Panama's Services include the Panama Canal, International banking center, the Colon Free Zone, insurance, container ports, and flagship registry, medical and health, and other business. Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism, because of its key geographic location. The economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP.

Ethnically, the majority of the population is mestizo or mixed Spanish, Indian, Chinese, and African descent. Spanish is the official and dominant language; English is a common second language spoken by many in business and the professions. More than half the population lives in the Panama City and Colon metropolitan corridor.

Panama's political divisions are 9 provinces ( Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Herrera, Los Santos, Panama, Veraguas ), 75 districts or municipalities, 5 indigenous comarcas, and 620 "corregimientos." Panama is divided into 9 provinces (provincias) and 3 provincial-level indigenous territories (comarcas indígenas). There are also 2 sub-provincial comarcas, Kuna de Madugandí and Kuna de Wargandí, which are part of Panama and Darien provinces, respectively.

Why select Panama
For establishing an offshore structure or financial account its important make a good election. Panama have the following adventages:

Stable Government - the Panama government its the most stable in the region and should use the opposite legal system of your domestic country (if your country uses common law, you should seek a country that uses roman law). Panama its safe to visit.

Stable Economy - the economy of Panama its very stable.

Strict Privacy Laws - We have strict privacy laws that protect your banking information and corporate book information from anyone, including foreign governments.

Tax Haven - no capital gains tax, no interest income tax, no inheritance tax, etc.

Favorable Incorporation Laws - the corporate laws of Panama should enable you to hold "Bearer Shares", have directors from any country, inexpensive, and be able to incorporate Private Interest Foundations.

Stable Currency With No Currency Restriction Regulations - No restrictions on the movement of funds in or out of the country.

Close Location, Time Zone Compatibility - the time zone of the country should be such that you can contact your offshore provider or financial institution during your normal domestic business hours & fly to the country quickly if necessary to handle business.

Good Banking System - the Panama banking system its advanced both in areas of banking infrastructure, government auditing, and technology.

Excellent Communications System - the communications systems of the country should be technologically advanced in comparison with first world countries.

Language Compatibility - the language of the country should be suitable for your understanding.

Panama is one of the most popular places in the world to incorporate, with currently over 350,000 registered entities. Panama also offers the Panama Private Interest Foundation, which is one of the most useful asset protection and estate planning vehicles available today. The Panama corporation law was promulgated over 70 years ago and has since been copied by many of the other tax haven nations such as Bahamas, St. Vincent, Bermuda, Belize, Isle of Man, etc.

Another Facts

Panama offers the most favorable and most flexible incorporation laws available in the world. Private Interest Foundations are also available, and are one of the most widely used estate planning structures in the world today.

Panama is the second most popular jurisdiction to incorporate in the world, next to Hong Kong. It has registered domicile for over 400,000 corporations / foundations.

Panama corporations share certificates can be issued in Nominative or Bearer form (anonymous form of ownership), with or without par value.

Panama does not impose any reporting requirements for non-resident Panamanian corporations.

It is not necessary for the interested parties to be present in Panama for the purpose of establishing a corporation.

Corporations conducting business outside of Panama do not require a commercial license for offshore business activities.

Panama corporations do not require Paid-In Capital, nor is there a time limit in which authorized capital must be fully paid.

Panama does not allow "piercing the corporate veil".

Panama corporations directors, officers and shareholders may be of any nationality and resident of any country.

Neither the directors nor the officers of Panama corporations need to be shareholders.

Meetings of directors, officers, and shareholders may be held in any country and accounting books may be kept in any country.

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