Are you contemplating expand your operations to Panama? Nestled in Central America, this nation provides an advantageous business setting, characterized by an expanding economy and a prime geographical position that currently draws both investors and business visionaries. Whether from within or outside the country, gaining insights into the latest trends and shifts in Panama’s business sector is an excellent preliminary step.
Moreover, it’s wise to outline the specifics of the business you aim to establish in Panama, taking your requirements into account. Seeking advice from legal professionals can be a prudent choice. Numerous specialists, like Legal Solutions Panama, stand out due to their extensive experience and expertise, making them a reputable source for guidance.
What do you need to create a company in Panama from Canada?
If you’re an entrepreneur from Canada and your upcoming objective is to set up your business in Panama, you’ll need to meet specific criteria established by the Panamanian Government. These requirements include:
- 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.
Step-by-step instructions for launching a company in Panama
Upon thoroughly examining the requirements mentioned above, it might be beneficial for you to familiarize yourself with certain steps that could assist in the process of starting your company in this nation:
- 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:
- 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 illustrating the location of the business establishment.
- Details must include the township, urbanization, neighborhood, street, street number, building and apartment or commercial space number, as well as at least two reference points.
- Current email addresses and phone numbers.
- A copy of income tax returns from when the business began operations. For businesses established before 2016, it’s advisable to bring all income tax returns since the start of the notice.
- A copy of the Articles of Incorporation and the Certificate of Public Registry of Panama, which should be updated and not older than three months.
- Since January 2016, signage must be declared based on area; the length by width dimensions must be provided in square meters upon registration.
- A copy of income tax returns from the initial date of operations.
- Photographs of the business premises, particularly the exterior frontage.
Suggestions for launching your business in Panama as a foreigner
Panama presents a welcoming environment, offering distinctive opportunities for entrepreneurs from Canada. 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.