All the Details 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. Out of a population of about 2. Also, the official language is Spanish but many people in the urban areas speak fluent English. Therefore, anyone who can converse in English or Spanish will have a smooth sailing when doing business in this country. The jurisdiction governing the domestic and offshore companies is all 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 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. The corporation will need at least two shareholders but you will be requested for just a single name before the registration process.The directors can also be the shareholders and you do not need any local in your company executive positions. Privacy and confidentiality are key in Panama incorporations which is why public records bear the names of the directors. Any other shareholder will be kept private. 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.
As long as you are not a resident in Panama, you have no obligation to let the public go through your financial statements. 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. 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. Therefore, you have every reason to open a corporation in Panama.