Panama has some of the most tolerant trade policies in the world. The restrictions about offshore companies and offshore bank accounts are very minimal in this small nation. The economy of Panama has been heavily reliant on the service sector. This means that a great part of the income for Panama has come in through the various offshore corporations, bank accounts and vessel registrations that take place in this country.
Panama offshore corporations have become a favorite among those people who want to make considerable tax savings in their business. By Panamanian law, any company that manages its functions outside the country from its headquarters in Panama is not liable to any taxes in Panama. This means that the company can save huge amounts of money just by managing its functions in the US from offices in Panama.
Panama Offshore companies also have a great degree of secrecy associated with them. This means that the companies registered in Panama are under no obligation to reveal the details of their investors and shareholders.
Panama Offshore bank accounts are also similar to offshore corporations in the way that Panama banking law renders its banking sector an element of confidentiality and security that is unlike any other economy in the world. This is one of the primary reasons why a lot of corporations and individuals have started to choose Panamanian banks as their preferred bankers.
With such a plethora of advantages to offer, the economy of Panama is all set for a huge boom in business. Needless to say, the Panamanian service sector will see unprecedented growth in the next few years.
by: aaroah sunil
About the Author:
Ashok Antony George is an avid blogger and has written various articles regarding Panama Offshore