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 are the requirements for establishing a company in Panama from United States?
If you’re an entrepreneur from United States with plans to establish your company in Panama, you 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 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
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:
- Establish your company’s main office: The initial step involves determining your business location or legal and tax domicile, which serves as your company’s headquarters. Consider your financial and legal needs when choosing the most suitable location, and decide whether it will be leased or owned.
- Obtain the Notice of Operations: This step is linked to the first. One of the few documents required by the Panamanian government for establishing a company is the notice of operations. To request this, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: Similar to your company’s identity document in Panama, this step involves providing a name and an identification card. Typically, this process takes between 5 and 7 days to complete.
- Apply for the Single Taxpayer Registry: This is the tax identification number assigned to each taxpayer, issued by Panama’s General Directorate of Revenue. Presently, there are several online methods to obtain this document, which you can explore in detail on the Government of Panama’s websites.
- Register with the Municipality of Panama (MUPA): This final step ensures that your company is locally registered.
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.
Advice for Launching 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.
With a team of expert lawyers specialized in this type of process, you’d have robust support in Panamanian legal matters, greatly simplifying the establishment of your start-up company. If you’re keen to learn more about the services offered by Legal Solutions Panama, feel free to visit their site and get in touch with them.
