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?
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 crucial to understand that these requirements are applicable to both Panamanians and foreign nationals. Nonetheless, if you are a foreigner residing outside of Panama, there’s no necessity for you to travel there; you can appoint a trusted lawyer or representative to handle your documentation.
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 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.
- 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.
- 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.
- 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.
- Register with the Municipality of Panama (MUPA): This final step ensures that your company is locally registered.
To complete this registration you must also comply with a series 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 illustrating the location of the business establishment.
- Details must include the township, urbanization, neighborhood, street, street number, building and apartment or commercial space number, as well as at least two reference points.
- Current email addresses and phone numbers.
- A copy of income tax returns from when the business began operations. For businesses established before 2016, it’s advisable to bring all income tax returns since the start of the notice.
- A copy of the Articles of Incorporation and the Certificate of Public Registry of Panama, which should be updated and not older than three months.
- Since January 2016, signage must be declared based on area; the length by width dimensions must be provided in square meters upon registration.
- A copy of income tax returns from the initial date of operations.
- Photographs of the business premises, particularly the exterior frontage.
Suggestions for Foreigners Launching a Business in Panama
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.
Being a team of expert lawyers in this type of process, you would be counting on solid support in Panamanian legal terms, which facilitates the incorporation of your start-up company. If you are interested in knowing more details about the services of Legal Solutions Panama, visit their website and contact them.
