Are you considering create a company in Panama? This nation in Central America offers a supportive environment for businesses, featuring an expanding economy and a prime geographical position that is drawing in modern investors and entrepreneurs. Regardless of your location, staying informed about the current trends in Panama’s business sector is an excellent starting point.
Moreover, it is crucial to outline the characteristics of the company you wish to establish in Panama, keeping your specific requirements in mind. Seeking legal counsel is often a wise choice. Numerous professionals excel in this domain, like Legal Solutions Panama, whose track record and expertise make them a reputable authority.
What are the requirements for establishing 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 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
After reviewing the above requirements in detail, it would be ideal for you to know some of the steps that could be useful during the process of opening your company in this country:
- Determine your company’s location: An essential initial step is to identify your business’s premises or establish its legal and tax domicile, effectively the company’s headquarters. Depending on your economic and legal requirements, consider which locale aligns best with your objectives, and decide whether the premises will be rented or purchased.
- Apply for the Notice of Operations: This requirement ties in with the first step. The Notice of Operations is among the limited documents required by the Panamanian government for those setting up a business. To apply for this document, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: This is akin to your company’s identification document in Panama. Registration requires a name and an identification card, typically taking between 5 to 7 days to complete.
- Apply for the Single Taxpayer Registry: This serves as the tax identification number for each taxpayer and is issued by Panama’s General Directorate of Revenue. Currently, several online resources allow for this document’s procurement, which can be examined in more detail on official Panamanian government websites.
- Register with the Municipality of Panama (MUPA): This final step ensures your business is locally registered.
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 representation in the notice of operations.
- Sketch of the location of the commercial establishment.
- It must include the township, urbanization, neighborhood, street, street number, number of premises or residences, building and number of apartment or commercial space, and at least 2 reference points.
- Updated e-mail and phone numbers.
- Copy of the income tax returns from the date of commencement of operation. If the business is from years before 2016, it is recommended to bring all income tax returns from the date of commencement of the notice.
- Copy of the Articles of Incorporation and Certificate of Public Registry Panama, which must be updated and not older than 3 months.
- As of January 2016, the sign becomes declarative based on the area, length by width, the dimensions must be presented in square meters at the moment of registration.
- Copy of income tax returns from the date of commencement of operations.
- Photos of the commercial premises, specifically the exterior front.
Suggestions for Foreigners Launching a Business in Panama
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.
As a team of specialized lawyers in this area, they provide robust support regarding Panamanian legal matters, making the process of establishing your start-up smoother. If you wish to learn more about what Legal Solutions Panama offers, please visit their web and reach out to them.
