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- Second
Most Popular Jurisdiction in the World:
Panama is the registered domicile for over 400,000 corporations
& foundations, making it the second most popular jurisdiction
to incorporate in the world, next to Hong Kong.
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No
Reporting Requirements or Taxes: Panama does not impose
any reporting requirements or taxes for Panamanian Foundations.
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No
Piercing the Corporate Veil: Panama does not allow
"piercing the corporate veil", so your Foundations
books are maintained 100% private and confidential by law.
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Anonymous
Ownership and Control: The Protector and Beneficiaries
need not be publicly registered. Panama Foundations Protectors
can be appointed through a Private Protectorate Document, and
the Beneficiaries can be appointed through a Private Letter
of Wishes, written and signed by the Private Protector.
- No Capital
Requirements: Panama Foundations do not require Paid-In
Capital.
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Directors:
Every Panama Foundation must have a council (same as directors
of a corporation), who's names and addresses are registered
in the public registry. The council members can be either individuals
or entities of any nationality and resident of any country.
If the council is made up of individual persons, then it requires
3 council members (President, Secretary and Treasurer). If the
council is an entity, then only one council member is required.
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Nominee
Foundation Council: We offer our clients the optional
service of using our "Nominee Council" for their Foundation(s).
For purposes of confidentiality, most of our clients prefer
that we provide nominee council members for their Foundations.
When we appoint nominee council members for the Foundations
that we establish for our clients, we always provide our clients
with pre-signed, undated letters of resignation from the council
members so that our client can replace those council members
at any time. There is no additional fee for the use of our nominee
council.
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Directors
or Beneficiaries Meetings: Annual general meetings
of council members of the Foundation are not mandated or required.
However, if meetings are held, they can take place anywhere
in the world by proxy - via telephone, email or other electronic
means. Any resolutions passed are valid regardless of whether
they are signed on different dates or in different jurisdictions.
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Corporate
Books: The Registered Agent is not required to keep
any records for the Foundation, however, it is recommended that
every Foundation should maintain a minute (council meeting)
record book, which can be held anywhere in the world.
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Annual
Corporate Franchise Tax: Panama corporations &
foundations should pay a low annual corporate franchise tax
of US$250 to remain in good standing. The deadline for the tax
payment depends on when the entity was formed. If the entity
was formed from 1 January to 30 June, then the tax is due on
the 30th of June. If the entity was formed from 1 July to 31
December, then the tax is due on the 31st of December. If the
tax is not paid on or before the due date, the entity be charged
a late penalty of US$50.00 . If the tax is not paid after the
following "deadline" period, the entity will be charged
a second late penalty of US$250.00.
- Convenience:
It is not necessary for the interested parties to be present in
Panama for the purpose of establishing a Foundation. We can handle
everything for you without you having to come to Panama.
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No
Business License Requirement: Panama Foundations DO
NOT require a commercial business license to operate internationally.
- Re-Domiciliation:
Foundations from other jurisdictions may be "re-domiciled"
to Panama, and vice-versa. Many people who have corporations in
jurisdictions such as Liechtenstein, Switzerland, and other jurisdictions
are currently re-domiciling their Foundations to more affordable,
private and secure jurisdictions such as Panama.
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Corporate
Seal: A Foundation seal is optional. We also offer
Foundation seals if you want one. Please see our Fee Schedule
for pricing details.
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Legal
Address: When registering a new Panama Foundation,
it must have a legal physical address that is included in the
articles of incorporation. Our law firm provides a legal physical
address as Resident Agent and Registered Office.
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