Considering taking your company to Panama? This nation in Central America provides an appealing environment for businesses, featuring both a thriving economy and a prime geographical position that is drawing the attention of new investors and business owners today. Exploring the current trends and changes in Panama’s business scene is a smart initial step, whether you’re within the country or looking from afar.
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.
How can you establish a company in Panama from United Kingdom?
If you’re an entrepreneur from United Kingdom 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:
- Simple copy of the general passport of the directors, in this case three, and of the shareholders, which would be a minimum of one.
- Directors and shareholders must be of legal age, over 18 years old, and possess a current passport.
- Complete online forms with information regarding 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
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:
- 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 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.
Guidelines for Establishing Your Business in Panama as a Foreigner
With its supportive environment, Panama presents exceptional opportunities for entrepreneurs from United Kingdom. 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.
As a group of seasoned lawyers specializing in such processes, they provide robust support in Panamanian legal matters, easing the establishment of your start-up company. For more information about the services offered by Legal Solutions Panama, feel free to visit here and reach out to them.