Incorporate in Panama
Panama Corporation (SA) Formation – USD 2,550.00 (All included)
We pride ourselves in providing the best possible professional service which includes our honest hassle-free “No Hidden Fee” policy. Your incorporation package includes:
- Government and Registration Fees
- Articles of Incorporation (Spanish)
- English Translation of Articles of Incorporation
- Certificate of Good Standing
- Minutes Issuing Shares
- Share Certificate(s)
- Minutes of Accounting Records
- Share Register Book
- Certificate of Incumbency
- Notarial Certificate
- Resignation of the Subscribers
- Registered Office Fees for the calendar year
- Corporate Documents’ Courier Delivery
Time to form: 5 to 10 business days.
All our incorporation services include a yearly consulting session, a dedicated account manager and access to our global network of trusted business services, including introductions to accountants, financial, tax and legal advisors at no cost.
All Panamanian Corporations are required to have at least 3 directors/officers – President, Treasurer, and Secretary. Directors’ details are available in the public registry.
- Three Nominee Directors (Natural Persons) (1 year) – USD 700.00 p.a., including Apostilled Power of Attorney
Annual Fees (2nd year) – USD 1,600.00
- Government Franchise Tax
- Maintaining Minute Book, Registers and Statutory Records
- Registered Agent Service Fees
- Registered Office Fees
Bank Account Opening Support Services
Bank Account Options*:
- Panama Business Bank Account (In-person/Remotely) – USD 2,000.00
- Offshore Bank Account** (Remotely) – USD 300.00
- Labuan (Malaysia) Bank Account (Remotely) – USD 500.00
- Bahamas Bank Account (Remotely) – USD 500.00
- Mauritius Bank Account (Remotely) – USD 600.00
- Curaçao Bank Account (Remotely) – USD 500.00
- Singapore Bank Account (In-person) – USD 900.00
- Hong Kong Bank Account (In-person) – USD 1,200.00
- Cayman Islands Bank Account (Remotely) – USD 900.00
- Cyprus Bank Account (In-person) – USD 1,200.00
- Armenia Bank Account (Remotely) – USD 1,200.00
- Cook Islands Bank Account (Remotely) – USD 600.00
For Private Wealth Structures, we have further options available in large financial centers. Please contact us for more information.
*This accounts’ schedule of fees are for trading, service and holding companies whose activities are not regulated and are considered low-risk by financial industry standards. If you conduct regulated activities such as financial services or gaming, or you operate in a high-risk industry such as cryptocurrencies, precious metals, adult, dating. Please also contact us for more information relating to these industries.
**Offshore Bank Accounts: Belize, Puerto Rico, Nevis, Antigua, Saint Lucia. Other bank account options may be available depending on business profile and turnover.
Our Bank Account Opening Support Service includes:
- Introduction to the Bank Manager
- Bank Account Opening Process Management
- Assistance and advice in filling out Business Questionnaires, KYC Forms and Bank Account Application Forms.
- Certified Copies of Constitutional Documents with Apostille
- Corporate Seal
Our banking service is not just a mere introduction to the bank. We assist you in filling out the business plan forms appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application.
Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process
Merchant Account – USD 2,230.00 (All included)
- Operations Notice (Aviso de Operación). Filing of the formal request before the government that the company will be initiating its business operations. The result of this process will be a document identified as “Aviso de Operación”, which will need to be provided to the bank.
- Registry before the Municipality of Panama. As a consequence of the filing of the formal notice whereby the company will initiate its business operations in Panama, it will be compulsory to register the business before the Municipality of Panama, in order to avoid fines or penalties.
Merchant processing fees are set at the discretion of the bank on a case-by-case basis (Usually about 4-5%)
It is important to take in consideration the following:
1) Further to the company obtaining its Operations Notice (Aviso de Operación) cited above, it will be required that the company submits an Annual Tax Filing. If the company has a foreign income source, then there is a minimal tax burden, this must be further discussed on a case-by-case basis.
2) The fact of being registered before the Municipality will generate a minor fee which will need to be covered on a monthly basis.
Panama Permanent Residency (Friendly Nations Visa)
To qualify for Permanent Residency, you will first need to show that you conduct some professional or economic activity in the country. This can be done by being hired as an employee for a Panama corporation or directly incorporating a company. While there is no requirement for this company to have any employees, it cannot be a dormant entity and must show some degree of activity. It is up to the authorities to determine if a company’s activities are adequate, however, officials tend to be quite lenient on this.
Next, you will have to prove that you are economically solvent by depositing USD 5,000 in a Panamanian bank account. If you have dependents who are also applying for the visa, you will have to deposit USD 2,000 per dependent. Dependents include the applicant’s spouse, and children under 18 years of age, or 25 if they are full-time university students.
You will receive a temporary residency card, which is valid for one year, while your application is under review. Once it is approved, you will get a permanent residency card, and will be allowed to apply for a work permit.
- Personal Bank Account: Personal bank account – USD 750 (In-person); or Private Banking personal account – USD 1,000; (USD 20,000 bank deposit) (Remotely)
- Panama Incorporation – USD 2,550 + USD 700 for 3 Directors (All Panamanian corporations must have at least 3 directors)
- Corporate bank account (Optional) – USD 2,000; if Private Banking personal account used, the USD 20,000 deposit can be split between Personal & Corporate accounts.
- Permanent Residency – USD 3,800
Open a personal bank account – You have two options:
- Open a personal bank account – Minimum deposit is USD 5,000 and you will have to travel to Panama to open. You should plan to be in Panama for 2-3 work days.
- Open Private Banking account – Minimum deposit is USD 20,000. It can be done remotely.
3-5 weeks to open a personal bank account (either option).
Incorporating a Panama company, which takes 2-5 days once all required documents are collected.
If you want to open a corporate bank account, this can either be set up remotely (if Private Banking option is chosen) or upon your visit to start the Friendly Nations Visa Program.
Once the bank account is opened, you can travel to Panama to fill out the initial Friendly Nations Visa (Permanent Residency) application forms and file the required documents. You will get a Temporary Residency Permit. This step will take at least 8 business days.
After 3-4 months, you will need to travel to Panama (if you are not there) to receive the Permanent Residency status. This step usually takes 2-3 days.
After other 3-4 months. You will need to travel to Panama (if you are not there) to receive your Panama Cedula (ID Card) and conclude the process.
The whole permanent residency process takes approximately 10-12 months. However, you can freely travel in and out of Panama and establish there, after receiving temporary residency (Step 3).