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OFFSHORE CORPORATIONS OR COMPANIES IN PANAMA

OFFSHORE LIMITED LIABILITY COMPANIES (LLC) IN PANAMA

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OFFSHORE LIMITED LIABILITY COMPANIES (LLC) IN PANAMA

Panama has a new legal instrument that regulates the existence of the Offshore Limited Liability Companies (LLC), as inferred from the new Law 4 of January 9th, 20099, which came into force on January 15th, 2009.

The Offshore Limited Liability Companies (LLC) in Panama come to complement the offer of instruments that the Republic of Panama already has, such as the Offshore Corporations or Public Limited Corporations, Private Interest Foundations, Trust and Banking Operations.

Offshore Limited Liability Companies (LLC) in Panama are a hybrid between a corporation of personas and a corporation of shares (Companies or Corporations).

CHARACTERISTICS OF THE OFFSHORE LIMITED LIABILITY COMPANIES (LLC) IN PANAMA

The Panamanian Offshore Limited Liability Companies have the following characteristics:

» Wide Objective. The new Law of Limited Liability Companies (LLC) of Panama allows these

Companies to perform in any kind of businesses, civil or commercial, worldwide

» For its constitution at least two (2) people must participate, Panamanian or foreigner, legal or

natural

» El capital social no tiene que estar liberado y pagado por los socios al momento de la formación

de la sociedad.

» The social capital can be represented by any currency

» The responsibility of the partners is limited to the amount of their investments

» The identity of the partners must be registered and public; therefore the addition of new

partners implies the modification of the Social Agreement

» The businesses of the corporation are managed by one or more administrators, whom may be

legal or natural persons, of any nationality, being partners or not

» The administrators of the corporation will have in charge the administration and management of

the Corporation and its representation

» The income coming from the activities performed by the Panamanian Offshore Limited Liability

Companies (LLC) and the utilities paid to their partners, are exempt of taxes in Panama

STRUCTURE OF THE OFFSHORE LIMITED LIABILITY COMPANIES (LLC) IN PANAMA

The Limited Liability Companies require the following information to be recorded in the Social Agreement:

» Identification of the grantors and their domicile

» Domicile of the Company

» Duration of the company, whether it is perpetual or not

» Indication of the social objective which can be special or general and wide

» The amount of the authorized social capital which may be represented in any currency, the

shares in which is divided and the value of each

» Designation of the person or persons that will exercise the administration and legal

representation, whom may be partners or not

» Designation of one or more dignitaries or agents, general or special and their duties

» Designation of a resident agent whom must be an attorney or a law firm

» Other clauses and conditions that the parties wish to incorporate

USAGE OF THE OFFSHORE LIMITED LIABILITY COMPANIES (LLC) IN PANAMA

Limited Liability Companies (LLC), also known by the abbreviation LTD or S de RL or by its English abbreviation LLC are corporation of persons or companies with the same purpose. This is how it is differentiated from the Public Limited Companies, Companies or Corporations.

The Offshore Limited Liability Companies (LLC) of Panama have as attractive to eliminate the risk generated by individual business people, using an intermediary company in which they respond only to the extent of their participation.

In fiscal matters, these companies usually allow, in countries where they are used, eliminating the tax burden of companies for profit of the company, leaving only that which corresponds to its members separately, according to their participation in the company, thus eliminating a potential double taxation.

It should be clarified that the Offshore Limited Liability Companies (LLC) of Panama, as long as they have no local operations, will be exempt from paying taxes on their operations taken, improved or consumed exclusively abroad.

As indicated by the Law on Limited Liability Companies (LLC), their objective may be wide, to allow the Company to engage in any lawful activity without limitations.

MAINTENANCE OF THE OFFSHORE LIMITED LIABILITY COMPANIES (LLC) IN PANAMA

These companies must pay the amount of USD$ 250.00 of the Corporation Tax at the time of its constitution and USD$ 300.00 annually, after the second year of constitution, as with the Limited Liability Companies or Corporations (LLC), Private Interest Foundations and all other types of companies that are registered in Panama.

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