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.
Additionally, it is best to define the profile of the company you want to create in Panama, considering your needs. Having legal advice can be a smart decision. There are several experts in the field, such as Legal Solutions Panama, whose trajectory and experience distinguish them as a reference.
What are the requirements for establishing a company in Panama from United Kingdom?
If you are an entrepreneur from United Kingdom and your next goal is to incorporate your business in Panama, you must comply with certain requirements set forth by the Panamanian Government. The requirements are:
- A basic copy of the general passport for the directors, generally three, and for the shareholders, with at least one required.
- Directors and shareholders need to be adults, over 18 years old, and must have a valid passport.
- Submission of completed online forms containing 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:
- 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 finalize this registration, there are several requirements you must fulfill:
- 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.
Suggestions for Foreigners Launching a Business in Panama
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.
