Everything You Should Know 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. 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. 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. 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 will be surprised to note that corporations are usually registered and allowed to start operating in less than 2 days.This is a great thing when compared to the rest of the world.
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.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 names of the other shareholders will be kept private. Taxation laws state that any Panama corporation which made a part of the income from other countries will not be required to pay tax for that. Panama has the best taxation rules for a corporation in the world.
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. 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.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. Incase you want to carry out business worldwide through your corporation, you will require authorization from the financial service commision of Panama to offer trust, bank or insurance service. These are more than enough reasons why Panama is the place you want to do business in.