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.
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.
What are the requirements for establishing 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 straightforward copy of the general passport for the directors, numbering three, and for the shareholders, with at least one minimum required.
- Directors and shareholders are required to be of legal age, over 18 years old, and must hold a valid passport.
- Fill out online forms with details about the company and its beneficiaries.
It is essential to recognize that these requirements are applicable to both Panamanian citizens and foreigners. Nonetheless, if you’re a foreign national residing outside of Panama, there is no need for you to travel there; you can authorize a trusted lawyer or a representative to handle your documentation.
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:
- Identify your company’s headquarters: A critical initial step involves determining the location of your business or your legal and tax office, essentially your company’s headquarters. Evaluate which site aligns best with your financial and legal requirements and consider whether the property will be leased or owned.
- Apply for the Notice of Operations: This step is linked to the first one. The Notice of Operations is among the few documents mandated by the Panamanian government for those wishing to start a company. To secure this document, you must first register your company with the Panamanian Public Registry.
- Register the corporation or legal entity: This acts as the identification document for your business in Panama. To complete this registration, you’ll need to provide a company name and an identification card. This process typically takes about 5 to 7 days.
- Obtain the Single Taxpayer Registry: This is your tax identification number, assigned by Panama’s General Directorate of Revenue. Currently, there are several online options available to acquire this document. You can find more detailed guidance on platforms provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): This final step ensures your local registration is complete.
To complete this registration you must also comply with a series of requirements:
- Copy of the Notice of Operations.
- Copy of the ID card or passport of the legal representative mentioned in the notice of operations.
- A sketch of the commercial establishment’s location.
- Details must include the township, urbanization, neighborhood, street, street number, number of premises or residences, building, and apartment or commercial space number, along with at least two reference points.
- Current email address and phone numbers.
- Copy of income tax returns from the start date of operations. For businesses established before 2016, it’s advisable to provide all income tax returns from the commencement of the notice.
- Copy of the Articles of Incorporation and Certificate from the Public Registry of Panama, which should be current and not older than three months.
- Since January 2016, the sign has become declarative based on area, so dimensions must be presented in square meters during registration.
- Copy of income tax returns from the commencement of operations.
- Photos of the commercial premises, specifically focusing on the exterior front.
Guidelines for Establishing Your Business in Panama as a Foreigner
With its favorable environment, Panama offers unique opportunities for entrepreneurs from Canada. Being well informed on the subject and planning each stage could maximize the chances of success of your business. However, it is also very important to have the help of experts in legal advice, as this would optimize the process. In this case, Legal Solutions Panama may be your best option.
With a team of expert lawyers specialized in this type of process, you’d have robust support in Panamanian legal matters, greatly simplifying the establishment of your start-up company. If you’re keen to learn more about the services offered by Legal Solutions Panama, feel free to visit their site and get in touch with them.
