Everything You Should 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. Panama is a country made up of about 2. The official language in Panama is Spanish but this is not to mean that the people living there do not understand 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 can have your business registered in record time and the process cannot be more than 48 years. 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. 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. Any other shareholder will be kept private. Any income the Panama corporations will generate outside the country will not be taxed. 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.
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. 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.