Process to open a company in Panama from United Kingdom
Business

Process to open a company in Panama from United Kingdom

Frank S. Laing

Considering taking your company to Panama? This nation in Central America provides an appealing environment for businesses, featuring both a thriving economy and a prime geographical position that is drawing the attention of new investors and business owners today. Exploring the current trends and changes in Panama’s business scene is a smart initial step, whether you’re within the country or looking from afar.

Furthermore, it’s crucial to outline the profile of the company you aim to establish in Panama, taking into account your specific requirements. Seeking legal guidance can prove to be a wise choice. Numerous specialists, like Legal Solutions Panama, are recognized for their extensive experience and proven track record in this domain.

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

If you’re an entrepreneur from United Kingdom 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:

  • A straightforward copy of the general passport for the directors, numbering three, and for the shareholders, with at least one minimum required.
  • Directors and shareholders are required to be of legal age, over 18 years old, and must hold a valid passport.
  • Fill out online forms with 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

After reviewing the above requirements in detail, it would be ideal for you to know some of the steps that could be useful during the process of opening your company in this country:

  1. Determine your company’s location: An essential initial step is to identify your business’s premises or establish its legal and tax domicile, effectively the company’s headquarters. Depending on your economic and legal requirements, consider which locale aligns best with your objectives, and decide whether the premises will be rented or purchased.
  2. Apply for the Notice of Operations: This requirement ties in with the first step. The Notice of Operations is among the limited documents required by the Panamanian government for those setting up a business. To apply for this document, your company must be registered with the Panamanian Public Registry.
  3. Register the corporation or legal entity: This is akin to your company’s identification document in Panama. Registration requires a name and an identification card, typically taking between 5 to 7 days to complete.
  4. Apply for the Single Taxpayer Registry: This serves as the tax identification number for each taxpayer and is issued by Panama’s General Directorate of Revenue. Currently, several online resources allow for this document’s procurement, which can be examined in more detail on official Panamanian government websites.
  5. Register with the Municipality of Panama (MUPA): This final step ensures your business is locally registered.

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.

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 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.