All the Details 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. 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. 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. 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. 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. 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. Even though there is a lot of freedom for companies operating in Panama, any corporation which needs to extend its bank, insurance or even trust services across the globe will have to conduct the Panama Financial Services Commision for permission to do so. These are more than enough reasons why Panama is the place you want to do business in.