Steps to incorporate a Company (IBC) in Panama
The incorporation of Panamanian companies (IBC) is relatively easy. These are the steps to follow:
- Contact a law firm specializing in the incorporation of companies in Panama indicating your interest in registering your corporation. This firm will assist you in the creation of the company and will also serve as the Resident Agent that is required by law in Panama.
- Provide the law firm with some options for naming the corporation you want to create. In Panama, you can register the name of the company followed by the endings S.A. ("Sociedad Anonima"), Inc. (Incorporated), Corp. (Corporation) by its full name or only by the acronyms if you prefer. Likewise, the name of the company may be in Spanish, English, French, or German. · The law firm will confirm if your chosen name is available in the Public Registry of Panama.
- Inform the law firm of the names of the three persons to serve on the corporate executive board and their respective positions, be it the "President", "Secretary" and "Treasurer". The members of the Board may be Panamanians or foreigners and can live anywhere in the world. · Must be of legal age, of either sex. · The names of these members shall be public. · If you require full or partial anonymity, law firms like ours can provide you with the necessary figureheads to ensure the confidentiality you need.
- Define if you want to issue registered or bearer shares. · Our law firm will advise you to choose the most convenient option for your company.
- Generally, the law firm will need copies of certain identity documents such as passports of the members of the Board as well as of the real owner of the company. · Also, the firm will need some bank or trade references.
The creation of a corporation in Panama can be a cumbersome task if you do not have the professional advice of a good law firm. We offer this service easily and effectively, no matter if you are out of Panama.