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.
What are the requirements for establishing a company in Panama from Canada?
For entrepreneurs hailing from Canada, if your upcoming objective is to set up your business in Panama, you will need to meet specific criteria established by the Panamanian Government. These criteria 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.
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 main office: The initial step involves determining your business location or legal and tax domicile, which serves as your company’s headquarters. Consider your financial and legal needs when choosing the most suitable location, and decide whether it will be leased or owned.
- Obtain the Notice of Operations: This step is linked to the first. One of the few documents required by the Panamanian government for establishing a company is the notice of operations. To request this, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: Similar to your company’s identity document in Panama, this step involves providing a name and an identification card. Typically, this process takes between 5 and 7 days to complete.
- Apply for the Single Taxpayer Registry: This is the tax identification number assigned to each taxpayer, issued by Panama’s General Directorate of Revenue. Presently, there are several online methods to obtain this document, which you can explore in detail on the Government of Panama’s websites.
- Register with the Municipality of Panama (MUPA): This final step ensures that your company 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 representative mentioned in the notice of operations.
- A sketch of the commercial establishment’s location.
- Details must include the township, urbanization, neighborhood, street, street number, number of premises or residences, building, and apartment or commercial space number, along with at least two reference points.
- Current email address and phone numbers.
- Copy of income tax returns from the start date of operations. For businesses established before 2016, it’s advisable to provide all income tax returns from the commencement of the notice.
- Copy of the Articles of Incorporation and Certificate from the Public Registry of Panama, which should be current and not older than three months.
- Since January 2016, the sign has become declarative based on area, so dimensions must be presented in square meters during registration.
- Copy of income tax returns from the commencement of operations.
- Photos of the commercial premises, specifically focusing on the exterior front.
Guidelines for Establishing Your Business in Panama as a Foreigner
With its supportive environment, Panama presents exceptional opportunities for entrepreneurs from Canada. Being well-prepared and strategically planning each phase can significantly enhance the likelihood of your business succeeding. Nonetheless, securing expert legal guidance is crucial, as it can streamline the process. In this regard, Legal Solutions Panama could be your ideal choice.
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.