Everything You Need to Know About Company Incorporation in Panama.
If you are interested in starting a company in a place other than your home country, Panama has a favorable jurisdiction on offshore companies. This country has a population of about 2. Even though Spanish is Panama’s official language, you will find a lot of people in the urban areas who are fluent in English. Language barrier will not deter you from going on with your business operations in Panama as long as you are a Spanish or English speaker.According to Panama corporation legislation, offshore and domestic companies are treated the same. What this means is that those opening offshore companies will not have a different set of demands which does not apply for the domestic corporation. Only the money you have made doing business in Panama will be taxed which is even better news for business people because they will not have to pay double taxes. You will be surprised to note that corporations are usually registered and allowed to start operating in less than 2 days. There aren’t many countries around the world where you can be assured of this.
You will need to have at three directors taking the position of a president, secretary and also treasurer. You will also need two subscribers shareholder but before the incorporation, you only need one. The directors can also be the shareholders and you do not need any local in your company executive positions. Privacy and confidentiality are key in Panama incorporations which is why public records bear the names of the directors. The names of the other shareholders will be kept private. Taxation laws state that any Panama corporation which made a part of the income from other countries will not be required to pay tax for that. This is not something you will find in many countries around the world which is why starting a company in Panama is one of the best things you can ever do.
Non-residents who have corporations in Panama are not required to publish their financial statements in for the public to see. Additionally, it is essential that you have a shareholder’s register but you might keep it anywhere you want even if it is not in Panama.You do not have to keep meeting with your shareholders and in case you have a meeting those not in Panama can listen in through the telephone. Even though there is a lot of freedom for companies operating in Panama, any corporation which needs to extend its bank, insurance or even trust services across the globe will have to conduct the Panama Financial Services Commision for permission to do so.Therefore, you have every reason to open a corporation in Panama.