Are you contemplating start your business in Panama? Known for its advantageous business climate, this Central American nation boasts a thriving economy and a strategic position that is drawing in investors and entrepreneurs alike. Staying informed about the current trends and changes in Panama’s business sector, whether you’re local or international, can be an excellent first step.
Additionally, it’s wise to outline the characteristics of the company you plan to establish in Panama, taking your specific requirements into account. Seeking legal counsel can be a prudent choice. Numerous specialists, like Legal Solutions Panama, stand out in this arena due to their extensive experience and expertise.
What are the requirements for establishing a company in Panama from United States?
If you’re an entrepreneur from United States with plans to establish your company in Panama, you need to meet specific criteria established by the Panamanian Government. These requirements include:
- A plain copy of the general passport for each of the directors, which in this scenario would be three, along with the shareholders, who must be at least one.
- Both directors and shareholders need to be legally adults, over the age of 18, and have a valid passport.
- Fill out online forms providing details about the company and its beneficiaries.
It’s essential to recognize that these requirements are applicable to both Panamanians and foreigners. Nonetheless, if you’re a foreign resident and presently outside Panama, there’s no need to travel to the country; you can appoint a trusted attorney or a representative to handle your documentation process.
Step-by-Step Instructions for Launching a Company in Panama
Having thoroughly reviewed the requirements mentioned earlier, it would be beneficial for you to understand the steps that may assist you in the process of establishing your business in this country:
- Determine your company’s location: A critical initial step involves deciding on your business’s legal and tax location, essentially your company’s headquarters. Considerations should involve evaluating financial and legal needs and determining whether the premises will be leased or owned.
- Obtain the Notice of Operations: This requirement is linked to your company’s location. The notice of operations is one of the necessary documents required by the Panamanian government for anyone wishing to set up a business. To acquire it, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: This acts as your company’s identification document in Panama. For this registration, providing a company name and identification card is necessary. Typically, this process takes about 5 to 7 days.
- Acquire the Single Taxpayer Registry: This serves as the tax identification number for each taxpayer and is issued by the General Directorate of Revenue of Panama. Presently, several online resources are available to obtain this document. Details can be reviewed on the Government of Panama’s websites.
- Enroll with the Municipality of Panama (MUPA): This finalizes the process, confirming local registration.
To finalize this registration, you must also meet a set of requirements:
- Copy of the Notice of Operations.
- Copy of the ID card or passport of the legal representative listed in the notice of operations.
- A sketch of the business establishment’s location.
- The documentation should detail the township, urbanization, neighborhood, street name, street number, premises or residence number, building, and apartment or commercial space number, along with at least two reference points.
- Current email address and phone numbers.
- Copy of the income tax returns from the start date of operations. If the business began before 2016, it’s advisable to bring all income tax returns from the commencement date of the notice.
- Copy of the Articles of Incorporation and a Certificate from the Public Registry of Panama, updated and no older than three months.
- Since January 2016, signage information becomes declarative, requiring area calculations (length by width) to be presented in square meters during registration.
- Copy of income tax returns from the business start date.
- Photographs of the commercial premises, focusing on the exterior front view.
Suggestions for Foreigners Launching a Business in Panama
With its favorable environment, Panama offers unique opportunities for entrepreneurs from United States. Being well informed on the subject and planning each stage could maximize the chances of success of your business. However, it is also very important to have the help of experts in legal advice, as this would optimize the process. In this case, Legal Solutions Panama may be your best option.
As a team of expert lawyers specializing in these processes, you would have robust support in Panamanian legal matters, easing the establishment of your start-up company. If you’re keen to learn more about Legal Solutions Panama’s offerings, visit this link and reach out to them.
