The notion “offshore” does not appear in the legislation of Panama. Although, as far as Panama uses territorial principle for taxation, the taxes are imposed only on income received locally and, correspondingly, the person conducting business activity or owning property out of the territory of Panama is exempt from taxes. Over 120 thousand companies are registered in Panama, most of which are offshore.
General information about Sociedad Anonima (Private Company) in Panama
UniverseLAW offers full range of professional services, associated with business organization in Panama:
The companies which do not conduct business in Panama are not subject to taxation.
Taxes in Panama:
Corporate and financial documents of the company must be kept in Panama, if the company performs taxable operations on the territory of Panama. Such information must be up to date and available for inspection to local tax offices. If the company conducts only offshore operations, such documentation may be kept in any place even abroad.
Companies which do not perform business activity in Panama are not obliged to submit annual reports, tax declaration and audit.
Legalized documents (copies of documents certified with apostille):
Time required for registration:
2-3 working days are required to register an offshore company in Panama. Additionally, some time required for notary certification, apostille and delivery of the documents. If necessary, a ready-made company may be purchased in 1 working day.