Everything You Should Know 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. Even though Spanish is Panama’s official language, you will find a lot of people in the urban areas who are fluent in English. Therefore, anyone who can converse in English or Spanish will have a smooth sailing when doing business in this country. According to Panama corporation legislation, offshore and domestic companies are treated the same. 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. It is very simple to have your company registered because that will take less than 48 hours. 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. You have to show that the incorporation has two shareholders but you only have to present the name of one before registration. 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.On matters to do with confidentiality an privacy, only the name of the directors will go on public records. Any other shareholder 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.
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. 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.