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’s wise to outline the characteristics of the company you plan to establish in Panama, taking your specific requirements into account. Seeking legal counsel can be a prudent choice. Numerous specialists, like Legal Solutions Panama, stand out in this arena due to their extensive experience and expertise.
How can you establish a company in Panama from Canada?
If you are an entrepreneur from Canada 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 straightforward copy of the general passport for the directors, numbering three, and for the shareholders, with at least one minimum required.
- Directors and shareholders are required to be of legal age, over 18 years old, and must 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.
Step-by-step instructions for launching a company in Panama
Having thoroughly examined the aforementioned requirements, it’s beneficial to familiarize yourself with several steps that can assist you in the process of launching your company in Panama:
- 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:
- 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.
Guidelines for Establishing Your Business in Panama as a Foreigner
Panama presents exceptional opportunities for entrepreneurs from Canada 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 team of expert lawyers specializing in these processes, you would have robust support in Panamanian legal matters, easing the establishment of your start-up company. If you’re keen to learn more about Legal Solutions Panama’s offerings, visit this link and reach out to them.