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 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 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’s essential to highlight that these requirements are applicable to both Panamanians and foreigners. However, if you are a foreign national residing outside of Panama, there’s no need to travel to the country. You have the option to appoint a trusted attorney or representative to handle the processing of your documents.
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:
- Establish your company’s headquarters: Determine the location of your business or its legal and tax address, which serves as your company’s headquarters. Consider your financial and legal needs to decide whether the premises will be leased or owned, and choose a location that aligns with your requirements.
- Apply for the Notice of Operations: This requirement is linked to the first step. The Notice of Operations is one of the fundamental documents required by the Panamanian government from anyone looking to establish a company. To obtain this, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: This functions as your company’s identity card in Panama. During registration, you need to submit a company name and identification card. Typically, this process takes between 5 to 7 days.
- Obtain the Single Taxpayer Registry: This is akin to a tax identification number provided to each taxpayer by the General Directorate of Revenue in Panama. Nowadays, various online methods are available to secure this document, and more detailed information can be found on government websites.
- Register with the Municipality of Panama (MUPA): This final step ensures your local registration is complete.
To complete this registration you must also comply with a series 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 detailing the location of the commercial establishment.
- The location must include details such as township, urbanization, neighborhood, street name and number, premises or residence number, building name, and apartment or commercial space number, along with at least two reference points.
- Updated email addresses and phone numbers.
- A copy of income tax returns from the date operations began. For businesses established before 2016, it’s advisable to bring all income tax returns from the start of the notice.
- A copy of the Articles of Incorporation and a Certificate from the Public Registry of Panama, which should be updated and not older than three months.
- Since January 2016, signage must be declarative based on area, presented in square meters during registration, considering length by width.
- A copy of income tax returns since the commencement of operations.
- Photos of the commercial premises, focusing on the exterior front.
Guidelines for Establishing Your Business in Panama as a Foreigner
Panama provides distinct opportunities for entrepreneurs from United States thanks to its advantageous setting. Being thoroughly informed and strategically planning every step can significantly boost the success potential of your business. Moreover, enlisting the help of professionals in legal consultancy is crucial for streamlining the process. In this context, Legal Solutions Panama might be your ideal choice.
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.