Everything You Need to 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. 4 million and more than half of the population lives in the urban areas. Even though Spanish is Panama’s official language, you will find a lot of people in the urban areas who are fluent in 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. 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. To make it even better, you only pay tax for the income you have got in Panama. 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.
For your corporation to be registered you will need three directors who act as the secretary, treasurer, and president. You will also need two subscribers shareholder but before the incorporation, you only need one. 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. 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. Panama has the best taxation rules for a corporation in the world.
As long as you are not a resident in Panama, you have no obligation to let the public go through your financial statements. 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. If you want to use the Panama corporation to offer insurance, trust or bank services all over the world, you will have to conduct the Panama Financial Services Commision for authorization. You will have a smooth sail running a business in this country.