All the Details 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. The official language in Panama is Spanish but this is not to mean that the people living there do not understand 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. Panama corporation legislation does not discriminate against the offshore companies. 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. On top of that, corporations are only taxed on the income that they make from doing business in Panama. You can have your business registered in record time and the process cannot be more than 48 years. Not many countries in the world will be able to boast 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. Any of the directors can be the shareholders as well and there is no pressure to make sure there is local representation in the company. Privacy and confidentiality are key in Panama incorporations which is why public records bear the names of the directors. 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.
As long as you are not a resident in Panama, you have no obligation to let the public go through your financial statements. 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.Therefore, you have every reason to open a corporation in Panama.