The steps to open a business in accordance with the established regulations are as follows: On several occasions, we have stressed the importance of this document, because it is the same one that allows a natural or legal person to carry out commercial activities in Panama. You can enter it and request it in www.panamaemprende.gob.pa/login Special Steps for Ecommerce: For online businesses or ecommerce, it`s important to note that all the previous steps are the same. As part of the process of starting a business in Panama, a legal name search must be performed. Unfortunately, it is not always possible to get the chosen name, and for this reason, it is best to keep 3 possible names in mind. Essential Step #3: When the above two steps are resolved, you`re good to go. Before that, you need to decide under which legal personality it is more convenient to operate as a natural person or through a legal entity (company, entrepreneurial company, etc.). An important fact is that micro, small and medium-sized enterprises or natural persons who register with the Authority of Micro, Small and Medium Enterprises in Panama (AMPYME) are exempt from income tax for the first two years of operation. In this sense, registration with AMPYME has several advantages to support the entrepreneurial sector. If you want to start a new Panamanian business, do not hesitate to contact our law firms for more information.
Also, learn more about why Panama is the best place for offshore companies. As an accounting firm with allied lawyers, we can offer our clients a complete service. Once the legal part is ready, an accounting consultant will give you all the advice to create and implement an accounting system that meets the needs of your business. A resident agent is a prerequisite for setting up a business in Panama. The resident representative must be a Panamanian lawyer based in Panama, whose purpose is to act as an agent of control of the company`s activities and to carry out the necessary legal procedures in the respective authorities. When completing the application, an important piece of information to consider is the trade name to be used to identify the business establishment. It is important that you choose a name that is not confusing with others, because if the name has already been registered by another company and that company has the trademark, we could be faced with a dispute over trade names. You should always seek legal and financial advice that meets your needs from the start, this way you will avoid many setbacks that result in significant money savings and increased chances of success for your business. Finally, tax planning is another extremely relevant point for your business. The word planning does not mean escape. This means that the taxpayer is looking for ways to streamline the processes for paying and recording information so that taxes align with the reality of the business or business. Note: The data provided here is provided for informational purposes only.
Some cases must be analysed according to their specific characteristics and the specific rules applicable to them. It is good that you know your rights and obligations, but it is also advisable to receive appropriate legal advice to defend and enforce them. General conferences are recognized in Panama and are called “general conference.” The problem with this type of partnership is that a civil court can hold all partners liable if one of them acts negligently or fraudulently in carrying out their activities on behalf of the partnership. Essential Step #2: Once all the legal procedures and approvals required to start the business have been identified and it is clear that you can meet all the requirements, the next step is to evaluate your intellectual property registrations and trademark and logo registration, as well as any other creation that requires copyright registration, understand. Many local and foreign entrepreneurs underestimate the importance of this process, but it is a crucial step in formalizing your business. Prevent anyone from appropriating your brand. Don`t let anyone keep your creative work.