Our main commitment is with you

Given that Panama has a system of tax collection, any limited liability company under Panama law that operates without effect in the country is not considered to be contributors within the regulatory framework of Panama.

For that reason such a company does not pay taxes in Panama.

To open a bank account for a limited liability company in Panama, you must present copies of all the constitutional documents of the company to the bank.

Additionally, the interested party must explain the purpose of the company and provide documents that prove said activity. Individuals that form part of that society – directors, dignitaries and shareholders – will need to provide copies of their identification document, their most recent income statement, and proof of address.

Additionally, each person listed on the account must be physically present to sign all the documents to open the account.

Recently, due to the increase of international demand in anti-money-laundering protection and terrorism financing, some banks in Panama are not offering their services to corporate entities that do not operate in the Republic of Panama.

A private interest foundation, which is regulated under Law 25 of June 12, 1995, is a legal entity that protects patrimony created by a funder that transfers goods to the fund to be administered in behalf of third parties.

Depending on the nationality you can stay from three months to six months. If you are from Colombia, Venezuela, or Nicaragua you can stay three months.

If you are from Europe, the United States, Canada or the rest of Latin America you can stay up to six months. During this time you may not work.

You should be in Panama for at least one or two weeks, depending on the type of permit you will request.