The offshore companies in Panama are regulated by the Law No. 4 of January 2009, which came into effect on January 15, 2009.
- Only one director or three shareholders are required for the company’s formation.
- The shareholder(s) and director(s) can be a natural person.
- It is required at least three secretaries.
All of the IBCs in Panama can have one or more person or corporate directors and they can be of any nationality. Without the needs of any statutory meetings to be held you can have them all or do business activities not being in the country at distance.
In Panama they offer investors the benefit of a zero (0) Tax exception like all the offshore jurisdictions for foreigners around any commercial activity or commercial transactions made outside the country.
One of the most important features about Panama for people in the business world is the security in such insecure times that we are living because of the privacy that Panama offers, because the shareholders and administrators names are not published in the public records.
By law a Panama IBC should keep accounting records that are able to explain all the transactions of the company and will be enable to show the position of the company with reasonable accuracy. The books and records will not be show in the public records it should be kept at the registered office of the company.