Advantages of starting a company in Panama
The process required to register in Panama
Information required to register a Panama company
- 公司英文名称，后缀S.A./Corporation/Corp./Incorporated/Inc.组成；
- At least 3 directors and 1 shareholder, who may be an individual or a body corporate;
- Personal ID card/passport + address proof, business license of corporate body need to be authenticated;
- Resume and contact information for individuals, corporate bodies need company introduction and board composition information;
- The business scope of the company;
- Standard registered capital: USD 10,000, no need to pay;
- All subjects need to provide recommendation letters (templates provided by our company);
- Company registration application form and due diligence form signed by directors or authorized persons (provided by our company).
Information is available upon registration
Business license
Articles of association
Registration paper
Document signed by the front director
Electronic signature DSC
Commercial Secretary authorization document
First board meeting
Notice of registered address
First board resolution
Nominal director agreement
Tax filing service
Details may vary depending on the type of company, its size and location
Determination of tax liability
Even if a company does not operate, it needs to submit a tax return, and the IRD will assess whether the company needs to pay tax on the basis of the tax return. Panama adopts a territorialist approach to taxation, that is, taxes are levied only on income and income arising from commercial economic activities occurring in Panama.
File a tax return
Submit tax returns in accordance with Panama's tax regulations. The specific forms and information that need to be submitted may vary depending on the type of business and tax status of the company.
Pay tax
If the company needs to pay tax, it needs to pay the tax according to the specified rate and period. Companies doing business in Panama are required to pay taxes of 30 to 50 percent of their assessable income. For taxpayers with an annual turnover of more than $1.5 million, the tax rate is 25%.
Compliance with tax deadlines
The tax year in Panama usually runs from January 1 to December 31. Taxpayers need to complete their tax returns and pay taxes within this period. If necessary, a special tax year can be applied to the administration.
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