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 is best to define the profile of the company you want to create in Panama, considering your needs. Having legal advice can be a smart decision. There are several experts in the field, such as Legal Solutions Panama, whose trajectory and experience distinguish them as a reference.
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 straightforward photocopy of the general passport for the directors, numbering three in this scenario, along with the shareholders, with at least one required.
- The directors and shareholders must be legally adults, over the age of 18, and have a valid passport.
- Fill out online forms with 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
Once you have thoroughly examined the requirements mentioned earlier, it would be beneficial to familiarize yourself with several steps that could aid you in the process of establishing your company 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 mentioned in the notice of operations.
- A sketch of the commercial establishment’s location.
- Details must include the township, urbanization, neighborhood, street, street number, number of premises or residences, building, and apartment or commercial space number, along with at least two reference points.
- Current email address and phone numbers.
- Copy of income tax returns from the start date of operations. For businesses established before 2016, it’s advisable to provide all income tax returns from the commencement of the notice.
- Copy of the Articles of Incorporation and Certificate from the Public Registry of Panama, which should be current and not older than three months.
- Since January 2016, the sign has become declarative based on area, so dimensions must be presented in square meters during registration.
- Copy of income tax returns from the commencement of operations.
- Photos of the commercial premises, specifically focusing on the exterior front.
Suggestions for Foreigners Launching a Business in Panama
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.