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.
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 do you need to create a company in Panama from United Kingdom?
If you’re an entrepreneur from United Kingdom with plans to establish your company in Panama, you need to meet specific criteria established by the Panamanian Government. These requirements include:
- 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 important to note that each of these requirements applies to both Panamanians and foreigners. However, if you are a foreigner and are currently outside of Panama, you do not need to travel to the country; you may designate your trusted lawyer or a representative to process your documents.
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:
- Establish your company’s headquarters: Determine the location of your business or its legal and tax address, which serves as your company’s headquarters. Consider your financial and legal needs to decide whether the premises will be leased or owned, and choose a location that aligns with your requirements.
- Apply for the Notice of Operations: This requirement is linked to the first step. The Notice of Operations is one of the fundamental documents required by the Panamanian government from anyone looking to establish a company. To obtain this, your company must be registered with the Panamanian Public Registry.
- Register the corporation or legal entity: This functions as your company’s identity card in Panama. During registration, you need to submit a company name and identification card. Typically, this process takes between 5 to 7 days.
- Obtain the Single Taxpayer Registry: This is akin to a tax identification number provided to each taxpayer by the General Directorate of Revenue in Panama. Nowadays, various online methods are available to secure this document, and more detailed information can be found on government websites.
- Register with the Municipality of Panama (MUPA): This final step ensures your local registration is complete.
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 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.
Recommendations for starting your business in Panama as a foreigner
Panama presents exclusive opportunities for entrepreneurs from United Kingdom thanks to its favorable environment. Being well-informed and carefully planning each step can significantly enhance your business’s likelihood of success. However, obtaining expert legal guidance is crucial, as it can streamline the process. In this context, Legal Solutions Panama might be your best choice.
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.
