Get Familiar with Legal Requirements and Procedures for Panama Company Registration
The Commercial code governing the registration of a company in Panama is friendly to both, the local and foreign investors. Panama company registration under the Registrar requires that one formulate a distinct business name. The name shouldn’t consist of terms such as “Bank”, “Foundation”, “Trust” and “Finance.” The Registrar will do some verification of the name before reserving the appropriate name. The law requires that your company name ends with the following words: Corp (Corporation), Inc. (Incorporated), or Sociedad Anonima (S.A.)
But one may find it time-consuming or unavailable and so 3E Accounting will help you in the process of registration. 3E Accounting has a wide range of services from:
- Business license renewal.
- Business setup.
- Accounting and auditing services.
- Taxation and legal services.
- Corporate secretarial and human resource.
Contact 3E Accounting and get professional services at the most cost-effective.
If you’re planning to open an offshore company you’ll need to have the following documents:
- The initial copy of the Incorporation deed granted by the Public notary – notarized Articles of Incorporation registered at the Public Registry and endorsed by Apostille.
- An official Articles of Incorporation duly authorized by Apostille.
- Original Certificate of Incorporation granted by the Public Registry and duly authorized by Apostille.
- Certificate of shares.
- Minutes of the last meeting held by the shareholder(s) and the owner(s).
When it comes to Limited Liability Company, you’ll need a minimum of two shareholders who can be from any nationality and no maximum cap for the number of shareholders. Further, the law requires a minimum of three directors who may be individual or juridical entities. Other clauses governing LLC stipulates that the certified capital can be in any currency.
Simpler Procedures to Form Your Panama Company
The good news about Panama company registration new laws for Limited Liability Company is that there is now no minimum or maximum capital required. The law establishes that you can pay in any currency. But you should note that the higher the capital, the more the registration fees. Therefore, the standard recommended capital stands at US$10,000.
The incorporation process can take approximately three to five working days, and the cost stands at US$550. Accordingly, you can engage with professional experts at 3E Accounting service providers for more information about the entire process.
The Panama Corporation law requires that you register with the Mercantile Division of the Public Registry. Specifically, you’ll pay a mandatory Annual Registration Tax of US$250 at the National Bank of Panama or the Ministry of Economy and Finance. In the event you do not generate any income from within Panama source, you’re eligible to pay a fixed annual tax of US$300. Again, you must register with Panama Revenue Agency (DGI) to get the Tax Identification Number (RUC).
The Employment Act stipulates that any company hiring employees must file an application with the Social Security Administration under the Ministry of Labor.
As part of Panama company registration, you must get a notice of operation via the Panama emprende website and enjoy the competitive business environment.
Contact us for more information on Panama company registration process.