Eagle Worldwide Inc.(fka ELWD)

[Darth Trader4]

Panama Corporation

FROM: http://www.globaloffshore.com/panama.htm

Characteristics of a Corporation (Sociedad Anonima)

Taxation is based on the territorial system therefore only locally sourced income is taxed.
If a company’s activities are conducted outside the country, no tax will apply.

Minimum of three directors and one shareholder.

Corporate directors and shareholders are permitted.

Bearer shares are permitted.

Details of directors and shareholders must appear on public file.

The directors of a Panamanian company must appoint a president, secretary and treasurer.

No minimum capital requirement. However bearer shares or no-par-value shares must be fully paid when issued.

No requirement for audited annual accounts provided no business activity occurs in Panama.

Incorporation within two days although the documentation takes longer to arrive.

Prior approval of the name is required. Some words are sensitive, for example Bank , Insurance, Re-insurance or Trust.

Names must end in Sociedad Anonima (or SA), Corporation, Corp, Incorporated, Inc, AG etc but can not end in Limited, or in a word in any other language which denotes that it is of limited liability.

There is no requirement under Panamanian law for a registered office to be maintained in Panama. But the company must maintain a resident agent who must be a Panamanian lawyer or a firm of Panamanian lawyers. The minute book of the company and stock register, which is required under Panamanian law, can be maintained in any part of the world.

As long as no business is carried on within Panama there is no requirement to file returns with the Panamanian authorities and no requirement to lodge any financial or other information unless the company is wound up.


Panama Foundation

How the Foundation works:

A private foundation is like an independent juridical entity which acts like a trust but operates like a company. It can be used in estate planning and protection of assets.

The founder deposits a notarised private foundation charter at the Public Registry; or the Charter can be executed before the Notary Public. The Charter must specify:

The names of the foundation council, who administer the foundation on behalf of the beneficiaries;
The property of the foundation;
The domicile of the foundation;
The name and details of the Panamanian agent.
However the names of the beneficiaries and principles of operation can be contained in a separate regulations document, which does not have to be filed.

The Characteristics of a Foundation:

Minimum capital requirement is US$10,000.

No accounts are necessary and an audit is not required.

Tax is only levied on income generated within Panama.

Foundations are subject to the same capital taxes (minimum $60) and annual registration fees ($250) as the corporations.