Incorporate business in Panama
in an independent offshore jurisdiction and if you are one among them then you need to consider the option of Panama Company which can be incorporated under the corporate legislation. Name of Panama company can be chosen in any language but it needs to have the legal endings like corporation, incorporation etc. Name needs to be unique and it must be different from already reserved or existing names.
It is necessary for the Panama companies to have registered office address and an agent who is law firm or an attorney. Head office address can belong to any other country. Shares of the company can be given to other companies and individuals even if they are not residents of Panama. Minimum 1 shareholder is necessary along with minimum share of USD 100.
Board of Directors are necessary
It is necessary for every Panama Company to have board of directors and minimum 3 of them are required. Residents from different countries can be made directors. Board of directors further make appointments of officers, secretary, and others. No officer should be a director and he/she can be from any country.
Standard capital of USD 10,000 needs to be there and it can be divided in to 100 shares. Panama Company is exempted from all the local taxes if it operates its business outside Panama and this includes the capital gain tax, income tax, dividend tax and others.
Companies working in Panama have to pay the renewal fees on annual basis after their first year. Information about owners and shareholders is not public and it is kept confidential. However names of officers and directors are made public and they are available publically. No statutory requirements of audit and accounting are available for the Panama companies and directors can keep the records which they want to keep. Annual meeting are not necessary and directors can call the meetings on their own will even the annual meeting.
Benefits of Panama Company
If income gets received out of Panama they all the local taxes gets exempted
Annual support is inexpensive
Minimum paid up capital in not a binding
You don’t have to file the owners and shareholders information to the Public Registry
Office and it is not made available publically.
You can make any individual or entity a shareholder.
There is no foreign exchange control
You can easily incorporate Panama Company as it is easy to incorporate and manage and you will get lots of facilities along with a good earning. If you are looking for the best offshore business then Panama Company is the best choice for you from which you need to take full advantage. You will not have to face the strict legislations and that is the reason people who have started businesses in Panama are finding them great and they are making huge earning out of them. You can also use the great opportunity to make good earnings for you and your family.