Doing Business in Panama
LOMBARDI AGUILAR & GARCIA DOING BUSINESS IN PANAMA
PANAMA CORPORATIONS
The Republic of Panama has always played an important role in international trade due to the favorable laws that have been enacted in order to make it a location attractive for investors of all parts of the world. The U.S. dollar is the official currency of the country and is used in all financial transactions, without applicable exchange restrictions nor requirements to file corporate reports of any kind. Furthermore, the income earned from sources outside of the country is exempt from taxes.
A. Off-shore Companies in the Republic of Panama.
The incorporation and operation of off-shore corporations is governed by Law 32 of 1927, which has been maintained without changes from its enactment. Currently there are more than 200,000 Panamanian corporations, which constitutes the best evidence of the advantages that these corporations offer.
