Everything You Should 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. The jurisdiction governing the domestic and offshore companies is all the same.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. It is very simple to have your company registered because that will take less than 48 hours. There aren’t many countries around the world where you can be assured of this.
For your corporation to be registered you will need three directors who act as the secretary, treasurer, and president. 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 names of the other shareholders will be kept private. If the corporations can show that some of the income they made came from outside the country then they will be tax exempt. Panama has the best taxation rules for a corporation in the world.
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. Unlike in other countries, director and shareholder meeting is not mandatory and should a meeting of this nature be organized everyone who is not present may participate in the proceedings 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. You will have a smooth sail running a business in this country.