Fewer Anonymous Corporations Register in Panama

During the first three months of 2019, 3,128 anonymous corporations were registered in the country, 12% less than those reported in the first quarter of 2018.

Wednesday, May 8, 2019

The most recent report of the General Comptroller of the Republic details that between the first quarter of last year and the same period of 2019, the number of corporations registered in the country went from 3,543 to 3,128.

With respect to dissolved corporations, a decrease was also reported for the periods concerned, from 2,112 in 2018 to 1,632 in 2019, equivalent to a reduction of 23%.

In the case of merged corporations also recorded a decline, in this area was 34%, down from 113 in the first quarter of 2018 to 75 in the same period this year.

See full statistics.

More on this topic

Decrease in SEM Companies' Arrival in Panama

January 2019

Modifications made to the law regulating the SEM regime in the country, would have been the reason for reporting during last year the establishment of only seven new companies of this type.

Among the reforms to the special regime for the establishment and operation of Sedes de Empresas Multinacionales (SEM) made in 2018, it is worth highlighting that companies must have a minimum number of full-time permanent employees, and in addition, a tax rate of 5% was imposed on the net taxable income derived from the services rendered.

Merchant Companies Creation Facilitated

November 2018

In Guatemala, a new entity was created called Sociedad de Emprendimiento, whose registration cost will range between $128 and $192 and will be available as of the first quarter of 2019.

The Ministry of Economy is working to make the procedure, which will be established within the Regulation of the Law for Strengthening Entrepreneurship, available to interested parties for the first quarter of next year.

FATCA Extends to Corporations

October 2011

Legally registered companies must also report to the tax authorities of the U.S.

This new measure will be taken to comply with the Foreign Account Tax Compliance Law (FATCA, for short), which requires information disclosure by companies where a U.S. citizen is involved.

In addition, banks who hold deposits belonging to North American clients must also report to the Internal Revenue Service (IRS), and entities that do not will be subject to a retention of 30% on the interest and dividends generated.

Costa Rica: Approval of Business Tax Moves Forward

August 2011

An annual tax of $312 will be created for companies, branches or representatives of foreign corporations, limited liability companies who are in active business.

The tax targets active corporations which undertake some type of commercial business. For inactive companies (not engaged in lucrative activities), the tax is $156.44.

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