Considering taking your company to Panama? This nation in Central America provides an appealing environment for businesses, featuring both a thriving economy and a prime geographical position that is drawing the attention of new investors and business owners today. Exploring the current trends and changes in Panama’s business scene is a smart initial step, whether you’re within the country or looking from afar.
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 Kingdom?
If you are an entrepreneur from United Kingdom 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’s crucial to understand that these requirements are applicable to both Panamanians and foreign nationals. Nonetheless, if you are a foreigner residing outside of Panama, there’s no necessity for you to travel there; you can appoint a trusted lawyer or representative to handle your documentation.
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:
- Identify your company’s headquarters: A critical initial step involves determining the location of your business or your legal and tax office, essentially your company’s headquarters. Evaluate which site aligns best with your financial and legal requirements and consider whether the property will be leased or owned.
- Apply for the Notice of Operations: This step is linked to the first one. The Notice of Operations is among the few documents mandated by the Panamanian government for those wishing to start a company. To secure this document, you must first register your company with the Panamanian Public Registry.
- Register the corporation or legal entity: This acts as the identification document for your business in Panama. To complete this registration, you’ll need to provide a company name and an identification card. This process typically takes about 5 to 7 days.
- Obtain the Single Taxpayer Registry: This is your tax identification number, assigned by Panama’s General Directorate of Revenue. Currently, there are several online options available to acquire this document. You can find more detailed guidance on platforms provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): This final step ensures your local registration is complete.
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 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.
Suggestions for Foreigners Launching a Business in Panama
Panama presents a welcoming environment, offering distinctive opportunities for entrepreneurs from United Kingdom. Staying well-informed and carefully planning each phase may significantly boost your business’s success prospects. Nonetheless, seeking assistance from seasoned legal advisors is equally crucial to streamline the process. In this context, 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.