Understand the Jurisdictions Setup Requirement Before Proceed Your Panama Company Formation
Panama is an excellent country to do business because of its tax benefits and the favorable commerce environment. Reasons like this make it very simple for Panama company formation. The entire process is quite straightforward, and a company can be incorporated within two weeks. The economic and political situation of this country is very stable which is why many investors are interested in investing in Panama. The geographic location of this country gives it access to different ports and most importantly the port of Latin America.
Steps for Panama Company Formation
To set up a company in Panama, the following are the procedural steps:
- Name of the company
- Details of the company directors and shareholders (full name, DOB, nationality and residential proof)
- Lease an office in Panama to address proof of the company and the details of this office (electricity bill/contract agreement) must be submitted while registering the business.
- Drafting Memorandum of Association and Article of Association
- Open a local bank account and deposit the minimum capital investment depending on the business entity you have chosen.
What Do You Get After Registering?
- Certification of business registration
- Original share certification
- Government receipt against the payment of annual company registration and the license for which you have applied for.
The most common business entity which operates in Panama is a limited liability company. Actually, this business entity can operate after five to seven days of the incorporation process. There is no limit to the number of the shareholders or director in the company.
Benefits of Panama Company Formation for Limited Liability Businesses
- All the business activities under this business entity are tax exempt
- You needn’t disclose any information about the company ownership
- You can administer your business efficiently as there is no need for filing returns
- There is no minimum requirement of holding any Annual general meetings of the company’s board of directors.
At 3E Accounting United Kingdom, we offer services related to a company set up in Panama. With us, you needn’t worry about registering the business and about the Panamanian laws as we assist you in preparing all the documents, selecting the right business entity, opening a bank account, find premises for your business and registering the business with the Panamanian government. Contact us to start immediately!