If you mean an offshore company, there are plenty of firms that can do that for you. The two I have experience with is Ocra Worldwide and Equity Trust - slightly pricier than the single office private firms, but they have locations globally, which helps alot in what I do.
Incorporation will set you back about USD 2,000, with USD 1,500 in annual maintanence.
Any reason why you chose Panama? The two less cumbersome, yet reputable, jurisdictions are BVI and Seychelles - no tax, no reporting requirement, low govt fee. BVI has better legal framework when it comes to finance, hence why most of the funds are incorporated there.
I believe if you're a US citizen, there are some legal issues to consider. One things for sure, you wont be able to hide your capital gains there if that's what you're thinking. You can thank your government for that - the IRS will reach you all the way to the moon. I've always wondered if some of the big hitting day-traders, with incomes in the 6 digits have considered giving up their U.S. residency to automatically increase their returns by 100%. I know I certainly wouldnt be trading at all if I have to pay 50% in taxes!
