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.
Furthermore, it’s crucial to outline the profile of the company you aim to establish in Panama, taking into account your specific requirements. Seeking legal guidance can prove to be a wise choice. Numerous specialists, like Legal Solutions Panama, are recognized for their extensive experience and proven track record in this domain.
What do you need to create a company in Panama from United States?
If you are an entrepreneur from United States and your next goal is to incorporate your business in Panama, you must comply with certain requirements set forth by the Panamanian Government. The requirements are:
- Simple copy of the general passport of the directors, in this case three, and of the shareholders, which would be a minimum of one.
- Directors and shareholders must be of legal age, over 18 years old, and possess a current passport.
- Complete online forms with information regarding the company and its beneficiaries.
It is essential to recognize that these requirements are applicable to both Panamanian citizens and foreigners. Nonetheless, if you’re a foreign national residing outside of Panama, there is no need for you to travel there; you can authorize a trusted lawyer or a representative to handle your documentation.
A detailed guide to launching a company in Panama
Having thoroughly examined the aforementioned requirements, it’s beneficial to familiarize yourself with several steps that can assist you in the process of launching your company in Panama:
- 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, there are several requirements you must fulfill:
- Copy of the Notice of Operations.
- Copy of the ID card or passport of the legal representation in the notice of operations.
- Sketch of the location of the commercial establishment.
- It must include the township, urbanization, neighborhood, street, street number, number of premises or residences, building and number of apartment or commercial space, and at least 2 reference points.
- Updated e-mail and phone numbers.
- Copy of the income tax returns from the date of commencement of operation. If the business is from years before 2016, it is recommended to bring all income tax returns from the date of commencement of the notice.
- Copy of the Articles of Incorporation and Certificate of Public Registry Panama, which must be updated and not older than 3 months.
- As of January 2016, the sign becomes declarative based on the area, length by width, the dimensions must be presented in square meters at the moment of registration.
- Copy of income tax returns from the date of commencement of operations.
- Photos of the commercial premises, specifically the exterior front.
Recommendations for starting your business in Panama as a foreigner
Panama presents exceptional opportunities for entrepreneurs from United States thanks to its conducive environment. Staying informed and meticulously planning each phase can greatly enhance your business’s success potential. Additionally, seeking the assistance of legal experts is crucial in streamlining the process. For such expertise, Legal Solutions Panama could be the ideal choice for you.
As a team of specialized lawyers in this area, they provide robust support regarding Panamanian legal matters, making the process of establishing your start-up smoother. If you wish to learn more about what Legal Solutions Panama offers, please visit their web and reach out to them.
