Are you thinking of expanding your business to Panama? This Central American country offers a favorable business environment, with a growing economy and strategic location that seems to be attracting new investors and entrepreneurs today. Whether in or out of the country, finding out about the latest developments in the Panamanian business landscape is a good way to get started.
Moreover, it is crucial to outline the characteristics of the company you wish to establish in Panama, keeping your specific requirements in mind. Seeking legal counsel is often a wise choice. Numerous professionals excel in this domain, like Legal Solutions Panama, whose track record and expertise make them a reputable authority.
What do you need to create a company in Panama from Canada?
If you’re an entrepreneur from Canada and your upcoming objective is to set up your business in Panama, you’ll need to meet specific criteria 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 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.
Step-by-step Instructions for 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:
- Define your company’s headquarters: an essential first step is to locate your place of business or legal and tax domicile, i.e., your company’s headquarters. Depending on your financial and legal needs, you should think about which location best fits your search, as well as consider whether it will be rented or owned.
- Requesting the Notice of Operations: this point is connected with the first one. The notice of operations is one of the few documents that the Panamanian government demands from whoever decides to open a company. To request this requirement, you must have the registration of the company in the Panamanian Public Registry.
- Register the corporation or legal entity: this is like the identity document of your company in Panama. For the registration, you must provide a name and an identification card. In general, this step usually takes between 5 and 7 days.
- Requesting the Single Taxpayer Registry: this corresponds to the tax identification number of each taxpayer and is granted by the General Directorate of Revenue of Panama. At present, there are several ways on the Internet to obtain this type of document, so you can review it in more detail on the websites provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): this will be the last step, ensuring local registration.
To finalize this registration, you will need to fulfill 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.
Suggestions for Foreigners Launching a Business in Panama
Panama presents a welcoming environment, offering distinctive opportunities for entrepreneurs from Canada. Staying well-informed and carefully planning each phase may significantly boost your business’s success prospects. Nonetheless, seeking assistance from seasoned legal advisors is equally crucial to streamline the process. In this context, 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.
