Everything You Need to 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. 4 million of which many of the people are in the urban areas. The official language in Panama is Spanish but this is not to mean that the people living there do not understand 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. 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.
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. Privacy and confidentiality are key in Panama incorporations which is why public records bear the names of the directors.The subscriber shareholders are kept away from all that. 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 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. You will have a smooth sail running a business in this country.