How to launch a business in Panama from United States: advice for 2024
Business

How to launch a business in Panama from United States: advice for 2024

Brigette J. Stringer

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’s wise to outline the specifics of the business you aim to establish in Panama, taking your requirements into account. Seeking advice from legal professionals can be a prudent choice. Numerous specialists, like Legal Solutions Panama, stand out due to their extensive experience and expertise, making them a reputable source for guidance.

What are the requirements for establishing a company in Panama from United States?

If you’re an entrepreneur from United States 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 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Register with the Municipality of Panama (MUPA): This final step ensures your local registration is complete.

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 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

Panama provides distinct opportunities for entrepreneurs from United States thanks to its advantageous setting. Being thoroughly informed and strategically planning every step can significantly boost the success potential of your business. Moreover, enlisting the help of professionals in legal consultancy is crucial for streamlining the process. In this context, Legal Solutions Panama might be your ideal choice.

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.