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 and more than half of the population lives in the urban areas. Also, the official language is Spanish but many people in the urban areas speak fluent English. This means that as long as you can speak fluent Spanish or English you will have the best time conducting business in this country. According to Panama corporation legislation, offshore and domestic companies are treated the same. This is good news for foreigners who want to start companies in Panama because they will have it as easy as the Panama citizens who have started businesses in their country. 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. 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. 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. This is good news for business people because taxation is one of the greatest hurdle hindering people from starting foreign incorporation.
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. 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. 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. Therefore, you have every reason to open a corporation in Panama.