PANAMA:
INTRODUCTION:
The Republic of Panama occupies an area of 77,082 square kilometres and is situated between Costa Rica in Central America and Columbia in South America with coastlines on both the Pacific and Atlantic Oceans. Its capital, Panama City, is on the Pacific coast at the entrance of the Panama Canal. Panama was a Spanish colony until 1821. In 1903, Panama broke an alliance with Colombia and became an independent republic. The population of Panama is approximately 2.4 million, of which 700,000 live in Panama City..
LANGUAGE
The official and spoken language is Spanish, although English is also spoken widely in urban areas and is used daily in commerce and international trade.
TYPE OF LAW
Panamanian law is based on the Spanish Civil Code, although the company law has been taken from the corporation law of USA.
COMPANY INFORMATION
type of company for Iinternation trade and investment
Limited Liability Companies and Limited Partnerships
TIME TO INCORPORATE
One Day, but allow 15-20 working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words, or their relevant abbreviations - Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima. Names may be expressed in any language using the Latin alphabet. The Registrar may request a Spanish or English translation.
The following names and their associated activities, cannot be used: Assurance, Bank, Building Society, Savings, Loans, Insurance, Reinsurance, Fund, Royal, Trust, Chamber of Commerce, University Co-operative and Municipal.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, shares of no par value, preference shares and non-voting shares.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
FINANCIAL STATEMENT REQUIREMENTS
There is no requirement to file annual audited accounts with the authorities.
