Actualizado: ago 15
What is a corporation in Panama?
A corporation in Panama is a legal body regulated by law 32 of February 26, 1927. Where there may be a single owner or several (partners) who come together for a common commercial or patrimonial purpose, the partners (shareholders) They must establish the percentage of participation equivalent to an amount of shares.
At the time of creating the corporation pact, it must be signed by two subscribers who accept at least one share of the company and are not strictly the owners of the company. In practice, it is usual for the articles of incorporation to be signed by the lawyer (resident agent), together with another lawyer from his office. After the agreement is formed, the subscribers renounce the shares they have subscribed or, if required by the client, remain with said actions for administrative reasons. Panamanian corporations may engage in any lawful business that is not contrary to any law, they may also conduct business abroad and locate their offices anywhere in the world. The business possibilities offered by a Panamanian corporation are diverse, one of its main attractions is that when the commercial activity is not carried out in Panamanian territory, it is exempt from paying taxes on that activity and the money it generates can be received in Panama free of taxes. Another interesting point is that the capital stock to form a corporation in Panama is a registered capital and it is not necessary that it exist liquidly in a bank account in Panama, this facilitates its constitution. However, if necessary through the company, a foreigner, whether a natural or legal person, can open bank accounts or fixed terms in Panama, the latter with interesting returns of up to 5.5% in the banks of the Panamanian market. Enviar comentarios
A Panamanian corporation, as a patrimony protection body:
Investing in real estate is not just about buying your first home or buying a second property that generates an income, that's just the beginning of the equation. As time goes by other factors come to value such as your retirement, which is something that we all aspire to achieve but that few of us prepare for that yearned for moment. Another important element of the equation is the legacy that you will leave to your descendants or whom you designate as the deserving of your economic legacy. When you come to wonder how to ensure that your assets are protected from any external factor, such as lawsuits of any kind, divorce proceedings, etc. A legal body such as a corporation, can be your ally so that your assets arrive optimally to your golden years or that your legatees receive it according to your will. 3 Reasons to use a corporation as a legal body for asset protection: 1. The corporation is a legal body independent of the shareholders: This means that the obligations that you acquire with your creditors only correspond to you and the company has no responsibility for said obligations. The company is only established to manage assets and does not engage in any legal business that may represent a present or future risk to your assets. 2. It is a legal body of international protection: Law 32 of February 26, 1927 in its article 90 establishes "a foreign company may have offices or agencies and do business within the Republic of Panama." This is possible after complying with some requirements established in the same article, but the important thing about this point is that if you have assets outside of Panama under a corporation, you can domicile or open a branch of the same corporation in Panama, so that this The same legal vehicle acquires new assets in Panama. In this way you ensure that your assets are protected under a single legal body and it is easier to manage or pass your assets to whom you designate. 3. It is a safe and easy to transfer legal body: Public limited companies due to the formalism that is required for their constitution entail that the document where it is constituted and modifications are recorded in the public registry. This formalism gives greater protection to the patrimony, the assets that the society maintains and any changes that are made to the composition or operation of the society are public information. It is important to clarify that the data of the shareholders of the company is not public knowledge, this corporate protection is important when it comes to protecting your assets, as mentioned in point one. In addition, it is easy to transfer the company with the only exchange of the share titles, whether bearer or registered. As it is a private transaction without the need for further formalities, it is easy to handle and when it comes to a better life for the owner of the shares, if the legal vehicle is structured in the correct way, slow succession processes can be avoided and in some Cases jeopardize the will of the original shareholder, in view of the possible appearance of other alleged heirs. 4. Discretionary when issuing your shares: Panamanian Corporations have the capacity to issue the shares in the way that their shareholder decides, article 20 of law 32 of February 26, 1927 establishes: “the company will have the capacity to issue one or more classes of shares , with the designations, preferences, privileges, voting power, restrictions or requirements and other rights that its articles of incorporation determine. ” This point is relevant when talking about patrimonial protection because if necessary you can divide the shares of the company in the way that you designate among your heirs or legatees and in this way you establish before your death a real division [js1] of one or more assets real estate or otherwise. You can also trade or sell a part of your assets without having to make a real division of the asset, through the sale of shares of the company that owns the asset. 5. Ability to merge with another corporation: Having your assets under a Panamanian corporation, allows to unify them under a single legal body by merging the companies that own each of the assets, this avoids the payment of high sums of taxes in the case of real estate and to preserve the share distribution to the to leave as a surviving company the merger to which it has the ideal or required share distribution, as established in article 71 of law 32 of February 26, 1927: “subject to the provisions of the articles of incorporation, two or more companies incorporated under this law may be consolidated to form a single company. "
Until next time !!