The impressive features of Panama make it a suitable place for company formation in Panama (https://fastoffshorelicenses.com/offshore-company-formation/panama/) as it is well located geographically, has attractive taxation, and is business-oriented.
Thus, setting up a company in Panama has numerous advantages for entrepreneurs and investors who want to broaden their business ventures and expand to other countries. In this quick guide, some of those benefits and the processes of formation of companies in Panama are outlined.
Why Panama is an Economically Relevant Choice for Company Formation
When it comes to company formation, Panama ranks top because of the following reasons. The geographical position of Panama as a is located strategically, which connects the two continents fostering international exchange. Furthermore, the country has favorable taxation policies where the corporate taxes are comparatively low and there is no capital gains tax.
Privacy is also guaranteed by high confidentiality laws in this jurisdiction, whereby the names of the persons behind a business and its owners cannot be easily traced. In addition to that, doing business in Panama is made easier as there are also policies that hasten the formalities of registering a company.
The Procedure for Establishing a Corporation in Panama
Once the decision to form a company in Panama is made, there are a number of procedures which need to be fulfilled sequentially:
- Select the Company Type: Choose whether to establish a Panamanian Corporation (S.A.) or a Limited Liability Company (LLC) according to your business requirements.
- Order The Necessary Documents: Order, identification documents of the directors and shareholders, and the business plan, for that matter.
- Appoint A Local Agent: Use the services of a registered local agent/service provider who will facilitate the registration.
- Prepare And Submit Articles Of Incorporation: Draft the relevant articles of incorporation indicating the objectives and the set up of the company and submit to the Public Registry.
- Official Registration: Take the documents to the relevant government office for registration with the Public Registry and apply for a Tax ID number (RUC) for taxation purposes.
- Open Corporate Account: Open a corporate bank account for the purposes of business transactions and handling of the company resources.
- Live Up To Obligations: Comply with other obligations, such as reporting to the regulators and paying taxes as per the tax regime.
Key Considerations for Panama Company Formation
If looking for a company formation in Panama, the following points are to be put into consideration to make the process easier:
- Business Structure and Taxation: Taxation is one of the important attributes when considering doing business in Panama, make sure to follow all point by point regulations.
- Cost Factors: Understand the registration and compliance costs and the law provider costs as well as the cost of maintaining the bank account.
- Banking Facilities: Identify which banks would best serve your business objectives in terms of the banking facilities offered.
Final Thoughts
Establishing a business in Panama has several advantages namely, tax, confidentiality and a conducive business environment. By gaining insight into the registration process and the most important aspects, it is possible to open up your company in the Republic of Panama and utilize the location for the purposes of doing business.
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