Even though the G20 placed Panama on the famed Gray List, Panama Companies have become one of the most sought after choices for offshore incorporation by those living outside of the US.  Many have decided to use Panama due to the ease in which many financial services can be undertaken by the company without specific licensing.  One of the most interesting as well as lucrative services that an offshore company from Panama can act as an offshore payment processor.  This means that certain financial services can be provided by the company without having to obtain special licensing.  Other services in which a Panamanian company can offer without special permits being obtained is online e-commerce, consulting, as well as trade.  Those wanting to trade in precious metals as well as gems can also do so without having to register the company before any regulatory entity.  This allows the company to act in a large number of capacities while conserving the integrity of the directors and beneficial owners.  Offshore bank accounts are also an important part of owning and operating an offshore company established in Panama.  Unfortunately the Panamanian banks have issues with properly opening bank account for companies in which the directors are not present.  In this particular case it is advisable to use a bank account in another jurisdiction such as Belize in order to facilitate the speedy account opening for the company.  As we can see, even though Panama Companies still offer a positive choice for offshore structuring.