Commercial Corporate

Gonzalez Revilla and Associates was founded in 1980 and is dedicated to the exercise of civil, commercial, banking, labor and administrative law and offer a diverse range of legal services, with greater emphasis on the formation of corporations and foundations of private interest, commercial registration, international trade, trade marks and patents, telecommunications and notary law. And investment consulting services, legislative, migration services and mediation processes.




The document by which the Panamanian corporation is formed is called Articles of Incorporation, to be entered in the Panamanian Public Registry. Our Corporations Law, Law No. 32 of 1927, unlike other legislation, requires a Board of Directors, which must be registered in the Public Registry, which will print reliability and security to commercial transactions, especially financial.

Among the advantages of our corporate law include:

- SHAREHOLDERS AND DIRECTORS: There is no need to be Panamanians or be domiciled in Panama.
- SHAREHOLDERS: No need to be directors and vice versa. They are the supreme authority within the corporation, unless the Articles of Incorporation provides otherwise.
- CAPITAL SHAREHOLDER It can be in the hands of a single person.
- SHARES: Must be issued in registered form (registered).
- PAYMENT FOR SHARES: The shares do not require to be paid at the time of issue.
- LIABILITY OF SHAREHOLDERS: It is limited to the sums owed to the company on account of its outstanding shares and unpaid.
- DIRECTORS: They must be a minimum of three (3) natural or legal persons (corporations), and can be all foreign shares subscribed and unpaid.
- MEETINGS OF SHAREHOLDERS AND / OR DIRECTORS They can occur anywhere in the world and by any electronic method permissible by law.
- DIGNITARIES: The same person can hold the position of President, Secretary and Treasurer or can be shared between different people.
- TAXES: The principle of territoriality governs our tax system; therefore, transactions that take place outside the national territory ("offshore") are exempt from income tax. Corporations only pay an annual tax of $ 300.00 if paid on time; otherwise it is liable to a fine and charges per year.


Private Interest Foundations cannot be profit oriented, but may carry out business activities in unusual way. They can be set to produce its effects from the time of its creation or the death of its founder.

The Foundation is established by a Foundation Charter to be registered in the Public Registry. However, the regulations of the Foundation do not require to be registered at the Public Registry.

The foundation should have a Foundation Board consisting of a minimum of one (1) corporate or three (3) individuals and their initial capital must be at least US $ 10,000.00.

Benefits: The founder may also be the only or one of the beneficiaries; if the property and its activities are conducted abroad it is not subject to tax, except for a fixed annual tax.

Some experts regard the Private Foundations as the best vehicle to replace a will and / or asset protection.


We offer labor legal services through permanent counseling; likewise we process to obtain work permits and preparation of Internal Labor Regulations, having more than 30 years practice in labor procedural matters.


Our firm provides exclusive immigration services to clients or investors who come to perform specialized jobs for national or foreign companies operating in the Republic of Panama and / or clients who wish to settle temporarily or permanently in this country. Many types of Visas and Permits to which you can apply here we place in detail the most requested Visas.

(A) Permanent resident visa as a professional abroad:

Executive Decree 804 of 2012 created a new category of permanent residence permits as Foreign Professional. Outside the minimum documentation required by law, the main requirement is basically bring with it, an Apostilled bachelor's degree, college degrees in technical careers, postgraduate, masters or doctorate of a profession that "is not limited by local law" to Panamanian nationals. The titles must be approved at the University of Panama and the Universidad Tecnologica as appropriate.

Thus one not limited professional can apply to this initial residence for two years and then renew it indefinitely; you can also request Work Permit even if you do not have a valid job offer.

(B) Visa of friendly countries or permanent residents as foreign nationals of specific countries that maintain friendly economic, professional, and investment relations with the Republic of Panama:

Executive Decree 416 of June 15, 2012, as amended by Executive Decree 806 of October 9, 2012 of the Republic of Panama, has created a new sub-category of Permanent Resident for certain friendly countries, on condition of "Permanent Resident as performing professional activities, economic and investment relations with the Republic of Panama." This can be achieved by starting a new business or buying an existing business or be hired to work in a company in Panama. The economic activities by foreigners benefiting from this new visa may be exercised personally or through Panamanian corporation.

In this way the citizens of these countries are able to obtain Lifetime Residence, Panamanian I.D. and Labor Permit issued indefinitely.

(C) Permit for foreign staff hired by companies under the Marrakesh Agreement:

There is a permit that may apply for foreigners entering the country to work in companies with less than ten (10) Panamanian workers under the Marrakesh Agreement, adopted by the Republic of Panama by Law 23 of 1997. The foreign applicant must present evidence of receiving wages for a sum not less than USD 1,000.00 per month.

(D) Pensioned Retired Visa

The foreigner receiving retirement or pension from a foreign government, international agency or private company, to enter the country to settle in it and has sufficient funds to cover all his living expenses and those of their dependents in the country can request this permit. Monthly income or pension shall not be less than one thousand dollars (B / 1,000.00) and should be granted for LIFE. In the event that the applicant proves that he has acquired a property in a personal capacity in the country for a sum of over one hundred thousand dollars (B / 100,000.00) in cash, the pension may be for a minimum of seven hundred fifty dollars (B / $ 750.00).

(E) Visa staff hired as executives of international companies, whose functions have effects abroad:

May apply for this visa, the citizen who enters the country temporarily as an executive or representative and operational manager of international foreign companies subsidiary offices or representation in Panama who have a head office abroad, the meaning of established by Cabinet Decree 363 of December 17, 1970. The salary should be at least one thousand dollars ($ 1,000.00) per month and not come from Panamanian sources. That is, it's like a company incorporated and operating in another country, send it to Panama as an executive or representative of management and operational level, to research the market and then decide whether to establish a subsidiary in Panama.


Panama is based on a dollarized banking system, because the US dollar is legal tender throughout the country. Also, Panama is considered as the biggest banking center in Latin America, where more than 80 banks, both national and foreign operate. Constant banking regulations and new policies to know your client, have strengthened the banking supervision in general meeting international standards and requirements of the Basel Convention.


A) Ships Registry: Panama's Merchant Shipping ranks first in the largest in the world, both in the number of registered ships and tonnage. The reason being is that we enjoy a secure and reliable recording by large financial institutions and banks. Our Ship Registry ensures the safety of registered securities and mortgages; as well as advertising is a way like no other.
B) Yacht Registration: Our current law allows registration of yachts, without exception. Those who pay a registration fee depending on its owner.


The tax laws of the Republic of Panama are governed by the principle of territoriality, based on which they are taxed, taxes and fees, those revenues received from Panamanian source. So those revenues, earnings and profits earned outside the fiscal territory of the Republic of Panama are exempt from taxes; depending on the activity to be performed and where its legal effects occur.


The Republic of Panama is a signatory to the Paris Convention (for the Protection of Industrial Property), the Berne Convention (for the Protection of Literary and Artistic Works), and other international conventions. As a signatory to the World Trade Organization.


Tourism is an important source of employment and foreign exchange. It represents about 4% of Gross Domestic Product. The Republic of Panama has beaches on two oceans (Atlantic to the north and in the south the Pacific), natural lakes, highlands, rainforests, jungles and most importantly: the Panama Canal.

All of them are part of tourism activities. Law No. 8 of 1994, which regulates tourism, gives a large amount of tax benefits and other to people, or companies, that invest in tourism. Among these we have construction activities, equipment, rehabilitation, operation and financing of tourism projects such as hotels, motels, family hotels, restaurants, nightclubs, convention center, sites aimed at ecotourism, restoration of historic buildings and monuments.

It is allowed to the investor to request a concession for the use of islands, owned by the State, for periods of 20-40 years for the development of tourism activities. The incentives range from total exemption from property tax and income tax for the duration of the concession, to the exemption from import duties on the merchandise and consumables not produced in the country.

It also includes the possibility of obtaining financing through the flotation of shares on the Stock Exchange of Panama and the exemption from income tax on interest paid on investments in tourism projects. All this depending on the type of tourism project and investment to be made.



The Colon Free Zone, with over 60 years of experience since its creation has ventured into non-traditional markets, attracting investors from all over the world, where they have established more than 2,500 companies in the segregated area, generating more than about 27,000 permanent jobs.

The Colon Free Zone, currently has 450 hectares divided into two business areas: commercial exhibition area in Colón - (Casco Viejo), and the other is the commercial area of warehouses and storage in France Field.

The free zone is annually visited by about 150 thousand tourists from all over the world, among which are the nationalities of Colombia, Costa Rica, Ecuador, Haiti, Venezuela, Nicaragua, Honduras, United States, Dominican Republic, among others.

The Colon Free Zone generates wider benefits for the economy, because the intense commercial activity carried out in this trading post has a huge impact on the national economy, which is reflected in the contribution to GDP to nearly 8 %, reason for which the Free Zone is considered as one of the greatest pillars of the Panamanian economy.

The general aspects that make up the legal framework for the Colon Free Zone are laid down in a series of documents, comprising of laws, decrees and specific resolutions that have been adopted through the years by the Executive Committee of the Colon Free Zone and its Board of Directors.

This regime provides a number of special tax conditions for export activities, international re-export, among others.


Panama-Pacifico, not only plans to develop the area as an important cluster in the commercial hub of the logistics platform of our country, it is and will be a promoter in generating jobs places through attracting new business and (mostly), through continuous training of the employees, Panamanians will contribute to a better quality of life, to promote and encourage better paying jobs.

This is how the Special Economic Area Panama Pacifico, is conceived as the Business Center of the Americas, as an obligatory destination for companies that constantly seek better investment opportunities; and this project Panama Pacifico, a genuine international business hub projection constitutes the first Public Private Development come true in Latin America.

This Special Area offers a number of customs, immigration, and labor and tax incentives, in harmony with the rules of the World Trade Organization (WTO).