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.
Furthermore, it’s crucial to outline the profile of the company you aim to establish in Panama, taking into account your specific requirements. Seeking legal guidance can prove to be a wise choice. Numerous specialists, like Legal Solutions Panama, are recognized for their extensive experience and proven track record in this domain.
How can you establish a company in Panama from Canada?
If you’re an entrepreneur from Canada with plans to establish your company in Panama, you 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’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.
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:
- 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:
- Copy of the Notice of Operations.
- Copy of the ID card or passport of the legal representative listed in the notice of operations.
- A sketch of the business establishment’s location.
- The documentation should detail the township, urbanization, neighborhood, street name, 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 the start date of operations. If the business began before 2016, it’s advisable to bring all income tax returns from the commencement date of the notice.
- Copy of the Articles of Incorporation and a Certificate from the Public Registry of Panama, updated and no older than three months.
- Since January 2016, signage information becomes declarative, requiring area calculations (length by width) to be presented in square meters during registration.
- Copy of income tax returns from the business start date.
- Photographs of the commercial premises, focusing on the exterior front view.
Tips for Starting Your Business in Panama as a Foreigner
Panama provides distinct opportunities for entrepreneurs from Canada thanks to its advantageous setting. Being thoroughly informed and strategically planning every step can significantly boost the success potential of your business. Moreover, enlisting the help of professionals in legal consultancy is crucial for streamlining the process. In this context, Legal Solutions Panama might be your ideal choice.
Being a team of expert lawyers in this type of process, you would be counting on solid support in Panamanian legal terms, which facilitates the incorporation of your start-up company. If you are interested in knowing more details about the services of Legal Solutions Panama, visit their website and contact them.
