All the Details About Company Incorporation in Panama.
Anyone who wants to start a business outside his or her home country should be looking at Panama because the jurisdiction favors foreigners who want to conduct business there. Out of 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. Panama corporation legislation does not discriminate against the offshore companies. This means offshore corporations will not have to fulfill a lot of insane demands before they can be allowed to operate. On top of that, corporations are only taxed on the income that they make from doing business in Panama. You will be surprised to note that corporations are usually registered and allowed to start operating in less than 2 days. Not many countries in the world will be able to boast of this.
You will need to have at three directors taking the position of a president, secretary and also treasurer. The corporation will need at least two shareholders but you will be requested for just a single name before the registration process. Any of the directors can be the shareholders as well and there is no pressure to make sure there is local representation in the company. To make sure there is privacy and confidentiality in the firms, the incorporation will only submit the names of the directors for the public records. The subscriber shareholders are kept away from all that. Any income the Panama corporations will generate outside the country will not be taxed. Panama has the best taxation rules for a corporation in the world.
In case you are doing business in Panama but you are not a resident in the country, the laws of the country make no requirement for you to publish the corporation’s financial statement on the public newspapers. Also, you are required to have a shareholder’s register but you do not need to keep it in Panama. Directors are not required by law to meet with the shareholders but if a meeting is organized anyone who is not present can participate through teleconferencing. If you want to use the Panama corporation to offer insurance, trust or bank services all over the world, you will have to conduct the Panama Financial Services Commision for authorization. Therefore, you have every reason to open a corporation in Panama.