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 of which many of the people are 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. 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. 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. Not many countries in the world will be able to boast of this.
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. 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. If the corporations can show that some of the income they made came from outside the country then they will be tax exempt. Panama has the best taxation rules for a corporation in the world.
Non-residents who have corporations in Panama are not required to publish their financial statements in for the public to see. 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. 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.