Panama is a Spanish speaking country located in Central America, between Costa Rica and Columbia. Panama is a civil law jurisdiction which is based on the Spanish Civil Code, although its company law has been taken from the corporation law of Delaware in the USA. Panamanian business types take the form of the Corporation limited by shares, (Sociedad Anonima), Foreign Corporation, general, civil and limited partnership, Trusts and the Foundation, an autonomous legal entity with no members or shareholders formed for the protection of assets.
Advantages of Panama Company Formation
- No currency restrictions.
- No requirements to deposit or paid the registered capital.
- Offshore activities, not required to file reports.
- Company Directors and Shareholders can be from any nationality.
- No need to keep accounting in Panama.
- Low incorporation costs.
- Low Maintenance costs.
- Share certificates are issued only in private documents.
The Panamanian Foundation is suited to the holding of assets such as shares and property. Asset protection legislation is a strong which has made Panama foundation the asset protection vehicle of choice.