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Home > Offshore Jurisdictions > Panama
Offshore Company Formation PanamaGereral Information about Panama The Republic of Panama is in Central America and forms the lowest part of the isthmus linking North and South America, between Costa Rica and Colombia at latitude 9 deg. North and longitude 80 deg. West. The area is 78,200 sq. km. and the population 3,200,000. The capital and financial centre is Panama City. The language is Spanish but English is widely spoken in urban areas and is used in commerce and international trade. The climate is tropical, hot and humid. The Colon Free Zone is the world's second largest Free Zone at the Atlantic entrance to the Panama Canal and is dedicated to the re export of goods to Latin America and the Caribbean. A major industry is the operation of the shipping register. Panama is a major flag of convenience. The other major industries are the operation of the Canal, banking, agriculture and tourism. Panama is a constitutional democracy. The National Assembly is elected for a five-year term and the President is both Head of Government and Head of State. The company most commonly used for international trade and investment is the non-resident Panama Company, incorporated under Corporation Law No. 32 of the 1027 Commercial Code. Limited Liability Companies are also available. Three directors are required for a Panama company. They may reside and run the company from anywhere in the world and corporate directors are permitted. Panama Financial Services The Government has made strenuous efforts to raise the standards of regulation of the financial services industries to internationally expected levels but there are still concerns in connection with money laundering and corruption.
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