Are you contemplating expand your operations to Panama? Nestled in Central America, this nation provides an advantageous business setting, characterized by an expanding economy and a prime geographical position that currently draws both investors and business visionaries. Whether from within or outside the country, gaining insights into the latest trends and shifts in Panama’s business sector is an excellent preliminary 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 is required to establish a company in Panama from United States?
If you’re an entrepreneur from United States aiming to open your business in Panama, you’ll need to meet specific criteria outlined by the Panamanian Government. These prerequisites 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.
A step-by-step guide to opening 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:
- Define your company’s headquarters: an essential first step is to locate your place of business or legal and tax domicile, i.e., your company’s headquarters. Depending on your financial and legal needs, you should think about which location best fits your search, as well as consider whether it will be rented or owned.
- Requesting the Notice of Operations: this point is connected with the first one. The notice of operations is one of the few documents that the Panamanian government demands from whoever decides to open a company. To request this requirement, you must have the registration of the company in the Panamanian Public Registry.
- Register the corporation or legal entity: this is like the identity document of your company in Panama. For the registration, you must provide a name and an identification card. In general, this step usually takes between 5 and 7 days.
- Requesting the Single Taxpayer Registry: this corresponds to the tax identification number of each taxpayer and is granted by the General Directorate of Revenue of Panama. At present, there are several ways on the Internet to obtain this type of document, so you can review it in more detail on the websites provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): this will be the last step, ensuring local registration.
To finalize this registration, you must also meet 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.
Suggestions for launching 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 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.