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General
Type of Company	Ltd
Average timeframe to set up a new company	3 - 4 days
Average timeframe to activate shelf company	1 day
Migration of domicile possible?	Yes
Corporate Requirements
Standard authorised share capital	US$ 10,000
Bearer shares allowed?	Yes
Minimum number of shareholders/members	One
Minimum number of directors	Three
Corporate directors permitted?	Yes
Local directors required?	No
Local meeting required?	No
Company secretary required?	Yes
Taxation
Corporate tax rate	30%
Ordinary tax base	Panama source income only
Tax exemptions	Yes
Withholding tax on dividends - tax rate	None
Withholding tax on interest - tax rate	None
Withholding tax on licence fees and royalties	None
Double taxation treaties	12
Value Added Tax rate	None
Disclosure and Reporting Requirements
Disclosure of beneficial owner	No
Government register of directors	Yes
Government register of shareholders/members	No
Annual return	No
Submission of accounts	No
Audit required?	No

Incorporation and 1st Year Fees and Taxes		Annual Maintenance Fees and Taxes
Type of company	Ltd		Ltd
Incorporation Fee	600
Government Tax	150	Government Tax	150
Domicile/Maintenance Fee	650	Domicile/Maintenance Fee	650
Total 1st Year, USD	1,400	Total Annual Maintenance, USD	800
Nominee Shareholder	300	Nominee Shareholder	300
Director's Fee1)	300	Director's Fee1)	300

Note: all fees are quoted in United Stated Dollars (US$). Currency Converter 1) Minimum fee per individual director resident in Panama. A minimum of 3 directors are required. Note that annual fee will depend on the work involved. Directors do not have to be resident in Panama. Corporate directors are allowed.