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. This country has a population 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. Therefore, anyone who can converse in English or Spanish will have a smooth sailing when doing business in this country. The jurisdiction governing the domestic and offshore companies is all 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. To make it even better, you only pay tax for the income you have got in Panama. You can have your business registered in record time and the process cannot be more than 48 years. There aren’t many countries around the world where you can be assured 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. 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. The names of the other shareholders will be kept private. If the corporations can show that some of the income they made came from outside the country then they will be tax exempt. 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.
In case you are doing business in Panama but you are not a resident in the country, the laws of the country make no requirement for you to publish the corporation’s financial statement on the public newspapers. Also, you are required to have a shareholder’s register but you do not need to keep it 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. 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.