register a business/corporation
In most cases people register corporations for 2 main reasons - Either to establish an actual trading company in order to provide a service or sell products etc OR to use towards asset protection as a corporation can hold real estate and vehicles that is separated from the owner of the business. This is useful in the event that the person is involved in any form of legal process where assets might form part of the process. If the sole purpose is asset protection, we would recommend the client to consider a foundation setup.
The most common business type in Panama is the S.A. which basically means it is an Anonymous Society so the shareholders are not made public and assets are legally separated between the shareholder and the business.
Requirements to register a business:
Provide 3 possible names for the business starting with the most preferred first in order to review availability in the registry
Provide a minimum of 3 directors
Provide the information of the 3 directors - Copies and passports or cedulas, proof of addresses, contact numbers and emails
Provide designated positions and shares of the directors (President, Secretary, Treasury)
Complete due diligence forms provided by us
Costs:
**Please note that our fee is a flat rate for most types of companies excluding only special trades that require additional documentation and special licenses. This includes medical, financial, educational and food/alcohol related businesses.
Annual costs:
It is important to remember that any business/corporation must pay certain annual fees
On average, a business will have an annual fee of around $700-$800 which includes the government taxes, legal fees and accounting fees.
The process:
In most cases a company registration process can be completed in 3-5 days if all required documents are provided correctly
The books and certificates and trade license are all provided to the owners once finalized
Asset protection:
Assets like real estate and vehicles can be registered in the name of the business.
Additionally, a foundation can be registered, if preferred, and the business and assets can all be held in a foundation which offers additional protection.