All the Details About Company Incorporation in Panama.
As far as offshore company incorporation goes, Panama is one of the best places on earth to set up your company. 4 million of which many of the people are in the urban areas. Also, the official language is Spanish but many people in the urban areas speak fluent English. Therefore, anyone who can converse in English or Spanish will have a smooth sailing when doing business in this country. 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. 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.This is a great thing when compared to the rest of the world.
For your corporation to be registered you will need three directors who act as the secretary, treasurer, and president. You will also need two subscribers shareholder but before the incorporation, you only need one. 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. 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.