Are you considering create a company in Panama? This nation in Central America offers a supportive environment for businesses, featuring an expanding economy and a prime geographical position that is drawing in modern investors and entrepreneurs. Regardless of your location, staying informed about the current trends in Panama’s business sector is an excellent starting point.
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’re an entrepreneur hailing from Canada 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 basic copy of the general passport for the directors, generally three, and for the shareholders, with at least one required.
- Directors and shareholders need to be adults, over 18 years old, and must have a valid passport.
- Submission of completed online forms containing 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 step-by-step guide to opening 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:
- Define your company’s headquarters: an essential first step is to locate your place of business or legal and tax domicile, i.e., your company’s headquarters. Depending on your financial and legal needs, you should think about which location best fits your search, as well as consider whether it will be rented or owned.
- Requesting the Notice of Operations: this point is connected with the first one. The notice of operations is one of the few documents that the Panamanian government demands from whoever decides to open a company. To request this requirement, you must have the registration of the company in the Panamanian Public Registry.
- Register the corporation or legal entity: this is like the identity document of your company in Panama. For the registration, you must provide a name and an identification card. In general, this step usually takes between 5 and 7 days.
- Requesting the Single Taxpayer Registry: this corresponds to the tax identification number of each taxpayer and is granted by the General Directorate of Revenue of Panama. At present, there are several ways on the Internet to obtain this type of document, so you can review it in more detail on the websites provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): this will be the last step, ensuring local registration.
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 for the legal representative listed in the Notice of Operations.
- Map of the commercial establishment’s location.
- Include the township, urbanization, neighborhood, street, street number, premises or residence number, building, and apartment or commercial space number, along with at least two reference points.
- Current email address and phone numbers.
- Copy of the income tax returns from when operations began. For businesses active before 2016, it’s advisable to include all income tax returns from the start of the notice.
- Copy of the Articles of Incorporation and the Certificate from the Public Registry of Panama, which should be updated and not older than three months.
- Starting January 2016, signage information becomes declarative based on area, length and width, with dimensions needing to be presented in square meters at registration.
- Copy of income tax returns from the business’s inception.
- Photographs of the commercial premises, particularly the exterior frontage.
Advice for Launching Your Business in Panama as a Foreigner
With its favorable environment, Panama offers unique opportunities for entrepreneurs from Canada. Being well informed on the subject and planning each stage could maximize the chances of success of your business. However, it is also very important to have the help of experts in legal advice, as this would optimize the process. In this case, Legal Solutions Panama may be your best option.
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.
