Corporations in Panama are the legal instruments most used to open or start a business. We have a law that allows two or more people to create a society to exercise lawful activities, that is, they are not contrary to law.
When you open a limited company you can perform any type of commercial activity with the support of that same legal entity that will guarantee formality, legality, duly constituted and is subject to obligations and rights.
The Board of Directors is formed by the president, secretary or treasurer (usually these three figures are used) but if you wish you can include the figures of the vice president, vocal, fiscal and others. In addition, if you are not in Panama, your company can delegate to a general power of attorney a person who can also administer the company, this additional board of directors. This is so because neither the directors nor the members of the board have to live in Panama.
In fact, your company may be registered in Panama, but you may carry out activities outside of our country and in this way you will not pay taxes to the Panamanian Treasury, simply because it does not carry out activities in the national territory. These companies are called offshore, meaning they are outside our jurisdiction or outside our borders and are not required to file an annual income tax return. In that sense the accounting books are not necessary to be in Panama, corporations in Panama
It is also important that our public knows that the creation of a corporation in Panama is economic. Its annual maintenance is at a very low cost. The Panamanian state must be paid the sum of $ 300 to start the company because it is registered, that is, the first single rate. And so the subsequent years must also pay the amount of $ 300 to the National Treasury to continue exercising business legally.
The companies have their own assets and are also used to safeguard the shareholders’ equity, whether it be property, money, bank accounts and other assets. Therefore, the assets of the company are not part of said claim or legal claim because they are kept in anonymity the names of the owners of the assets of said organization.
This means that there is a strong protection to the ownership of the owners of the shares or the assets of the company, therefore also in the banks that there is a strong protection on the ownership of the bank accounts, which means that it is only possible to know it through a judicial order or an investigation by the Public Ministry. This means that the bank accounts and all the assets remain anonymous, that is, it is not known who the owner is and the only way that could be known is to incite it through a judicial process or as indicated above it would be through an investigation by the Public Ministry or within a process carried out in the sphere of the Judicial Body that are the only persons authorized to request such information through a process legitimately established. The process of Constitution of a corporation is very simple as I said before, you do not even have to be in Panama to proceed with the opening of the company. Corporations in Panama.