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Panama
Foundation Facts
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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.
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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.
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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.
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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.
For
questions or information regarding any please email: info@panama-foundation.com
, or call our offices at ++(507)236.8303
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