Are you considering create a company in Panama? This nation in Central America offers a supportive environment for businesses, featuring an expanding economy and a prime geographical position that is drawing in modern investors and entrepreneurs. Regardless of your location, staying informed about the current trends in Panama’s business sector is an excellent starting point.
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 is required to establish a company in Panama from United Kingdom?
If you’re an entrepreneur from United Kingdom aiming to open your business in Panama, you’ll need to meet specific criteria outlined by the Panamanian Government. These prerequisites 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:
- 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.
Recommendations for starting your business in Panama as a foreigner
Panama presents exceptional opportunities for entrepreneurs from United Kingdom thanks to its conducive environment. Staying informed and meticulously planning each phase can greatly enhance your business’s success potential. Additionally, seeking the assistance of legal experts is crucial in streamlining the process. For such expertise, Legal Solutions Panama could be the ideal choice for you.
As a team of skilled lawyers specializing in this field, they provide robust support in Panamanian legal matters, simplifying the incorporation of your start-up company. If you’re eager to learn more about the services offered by Legal Solutions Panama, feel free to visit their webpage and get in touch with them.
