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.
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 to establish 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 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
Once you have thoroughly examined the requirements mentioned earlier, it would be beneficial to familiarize yourself with several steps that could aid you in the process of establishing your company in this country:
- Identify your company’s headquarters: A critical initial step involves determining the location of your business or your legal and tax office, essentially your company’s headquarters. Evaluate which site aligns best with your financial and legal requirements and consider whether the property will be leased or owned.
- Apply for the Notice of Operations: This step is linked to the first one. The Notice of Operations is among the few documents mandated by the Panamanian government for those wishing to start a company. To secure this document, you must first register your company with the Panamanian Public Registry.
- Register the corporation or legal entity: This acts as the identification document for your business in Panama. To complete this registration, you’ll need to provide a company name and an identification card. This process typically takes about 5 to 7 days.
- Obtain the Single Taxpayer Registry: This is your tax identification number, assigned by Panama’s General Directorate of Revenue. Currently, there are several online options available to acquire this document. You can find more detailed guidance on platforms provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): This final step ensures your local registration is complete.
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 representation in the notice of operations.
- Sketch of the location of the commercial establishment.
- It must include the township, urbanization, neighborhood, street, street number, number of premises or residences, building and number of apartment or commercial space, and at least 2 reference points.
- Updated e-mail and phone numbers.
- Copy of the income tax returns from the date of commencement of operation. If the business is from years before 2016, it is recommended to bring all income tax returns from the date of commencement of the notice.
- Copy of the Articles of Incorporation and Certificate of Public Registry Panama, which must be updated and not older than 3 months.
- As of January 2016, the sign becomes declarative based on the area, length by width, the dimensions must be presented in square meters at the moment of registration.
- Copy of income tax returns from the date of commencement of operations.
- Photos of the commercial premises, specifically the exterior front.
Suggestions for Foreigners Launching a Business in Panama
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 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.
