Detailed guide to launch a firm in Panama in 2024 from United States

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’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 do you need to create a company in Panama from United States?

If you’re an entrepreneur from United States aiming to open your business in Panama, you’ll need to meet specific criteria outlined by the Panamanian Government. These prerequisites 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’s essential to recognize that these requirements are applicable to both Panamanians and foreigners. Nonetheless, if you’re a foreign resident and presently outside Panama, there’s no need to travel to the country; you can appoint a trusted attorney or a representative to handle your documentation process.

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. 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.
2. 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.
3. 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.
4. 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.
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 listed in the notice of operations.
• A sketch of the business establishment’s location.
• The documentation should detail the township, urbanization, neighborhood, street name, 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 the start date of operations. If the business began before 2016, it’s advisable to bring all income tax returns from the commencement date of the notice.
• Copy of the Articles of Incorporation and a Certificate from the Public Registry of Panama, updated and no older than three months.
• Since January 2016, signage information becomes declarative, requiring area calculations (length by width) to be presented in square meters during registration.
• Copy of income tax returns from the business start date.
• Photographs of the commercial premises, focusing on the exterior front view.

Suggestions for Foreigners Launching a Business in Panama

Panama presents exclusive opportunities for entrepreneurs from United States 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 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.