If you don’t know various benefits of using Company Incorporation Panama, you should be very keen while reading this piece. Company Incorporation Panama, is not a thing of yesterday, in fact, it has been there for close to a century, that is since 1927. The amazing thing about Company Incorporation Panama is its IBCs flexibility which allows its corporations to business or commercial activities just like U.S. or EU corporation. This means that they can own properties as well as other assets and still manage to limit personal liabilities in the overall performance of various corporate activities of the business. Any Panama corporation can own vehicles, yachts, minerals, jewelry, real estate, shares to other corporations and much more in any part of the world. All governments in the world accepts that the Company Incorporation Panama is very legitimate and this allows you to have a normal bank account in any country or state. There are also more than 350,000 companies registered in Panama in the year 2017. It is even further amazing to know that most of the beneficiaries and owners of the corporations registered in Panama are for non-resident foreigners who may not even have any business or commercial activity in Panama. The whole idea here is to help you know various benefits of Company Incorporation Panama.
To start with, you don’t pay tax on any Panama IBC which is conducted outside Panama borders. This is the reason why people use Panama corporation because of tax benefits. Take note that US citizens who earn income out of the U.S are still taxed. All in all, it is advisable to engage your qualified accountant so as to review your tax requirements considering that there are numerous tax benefits in this smart approach.
Still, get to know different benefits of Panama corporation. One, most of the foreigners use Panama corporation as a means to protect their huge assets from government seizures, lawsuits as well as from the home country regulations. Just know that there is no civil lawsuit or tax assessment of any government that can be enforced against Panama corporation.
It is also worth knowing that Panama taxes people and companies who earn their income within Panama borders. This is the what is referred as a territorial source of income. This means in case you have a company that operates out of Panama you will not be taxed on profits or income. This includes even those who are using modern technology of internet marketing so as to reach their international clients as well as those who earn from activities that are conducted outside the Panama boundaries.