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.
Moreover, it is wise to outline the specifics of the company you intend to establish in Panama, taking into account your particular requirements. Seeking legal counsel could be a prudent move. Numerous specialists in the area, including Legal Solutions Panama, stand out due to their expertise and reputation, making them a notable authority.
What are the requirements for establishing a company in Panama from United States?
If you’re an entrepreneur from United States and your upcoming objective is to set up your business in Panama, you’ll need to meet specific criteria established by the Panamanian Government. These requirements include:
- A basic copy of the general passport for the directors, which should include three individuals, and for the shareholders, with a minimum of one.
- Directors and shareholders must be at least 18 years old and hold a valid passport.
- Fill out online forms with 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.
A detailed guide to launching a company in Panama
Upon thoroughly examining the requirements mentioned above, it might be beneficial for you to familiarize yourself with certain steps that could assist in the process of starting your company in this nation:
- Determine your company’s location: An essential initial step is to identify your business’s premises or establish its legal and tax domicile, effectively the company’s headquarters. Depending on your economic and legal requirements, consider which locale aligns best with your objectives, and decide whether the premises will be rented or purchased.
- Apply for the Notice of Operations: This requirement ties in with the first step. The Notice of Operations is among the limited documents required by the Panamanian government for those setting up a business. To apply for this document, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: This is akin to your company’s identification document in Panama. Registration requires a name and an identification card, typically taking between 5 to 7 days to complete.
- Apply for the Single Taxpayer Registry: This serves as the tax identification number for each taxpayer and is issued by Panama’s General Directorate of Revenue. Currently, several online resources allow for this document’s procurement, which can be examined in more detail on official Panamanian government websites.
- Register with the Municipality of Panama (MUPA): This final step ensures your business is locally registered.
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.
Tips for Starting Your Business in Panama as a Foreigner
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 group of seasoned lawyers specializing in such processes, they provide robust support in Panamanian legal matters, easing the establishment of your start-up company. For more information about the services offered by Legal Solutions Panama, feel free to visit here and reach out to them.
