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. This country has a population of about 2. Also, the official language is Spanish but many people in the urban areas speak fluent English. This means that as long as you can speak fluent Spanish or English you will have the best time conducting business in this country. 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. 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. 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. The corporation will need at least two shareholders but you will be requested for just a single name before the registration process. You can choose the shareholders from the list of directors you have and there is no law that saws a Panama citizen has to be given an executive position. 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 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 good news for business people because taxation is one of the greatest hurdle hindering people from starting foreign incorporation.
Non-residents who have corporations in Panama are not required to publish their financial statements in for the public to see. Also, you do not have to keep your shareholder’s register in Panama but you should have one. 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.