Everything You Need to Know About Company Incorporation in Panama.
As far as offshore company incorporation goes, Panama is one of the best places on earth to set up your company. Panama is a country made up of about 2. Also, the official language is Spanish but many people in the urban areas speak fluent English. Language barrier will not deter you from going on with your business operations in Panama as long as you are a Spanish or English speaker. Panama corporation legislation does not discriminate against the offshore companies. 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. To make it even better, you only pay tax for the income you have got in Panama. It is very simple to have your company registered because that will take less than 48 hours. This is a great thing when compared to the rest of the world.
For your corporation to be registered you will need three directors who act as the secretary, treasurer, and president. 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. 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.
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. Directors are not required by law to meet with the shareholders but if a meeting is organized anyone who is not present can participate through teleconferencing. 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.