Advantages A very well established jurisdiction that has developed a good reputation over a number of years The legal infrastructure is well developed and the professionals within Panama have marketed the jurisdiction aggressively and actively over an extended period Well?known flag of convenience for shipping purposes Disadvantages One of the few non-English language offshore centres Company Status Exempt Non-Resident Corporation Corporate legislation source Civil Law; Law Number 32 of 1927 on Corporations and others Company name The name of the corporation may be in any language and must end with an appropriate suffix - Corporation, SA, etc Time taken to incorporate Three days Are shelf companies available? Yes - but are more expensive than bespoke companies (see end note) Usual minimum capital No minimum required by law. The usual authorised capital is US$ 10,000 Capital Duty Registration fee of US$60.20 for capital of US$10,000. Sliding scale operates above this level. Minimum number of shareholders Two subscribers required, but only one ongoing shareholder after incorporation Are bearer shares / shares of no par value possible? Yes / Yes Directors: minimum number / corporate directors allowed / location Three / Yes / No restriction Secretary: mandatory / corporate secretary allowed / location Yes / No / No restriction Is there a requirement for a Registered Office / Registered Agent? No / Yes Is any information required by the authorities prior to incorporation or prior to tax status being granted? None What information is available on the public file? Share Capital, Registered Office, Shareholders, Directors What documents must he kept at the Registered Office? Deed of Incorporation, names and addresses of Directors, Registered Agent Corporate books & seal The company must maintain a minute book and stock register, both of which may be maintained in any part of the world Are accounts required / filed? No / No Is an annual return required? No Where are meetings to be held? No restrictions Annual fees payable to the government: Tax / Annual Return Filing Fee US$250 / Nil Are there any exchange controls? No Double tax treaties None