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Requirements to create a company in Panama from United Kingdom

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.

Moreover, it is wise to outline the specifics of the company you intend to establish in Panama, taking into account your particular requirements. Seeking legal counsel could be a prudent move. Numerous specialists in the area, including Legal Solutions Panama, stand out due to their expertise and reputation, making them a notable authority.

How can you establish a company in Panama from United Kingdom?

If you are an entrepreneur from United Kingdom and your next goal is to incorporate your business in Panama, you must comply with certain requirements set forth by the Panamanian Government. The requirements are:

  • A straightforward copy of the general passport for the directors, numbering three, and for the shareholders, with at least one minimum required.
  • Directors and shareholders are required to be of legal age, over 18 years old, and must hold 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 Panamanian nationals and international individuals. Nevertheless, if you’re a foreign national living outside of Panama, traveling to the country isn’t necessary. You can appoint a trusted attorney or a representative to handle your paperwork on your behalf.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Suggestions for launching your business in Panama as a foreigner

With its supportive environment, Panama presents exceptional opportunities for entrepreneurs from United Kingdom. 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.

By Peter G. Killigang

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