Panama Incorporation and its Advantages for Corporations
Panama incorporation can help your company save money and conduct business without interference from burdensome regulations. The best way for companies to incorporate in Panama is to hire a reliable law firm that has plenty of experience helping people from your country navigate a legal system that is foreign to you. Even though it makes the most sense to hire a law firm for your Panama incorporation services, you should still know a bit about the basic incorporation requirements to help you gather the proper information and choose a law firm that truly knows how to serve clients in other countries.
Panama Incorporation Requires a Suitable Name
What is in a name? Quite a bit as far as Panama incorporation laws are concerned. When applying for incorporation in Panama, you should have at least three names chosen for your company. Select one as your preference and two others as alternatives in case your top choice is already in use.
The three names that you choose need to include language that identifies them as corporations. If you end your business’s name with Corp, Corporation, LTD, INC, Incorporated, or Limited, then you should comply with Panama’s incorporation regulations.
Choosing Directors for Panama Incorporation
You will also need to choose at least three directors to head your Panama incorporation. You can choose any three people who you would like to have control over the companies operations. You can even choose more than three people if you would like. It does not matter what nationality the directors are, where they live, or what they do. As long as they are willing to act as directors, they can be included in the application.
Before you pick your directors, though, consider that these people will have significant control over the Panama incorporation’s actions and finances. Only choose people who you feel you can trust with access to the company’s funds and assets. Some individuals setting up Panamanian companies to protect their identities do not include themselves among the directors. This is a somewhat risky move, but it can keep your connection to the company completely anonymous.
Panama incorporation can help your company save money and conduct business without interference from burdensome regulations.
Choosing Officers for Panama Incorporation
Incorporation in Panama requires you to choose officers as well as directors for companies. Panama’s incorporation laws state that your corporation must have a president, secretary, and treasurer. You can choose additional titles, but these three are required. Like choosing directors for incorporation, it does not matter where the officers live or what country they are from.
Time Frame for Panama Incorporation
If you have all of your information ready ahead of time, then a good law firm can usually register for incorporation within about a week. Of course, it may take longer if you and the law firm are sending documents, payments, and other information to each other through the mail. It helps to choose a firm like Delvalle and Delvalle that has several clients located in the United States and Canada. These lawyers understand the Panama incorporation needs of companies located in these countries.