Panama has become a hub for all kinds of business activities in the past few years. This means that most people are moving their businesses to this small country to take advantage of the various tax benefits offered for Panama IBCs by the government.
Panama IBCs offer several benefits over regular forms of business. Panama IBCs are given a very large degree of operational freedom when compared to other businesses all over the world. Panama IBCs are not required to divulge the names and details of their investors. They are granted complete anonymity. The government also does not have any issues with companies in the country coming under foreign ownership. As long as the functions of the Panama IBC are not within the boundaries of the country, they are exempted form taxes.
Panamanian law provides IBCs to start business without having any regulations regarding the initial capital requirements. This is a rather unique characteristic among all the other nations of the world. This places the Panamanian economy at a distinct advantage over the other countries.
Furthermore, Panama IBCs are not compelled to keep their books of accounts and all other documentation within the country. They have the option of keeping them wherever they may want to. Another important feature of the Panama IBC is that the company is only required to pay a minimal sum of $300 every year to the government.
These are only a few of the main reasons for the sudden increase in popularity of the Panama IBC.