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 is best to define the profile of the company you want to create in Panama, considering your needs. Having legal advice can be a smart decision. There are several experts in the field, such as Legal Solutions Panama, whose trajectory and experience distinguish them as a reference.
What are the requirements for establishing a company in Panama from Canada?
If you’re an entrepreneur from Canada aiming to open your business in Panama, you’ll need to meet specific criteria outlined by the Panamanian Government. These prerequisites include:
- Simple copy of the general passport of the directors, in this case three, and of the shareholders, which would be a minimum of one.
- Directors and shareholders must be of legal age, over 18 years old, and possess a current passport.
- Complete online forms with information regarding 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.
A detailed guide to 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:
- Determine your company’s location: A critical initial step involves deciding on your business’s legal and tax location, essentially your company’s headquarters. Considerations should involve evaluating financial and legal needs and determining whether the premises will be leased or owned.
- Obtain the Notice of Operations: This requirement is linked to your company’s location. The notice of operations is one of the necessary documents required by the Panamanian government for anyone wishing to set up a business. To acquire it, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: This acts as your company’s identification document in Panama. For this registration, providing a company name and identification card is necessary. Typically, this process takes about 5 to 7 days.
- Acquire the Single Taxpayer Registry: This serves as the tax identification number for each taxpayer and is issued by the General Directorate of Revenue of Panama. Presently, several online resources are available to obtain this document. Details can be reviewed on the Government of Panama’s websites.
- Enroll with the Municipality of Panama (MUPA): This finalizes the process, confirming local registration.
To finalize this registration, you will need to fulfill 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.
Suggestions for launching 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.
