Panama - Company Structure Guidance

Authorised and Issued Share Capital

The standard authorised share capital is US$10,000 divided in to 100 common voting shares of US$100 each or 500 common voting shares of no par value; the capital may be expressed in any convertible currency. The minimum issued capital is either one share of no par value or one share of par value.

Classes of Shares Permitted

Non-voting shares, preferred shares, bearer shares and registered shares.

Taxation

No corporation tax is levied on non Panamanian sourced income.

Double Taxation Agreements

None.

Financial Statement Requirements

No requirement if income is of non Panamanian sources.

Directors

Both corporations and natural persons may act as directors and the minimum number of directors is three. They may be of any nationality and need not be residents of Panama. Panamanian companies are also required to appoint a minimum of three officers - president, secretary and treasurer who may also be the directors.

Company Secretary

A company secretary must be appointed, who may be a natural or corporate person. The company secretary may be of any nationality and need not be a resident of Panama.