For those looking create company in Panama They should know that the requested requirements are actually not many. However, it is recommended to seek the support of experts in the sector to avoid complications or setbacks that could delay the management.

Panama is considered an economic power at the level of Central America and Latin America, which makes it a territory of interest for many local and foreign investors, due to the great growth viability it represents.

On this occasion, Panama Legal Business will announce what aspects should be considered when thinking about creating a company in Panama.

Requirements to create a company in Panama

These are some of the requirements to consider for creating a company in the country:

• Select the type of person who will establish the company.
• Choose the type of company you wish to establish.
• Comply with the registration of the company in the respective General Directorate of Revenue to obtain the RUC – Single Taxpayer Registry.
• Obtain special permits and authorizations, according to the economic activity of interest.
• Obtain the commercial operation license.
• Comply with the registration of the company in the respective municipality, according to the location declared in the Operation Notice.

Type of person who will establish the company

Natural person

This is a person who has the ability to form a company under his or her own name. That is, he will be the person who will exercise the rights and be responsible for the corresponding commercial activities of the company.

Legal person

It is perceived as a fictitious person of an industrial or commercial nature. It refers to a figure made up of several natural persons, who have the capacity to exercise their rights and assume their obligations.

Type of company to be established

In case of choosing create company in Panama through a legal entity, it is important to keep in mind that there are various types of companies that can be considered. Among the most common are:

Anonymous society

It consists of a capital company, where two or more people associate, with the purpose of creating a company that can operate through said company.

This is mainly characterized because the liability of the partners is limited to the amount corresponding to their capital contribution, without affecting the assets.

Entrepreneurship society

It focuses on innovative company models, which have economic or social benefits. In this case, they are considered micro or small businesses.

For create a company in Panama Under this company, it is necessary to have at least two people of legal age, who may be citizens of Panama or foreigners residing in the country.

Limited liability company

It is also known as SRL. It consists of a company that stands out for allowing the development of any type of commercial activity in Panama.

For this company, there must be natural or legal persons of any nationality. Furthermore, it is characterized by the fact that the company's obligations must be divided according to the capital contributed.

Register the company in the General Directorate of Revenue to obtain the RUC

The RUC consists of a tax identification number that each taxpayer must comply with, whether a natural or legal person. Its purpose is to determine the equity and fiscal control of those who must respond to the tax withholding for their respective economic activity.

Obtain special permits and authorizations

Depending on the economic activity that is intended to be carried out, the provision of additional permits or authorizations may be required. Hence, lies the importance of having the support of Panama lawyers, that offer comprehensive services that allow us to effectively respond to all legal requirements in this area.

Commercial operation permit or license

It is related to an authorization granted by the State, in order to carry out commercial or industrial activities in the country.

The respective Operation Notice must be requested through the Panamá Emprende System. In this case, the information and requirements corresponding to the activity of interest must be completed. This considering the declaration under the seriousness of an oath that responds to the rules applicable to the activity carried out.

Where are companies registered in Panama?

Depending on whether it is a natural or legal person, the company must comply with some registrations with various organizations. Likewise, you must be registered in the respective municipality and respond to taxes, income, contributions, etc., before the municipal authorities.

This is part of the process that involves create company in Panama. It is advisable to resort to the service of competent lawyers to ensure that you respond to each guideline established in this area.

The best law firm in Panama

If you want to start a company you can count on our services as a Panama law firm. At Panama Legal Business we can advise you so that you can manage the necessary procedures to respond to the legal guidelines in this sector.

We stand out for advising and guiding our clients who wish to establish companies that are dedicated to commercial activities from their inception.

If you want to know more about our services for create company in Panama, you can contact us via WhatsApp +507 6430 7051.