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November 30, 2018
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. 4 million of which many of the people are in the urban areas. 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. Panama corporation legislation does not discriminate against the offshore companies. This means offshore corporations will not have to fulfill a lot of insane demands before they can be allowed to operate. Only the money you have made doing business in Panama will be taxed which is even better news for business people because they will not have to pay double taxes. 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.
You will need to have at three directors taking the position of a president, secretary and also treasurer. You have to show that the incorporation has two shareholders but you only have to present the name of one before registration. 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. Any other shareholder 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. 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 are required to have a shareholder’s register but you do not need to keep it 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. 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.