Key Features of setting up a Panama IBC
Panama is highly considered as one of the most respected and robust business hubs in the world. It has largest per capital income in Central America.
The main elements that add to the development of this jurisdiction as an important commerce and financial center are its excellent banking system, advanced infrastructure, well-educated professionals, low levels of administration, and advanced telecommunication systems. It has the second largest banking system in the world giving a golden opportunity for global companies to set up an offshore bank account and company. This jurisdiction is highly sought-after among businesses that seek optimal tax planning and asset protection solutions.
It is a sensible step to set up a Panama IBC. For setting up an IBC here, you need a minimum of three directors. Nominee directors and shareholders are also allowed. It allows any person or a legal entity of any nationality to become a shareholder. The IBCs here require three officers for the position of president, treasurer, and secretary. An officer can hold more than one position but the president and the secretary should not be the same person. When you set up Panama IBC, there will be no foreign exchange controls or restrictions on the free movement of the currency. Also, there will be no need to submit annual accounts, records or audits. The directors and shareholders will get the flexibility to hold meetings anywhere in the world.
Looking at the features of setting up a Panama IBC, you will definitely think to know more about the process. Take help of a professional company that helps businesses in this process.
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