KNOWLEDGE|
(1) |
The client engages us to handle the registration matters, and send the information set out in Section 4 below to us by email or mail. |
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(2) |
The client completes Kaizen’s due diligence questionnaire; |
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(3) |
The client proposes three names of the foundations, and we will search and reserve the names. The name of the foundation must end with the word "foundation". The name can be in any language, but must be expressed in the alphabet. |
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(4) |
The client determines the members of the foundation committee; the member committee needs at least 3 individual members, or an enterprise member; (Note 1) |
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(5) |
The initial capital of a Panama foundation is US$10,000, which does not need to be paid in. we usually register with this initial capital. Client can also register more than the initial capital; (Note 2). |
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(6) |
Prepare the articles of association and bylaws of the foundation; |
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(7) |
We submit all required documents and the articles of association of the foundation to the Panama Public Registry for registration; |
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(8) |
The Panama Public Registry issues a foundation certificate (or "certificate of good standing"). |
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(1) |
According to the Panama Foundation Law, the names of the founders of the company and the names and addresses of the members of the foundation committee must be published in the Charter of the foundation. If the client wants more protection for privacy, we can provide nominee committee members. If so, there will be a separate agreement to be executed, containing a general power of attorney to ensure the founder's control over the foundation, and to appoint the founder as the foundation's protector. We will notarize and authenticate the agreement. |
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(1) |
Under the Panama Foundation Law, capital registration tax is required. If the initial registered capital exceeds US$10,000, the firm will levy client fees based on the tax amount of the Panama government and reimburse the government on actual basis. |
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Step |
Description |
Estimated timeframe (days) |
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1 |
The client signs a service agreement with the firm and arrange for payment of Kaizen’s fees |
Client to decide |
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2 |
The client provides the firm with identification documents of the founder, the council members, beneficiaries, protector and information regarding the assets to be endowed in the foundation for our due diligence |
Client to decide |
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3 |
The firm arranges a search for the name of the foundation |
1 |
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4 |
Preparing legal documents such as the Foundation Charter and Regulations |
3 |
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5 |
The client confirms the foundation's Charter and Regulations and other legal documents |
3 |
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6 |
File the Charter with the Panama Public Registry and register |
3 |
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(1) |
The passports and address proofs of the founders, the council members, protectors, and beneficiaries. |
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(2) |
If any of the above parties mentioned in (1) is a company, it is required to provide the articles of association, the register of directors, the register of members of the company and the passports and address proofs of the company's shareholders and directors. |
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(1) |
Certificate of Public Registration (or "Certificate of Good Presence") issued by the Public Registry of Panama; (Note 1) |
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(2) |
General Power of Attorney (if any) notarized by the Notary Public in Panama and apostilled; |
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(3) |
The Charter and Regulations of the foundation. |
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(1) |
Paying the annual franchise tax to the Panamanian government; |
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(2) |
Providing a copy of the foundation's accounting records; and reporting the name and contact information of the person keeping the accounting records and supporting documents, and the address where such accounting records and supporting documents are located. |
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Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |
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