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.
Additionally, it’s wise to outline the characteristics of the company you plan to establish in Panama, taking your specific requirements into account. Seeking legal counsel can be a prudent choice. Numerous specialists, like Legal Solutions Panama, stand out in this arena due to their extensive experience and expertise.
What are the requirements for establishing 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 essential to highlight that these requirements are applicable to both Panamanians and foreigners. However, if you are a foreign national residing outside of Panama, there’s no need to travel to the country. You have the option to appoint a trusted attorney or representative to handle the processing of your documents.
Step-by-step instructions for launching a company in Panama
Upon thoroughly examining the requirements mentioned above, it might be beneficial for you to familiarize yourself with certain steps that could assist in the process of starting your company in this nation:
- Establish your company’s headquarters: Determine the location of your business or its legal and tax address, which serves as your company’s headquarters. Consider your financial and legal needs to decide whether the premises will be leased or owned, and choose a location that aligns with your requirements.
- Apply for the Notice of Operations: This requirement is linked to the first step. The Notice of Operations is one of the fundamental documents required by the Panamanian government from anyone looking to establish a company. To obtain this, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: This functions as your company’s identity card in Panama. During registration, you need to submit a company name and identification card. Typically, this process takes between 5 to 7 days.
- Obtain the Single Taxpayer Registry: This is akin to a tax identification number provided to each taxpayer by the General Directorate of Revenue in Panama. Nowadays, various online methods are available to secure this document, and more detailed information can be found on government websites.
- 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 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.
Recommendations for starting your business in Panama as a foreigner
With its supportive environment, Panama presents exceptional opportunities for entrepreneurs from Canada. 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.