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.
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 hailing from Canada and your upcoming objective is to register your enterprise in Panama, it’s essential to adhere to specific regulations established by the Panamanian Government. These requirements include:
- A basic copy of the general passport for the directors, generally three, and for the shareholders, with at least one required.
- Directors and shareholders need to be adults, over 18 years old, and must have a valid passport.
- Submission of completed online forms containing 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.
A step-by-step guide to opening a company in Panama
Having thoroughly reviewed the requirements mentioned earlier, it would be beneficial for you to understand the steps that may assist you in the process of establishing your business 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:
- A copy of the Notice of Operations.
- A copy of the ID card or passport of the legal representative mentioned in the notice of operations.
- A sketch detailing the location of the commercial establishment.
- The location must include details such as township, urbanization, neighborhood, street name and number, premises or residence number, building name, and apartment or commercial space number, along with at least two reference points.
- Updated email addresses and phone numbers.
- A copy of income tax returns from the date operations began. For businesses established before 2016, it’s advisable to bring all income tax returns from the start of the notice.
- A copy of the Articles of Incorporation and a Certificate from the Public Registry of Panama, which should be updated and not older than three months.
- Since January 2016, signage must be declarative based on area, presented in square meters during registration, considering length by width.
- A copy of income tax returns since the commencement of operations.
- Photos of the commercial premises, focusing on the exterior front.
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.
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.
