Are you contemplating start your business in Panama? Known for its advantageous business climate, this Central American nation boasts a thriving economy and a strategic position that is drawing in investors and entrepreneurs alike. Staying informed about the current trends and changes in Panama’s business sector, whether you’re local or international, can be an excellent first step.
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 basic copy of the general passport for the directors, which should include three individuals, and for the shareholders, with a minimum of one.
- Directors and shareholders must be at least 18 years old and hold a valid passport.
- Fill out online forms with details about the company and its beneficiaries.
It is important to note that each of these requirements applies to both Panamanians and foreigners. However, if you are a foreigner and are currently outside of Panama, you do not need to travel to the country; you may designate your trusted lawyer or a representative to process your documents.
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:
- 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 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.
Guidelines for Establishing Your Business in Panama as a Foreigner
Panama presents exceptional opportunities for entrepreneurs from United Kingdom 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.