PANAMA
Panama can be located between Colombia to the east and Costa Rica to the west. It is best known for the Panama Canal which joins the Caribbean Sea to the Pacific Ocean and connects Central America to South America.
Panama is a Constitutional Democracy, which after its recent instability has settled into a peaceful nation where the military has been disbanded.
With a land mass of approximately 76,000 Square Kilometers, Panamas population consists of mainly the Mestizos (70%) and a mix of West Indians, Caucasians and Indians.
There are three branches of Government, the Executive Branch, the Legislative branch and the Judicial Branch.
Executive power is held by the President and the Ministers of State. The President and two Vice Presidents are elected for a five year term and cannot be re-elected for a consecutive term. While the President and two Vice Presidents are elected by majority vote, the Ministers of State are appointed by the President, subject to approval by the Legislative Assembly.
The Legislative Assembly, composed of legislators, is elected from electoral districts. Each legislator is elected for a five year term.
The Judicial Branch of Government consists of the Supreme Court of Justice, five Superior Courts and three Courts of Appeal. The Supreme Court of Justice is presided over by nine (9) judges appointed for ten (10) years each.
Panama's seaports and activity as a major transshipment point and Free Zones due to its strategic location and the canal has greatly contributed to its economic development.
Other areas of economic activity are in agriculture, manufacturing, construction, transport, tourism and financial services.
Through its Banking Sector, Panama has earned the Republic a reputation for being a major financial center of Latin America.
The General Corporation Law, Law 32 of February 1927 for Panamanian companies or a Panama IBC, is one of the oldest existing laws that provides for offshore company incorporation. Panama has incorporated in excess of 400,000 non-resident corporations and continues to place a high priority on the sector for its contribution to the national economy.
Panama offshore corporations are very prestigious offshore structures. Panama Corporation’s incorporation process is very straight forward and you can choose from a wide variety of Panama shelf companies or incorporate a Panama offshore corporation in 5-7 business days. Please choose corresponding menu on the left.
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