Considering taking your company to Panama? This nation in Central America provides an appealing environment for businesses, featuring both a thriving economy and a prime geographical position that is drawing the attention of new investors and business owners today. Exploring the current trends and changes in Panama’s business scene is a smart initial step, whether you’re within the country or looking from afar.
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 are the requirements to establish 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:
- 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 is important to note that each of these requirements applies to both Panamanians and foreigners. However, if you are a foreigner and are currently outside of Panama, you do not need to travel to the country; you may designate your trusted lawyer or a representative to process your documents.
Step-by-step Instructions for 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:
- Identify your company’s headquarters: A critical initial step involves determining the location of your business or your legal and tax office, essentially your company’s headquarters. Evaluate which site aligns best with your financial and legal requirements and consider whether the property will be leased or owned.
- Apply for the Notice of Operations: This step is linked to the first one. The Notice of Operations is among the few documents mandated by the Panamanian government for those wishing to start a company. To secure this document, you must first register your company with the Panamanian Public Registry.
- Register the corporation or legal entity: This acts as the identification document for your business in Panama. To complete this registration, you’ll need to provide a company name and an identification card. This process typically takes about 5 to 7 days.
- Obtain the Single Taxpayer Registry: This is your tax identification number, assigned by Panama’s General Directorate of Revenue. Currently, there are several online options available to acquire this document. You can find more detailed guidance on platforms provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): This final step ensures your local registration is complete.
To finalize this registration, you will need to fulfill a set of requirements:
- A copy of the Notice of Operations.
- A copy of the ID card or passport of the legal representative mentioned in the notice of operations.
- A sketch illustrating the location of the business establishment.
- Details must include the township, urbanization, neighborhood, street, street number, building and apartment or commercial space number, as well as at least two reference points.
- Current email addresses and phone numbers.
- A copy of income tax returns from when the business began operations. For businesses established before 2016, it’s advisable to bring all income tax returns since the start of the notice.
- A copy of the Articles of Incorporation and the Certificate of Public Registry of Panama, which should be updated and not older than three months.
- Since January 2016, signage must be declared based on area; the length by width dimensions must be provided in square meters upon registration.
- A copy of income tax returns from the initial date of operations.
- Photographs of the business premises, particularly the exterior frontage.
Tips for Starting Your Business in Panama as a Foreigner
Panama presents exclusive opportunities for entrepreneurs from United States thanks to its favorable environment. Being well-informed and carefully planning each step can significantly enhance your business’s likelihood of success. However, obtaining expert legal guidance is crucial, as it can streamline the process. In this context, Legal Solutions Panama might be your best choice.
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.
