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 crucial to outline the characteristics of the company you wish to establish in Panama, keeping your specific requirements in mind. Seeking legal counsel is often a wise choice. Numerous professionals excel in this domain, like Legal Solutions Panama, whose track record and expertise make them a reputable authority.
What are the requirements for establishing 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:
- 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.
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:
- Define your company’s headquarters: an essential first step is to locate your place of business or legal and tax domicile, i.e., your company’s headquarters. Depending on your financial and legal needs, you should think about which location best fits your search, as well as consider whether it will be rented or owned.
- Requesting the Notice of Operations: this point is connected with the first one. The notice of operations is one of the few documents that the Panamanian government demands from whoever decides to open a company. To request this requirement, you must have the registration of the company in the Panamanian Public Registry.
- Register the corporation or legal entity: this is like the identity document of your company in Panama. For the registration, you must provide a name and an identification card. In general, this step usually takes between 5 and 7 days.
- Requesting the Single Taxpayer Registry: this corresponds to the tax identification number of each taxpayer and is granted by the General Directorate of Revenue of Panama. At present, there are several ways on the Internet to obtain this type of document, so you can review it in more detail on the websites provided by the Government of Panama.
- Register with the Municipality of Panama (MUPA): this will be the last step, ensuring local registration.
To finalize this registration, there are several requirements you must fulfill:
- Copy of the Notice of Operations.
- Copy of the ID card or passport for the legal representative listed in the Notice of Operations.
- Map of the commercial establishment’s location.
- Include the township, urbanization, neighborhood, street, street number, premises or residence number, building, and apartment or commercial space number, along with at least two reference points.
- Current email address and phone numbers.
- Copy of the income tax returns from when operations began. For businesses active before 2016, it’s advisable to include all income tax returns from the start of the notice.
- Copy of the Articles of Incorporation and the Certificate from the Public Registry of Panama, which should be updated and not older than three months.
- Starting January 2016, signage information becomes declarative based on area, length and width, with dimensions needing to be presented in square meters at registration.
- Copy of income tax returns from the business’s inception.
- Photographs of the commercial premises, particularly the exterior frontage.
Guidelines for Establishing Your Business in Panama as a Foreigner
Panama presents a welcoming environment, offering distinctive opportunities for entrepreneurs from United Kingdom. Staying well-informed and carefully planning each phase may significantly boost your business’s success prospects. Nonetheless, seeking assistance from seasoned legal advisors is equally crucial to streamline the process. In this context, Legal Solutions Panama could be the ideal choice for you.
As a team of specialized lawyers in this area, they provide robust support regarding Panamanian legal matters, making the process of establishing your start-up smoother. If you wish to learn more about what Legal Solutions Panama offers, please visit their web and reach out to them.
