+230 5252 6703

  office(at)bridgewest.eu

+230 5252 6703
office(at)bridgewest.eu
Company Formation Panama

CHECK COMPANY
NAME AVAILABILITY (Step 1)



Articles

Open a Crypto Company in Panama

Updated on Monday 25th July 2022

Rate this article
5 5 1
based on 1 reviews


Open a Crypto Company in Panama.jpgForeign Investors who open a crypto company in Panama have access to the benefits available under the most popular business form used for offshore trading, the International Business Company.
 
An important advantage of opening a crypto company in Panama is that the corporation would not be subject to taxation in Panama as long as the income is derived from sources outside of the jurisdiction.
 
Foreign nationals in Panama who derive personal income from their crypto gains in Panama are liable to the rules applicable in the country/countries in which they have their tax residence.
 
Investors who wish to use a Panamanian IBC structured for the purpose of engaging in cryptocurrency business (transaction, wallet, payments) have the following advantages:

  • - Regulatory benefits: cryptocurrency activities are permitted in Panama and are not subject to stringent regulation (see below);
  • - Easy incorporation: entrepreneurs can open a crypto company in Panama in approximately 2 to 5 business days with the help of our team;
  • - No taxation: the IBC is not subject to tax on the income it derives from outside of Panama; taxes apply only if the cryptocurrency company trades in Panama.
  • - No residency/nationality requirements: there are no mandatory requirements for investors who open a company here to resident in the country; there are no nationality restrictions for company formation purposes.
 
 Quick Facts  
Cryptocurrency seen as legal tender (Yes/No)

No

Local regulatory agency

Superintendence of Banks (SBP) and Superintendence of the Securities Market (SMV), however, they have not issued specific regulations

Special licenses for those who open a cryptocurrency company in Panama

Subject to further clarifications
Special licenses for crypto exchanges in Panama

New laws are expected to come into force concerning the granting of licenses

Anti-money laundering rules Anti-money laundering measures are expected
Special requirements for investors who open a cryptocurrency company in Panama

Presently, there are no specific cryptocurrency or blockchain regulations in Panama. Legislative changes are expected

Residency requirements for investors

No

Types of companies used by those who open a cryptocurrency company in Panama Limited liability company (for activities within Panama), the International Business Company (for trading outside of Panama)
Minimum capital for a cryptocurency company in Panama Not for the IBC
Minimum number of shareholders 1 for the IBC
Minimum number of directors 3 for the IBC
Business license Issued by the Ministry of Commerce and
Industries for the LLC
Mandatory requirements for the cryptocurrency company Registration as per the Panama Company Law, resident registered agent

Cryptocurrency company taxation

No taxes for income derived from outside of Panama in case of the IBC
25% for companies with business activities within the country (subject to specific calculation methods)
Reasons to open a cryptocurrency company in Panama Easy and fast company incorporation
Tax neutrality for the IBC on activities performed outside of Panama
No nationality restrictions, no residency requirements for investors
 

Steps required to open a crypto company in Panama

 
The steps below are relevant when opening a crypto company in Panama:
 
  1. Choose the business form: it can be a foreign company or a limited liability company;
  2. Draft the documents: the Articles of Association state the scope of the business, its shareholding and management structure and other details;
  3. Register the company: all companies are entered into the Public Registry; our team can assist you during this process;
  4. Open a bank account for the business, hire employees and start trading.
 
Our team of company formation experts in Panama can guide you throughout the incorporation process, as well as the advantages of a Panamanian International Business Company (IBC).
 
You can reach out to us if you need more information about the registration process and how we can assist you.
 

Crypto company regulations in Panama

 
Investors who open a crypto company in Panama are not subject to stringent regulations or licensing requirements for virtual asset services providers, as may be the case in other jurisdictions.
 
Nonetheless, it is expected that the Panamanian authorities will provide for certain crypto regulations in the near future.
 
It is expected that the discussions on the law project that will regulate cryptocurrencies will provide guidelines in areas concerning:
 
  • - Low crypto trading taxation, in line with the jurisdiction’s beneficial, low tax policies;
  • - Clear regulations in terms of requirements for obtaining a crypto license in Panama; it is expected that the Financial Division will provide information on this topic;
  • - Compliance with the anti-money laundering legislation, a requirement that is set forth by other jurisdictions for the purpose of cryptocurrency trading;
  • - The integration and promotion of new technologies by the Government, an increase in foreign investment in this sector.
 
Our team of company formation agents in Panama can give you updated information on the laws governing cryptocurrency trading in the country, as well as the conditions set forth by the National Bank of Panama for payment processors and the treatment of crypto-related banking.
 

Company formation in Panama

 
Registering a new business in Panama is easier with the help of our team.
 
We are able to assist foreign investors who wish to start the incorporation process remotely and can handle the pre- and post-registration steps, such as opening a bank account, required to start a crypto company.
 
In addition to complete incorporation services, including but not limited to drafting the offshore company’s incorporation documents, our team can also provide virtual office services in Panama.
 
A virtual office can be a good choice for a crypto company, as this type of business is not location-dependent.
 
According to statistics provided by the Public Registry, the number of Panamanian companies was the following in 2022:
 
  • - 66 registered limited liability companies;
  • - 5,467 anonymous companies;
  • - 44 foreign companies;
  • - 1,263 private interest foundations.
 
For investors who wish to relocate to Panama for the purpose of doing business, our team also provides assistance for residency applications.
 
Contact us for more information about how we can help you open a crypto company in Panama.

Meet us in Panama

Call us now at  +230 5252 6703  to set up an appointment with our business consultants in Panama City, Panama. Alternatively you can incorporate your company without traveling to Panama.

As a our client, you will benefit from the joint expertise of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Panama.

Contact us

We Recommend ClientPedia

This website is marketed by ClientPedia

Banner-Promoting ClientPedia-244px.jpg