most notable is tax-related, since corporations do not pay income tax on foreign-source income.
Panama has a dollarized economy and an undeniable strategic geographical position, factors that strengthen its overall attractiveness for business.
The corporation must issue a shareholders’ meeting resolution stating that it adopts the new bearer share custody regime, in accordance with Law 47 of August 6, 2013, and its amendments.
The following may act as authorized local custodians of bearer share certificates: general license banks and trust companies established in the Republic of Panama and regulated by the Superintendency of Banks of Panama; as well as brokerage firms and securities depositories established in the Republic of Panama and regulated by the Superintendency of the Securities Market of Panama. Also, attorneys registered with the Fourth Chamber of General Business of the Supreme Court of Justice may act as authorized local custodians.