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. Panama is a country made up of about 2. Also, the official language is Spanish but many people in the urban areas speak fluent 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. Panama corporation legislation does not discriminate against the offshore companies. 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. 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 can have your business registered in record time and the process cannot be more than 48 years. This is a great thing when compared to the rest of the world.
When it comes to forming your corporation, you should have three directors on board who will be your president, treasurer, and the third one will take the position of a secretary. You have to show that the incorporation has two shareholders but you only have to present the name of one before registration. 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 subscriber shareholders are kept away from all that. 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. Also, you do not have to keep your shareholder’s register in Panama but you should have one. 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.Incase you want to carry out business worldwide through your corporation, you will require authorization from the financial service commision of Panama to offer trust, bank or insurance service. These are more than enough reasons why Panama is the place you want to do business in.