Everything You Should 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. Panama is a country made up of about 2. 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. 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. 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.
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. 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. 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.
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.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. 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.