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.
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 for establishing a company in Panama from United States?
If you’re an entrepreneur hailing from United States and your upcoming objective is to register your enterprise in Panama, it’s essential to adhere to specific regulations 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 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.
A step-by-step guide to opening a company in Panama
Having thoroughly reviewed the requirements mentioned earlier, it would be beneficial for you to understand the steps that may assist you in the process of establishing your business 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 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.
Recommendations for starting your business in Panama as a foreigner
With its supportive environment, Panama presents exceptional opportunities for entrepreneurs from United States. Being well-prepared and strategically planning each phase can significantly enhance the likelihood of your business succeeding. Nonetheless, securing expert legal guidance is crucial, as it can streamline the process. In this regard, Legal Solutions Panama could be your ideal choice.
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.
