5 Advantages of Registering a Limited Company (IBC) in Panama
Foreign company incorporated in Panama exempted from local taxesF. The foreign company which has been incorporated in Panama does have to pay any tax or is liable to pay for all the transactions carried out of the Panamian jurisdiction.
Complete confidentiality of directors of the company incorporated in Panama. The details of the company directors or owners need not be showcased in the public registry.
Foreign incorporated in Panama is simple to manage. The company does not have to maintain any of books of accounts, annual financial statements, or track transactions. The draft of the company incorporation can be filed in desired language along with Spanish.
Minimum structure for forming an IBC in Panama. As per the company formation laws in Panama, there is a provision to incorporate the company with single person but it requires at least three directors who can also act as the officers of the company like the president of the company, company secretary and the treasure. The shareholder of the company can be either individuals or legal entity. AbroadBiz offers the nominee director services for the compliance of the company incorporation procedure.
Management of an IBC in Panama has very less ongoing requirements. The Panamian companies are free from the standard process of organizing the annual general meeting or the company’s directors/shareholders meetings. It can be held at any location as per the business requirements regardless of availability of all or minimal members.
Advantages of a Panama Company
- The IBC are not required to hold any annual general meetings or company’s directors/shareholders meetings.
- The IBC formed in Panama has no requirement to make the payment of authorized capital in full or partially.
- The IBC formed in Panama does not have to file annual returns or maintain financial statements
- The IBC formed in Panama can engage itself in all kinds of civil or monetary activities as required.
- The IBC formed in company can freely covert itself into other forms of company structure, e.g. Corporations
- The IBC formed in Panama can also merge with types of companies
- The IBC formed in Panama can draft its company incorporation documents in the desired language as per business requirements with a copy of translation in Spanish