Panama has been developed into one of the safest places in the world for setting up wide varieties of foreign business. The beautiful country is situated at the most of South of Central America, located between Columbia and Costa Rica, presenting excellent business environment in trading. The official language of the country is Spanish but English is widely spoken and is used for businesses most of the time. The country is economically strong and stable in political way. The economy of the country is much more depended on foreign sources or coming outside Panama. It offers tax freedom to the businesses earning outside Panama. Today, it is one of the fastest growing economy in Central America. Panama offer lots of business assistance to IBCs. Here are the key benefits of setting up a business in Panama.
- There is no obligation in terms of income tax if the income is generated from outside Panama.
- Annual corporate taxes and resident agent fees are minimum or easy to pay.
- It is not mandatory to appoint a director and dignitaries, residents of the country for offshore corporations.
- There are no obligations in terms of fixing meetings of the stockholders or the board of directors in either Panama or any part of the world. It can be through telephonic and online.
- The corporate assets are allowed to keep outside Panama, it means it is not necessary to open an offshore bank account in the country.
- The government of the country allows the right to one person to become 100% owner of a corporate stock.
To setup an international business in Panama, a few simple rules have setup by the foreign business regulatory board of the country, According to the law, it is must to start a business through currency investment. At least 3 directors are necessary for a foreign business. It is must to appoint a company secretary. The shareholder of the company should be at least one. The company should have a local business address along with a local registered agent. It is must to pay fees for yearly renewal of the company. There is no need to fill capital gain tax. The country welcomes all types of investors, from big to small. A business formation work can be taken place within 2 days. The nation offers outstanding and encouraging societe offshore corporation guarantee. It is an excellent business hub for wide varieties of businesses. Learn more about requirements For Panama Companies, Panama Incorporation Procedures, Visit http://www.ukincorporation.co.uk/panama