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Panama
Business in Panama
03
Jul
Jul
Business in Panama: To establish a business in Panama, you can do it in 2 ways… Acting as a natural person or through a legal entity (Sociedad Anónima) Both the registration of the natural person and that of the legal entity (joint-stock company) allows the practice of trade.
Today, all state and government institutions demand to know the identity of all people that have to do with society (KNOW YOUR CLIENT) and where the funds come from to comply with international standards and prevent money laundering and / or financing of terrorism. Therefore, nowadays in the Social Pact, it must be indicated that the shares must be “nominative”. This means that in the internal accounting book of each company, the shares must have the name of the owner. Next, we will see the differences between one and another figure. It is important to know that each one chooses the way they are going to start their business in Panama.
BUSINESS IN PANAMA:
NATURAL PERSON
- Notice of Operations (Commercial license to practice trade) With this registration you can legally open the company.
- Registration of the person In the Municipality of Panama or San Miguelito, depending on where the office or premises will be located and in the General Directorate of Taxes
- Mandatory legal expenses after the person registered.
✓ all subsequent years payment of taxes to the General Directorate of Revenue (accounting reports, income statements, profits, losses, etc.)
✓ all subsequent years imposed before the Municipality of Panama or San Miguelito (for the exercise of commercial activity)
LEGAL PERSON
- Notice of Operations (Commercial license to practice trade) With this registration you can legally open the company.
- Registration of the company In the Municipality of Panama or San Miguelito, depending on where the office or premises will be located and in the General Directorate of Taxes
- Mandatory legal expenses after the company is established.
✓ all subsequent years $ 300.00 in concept of Single Rate
✓ all subsequent years $ 250.00 for the Lawyer Resident Agent
✓ all subsequent years imposed before the General Directorate of Revenue (accounting reports, income statements, profits, losses, etc.)
✓ all subsequent years imposed before the Municipality of Panama or San Miguelito (for the exercise of commercial activity)
NATURAL PERSON
Recommended when only one person is going to have the business in Panama . In case of a claim or sequestration, it falls directly on the person’s assets.
LEGAL PERSON
Recommended when several people are going to have a business. In case of a claim or sequestration, it falls on the assets of the company. The assets of the companies may be located outside of Panama. The company can engage in any activity The directors or dignitaries can be of any nationality.
