ASK PANAMA
– FOR EXPAT SERVICES –
Business Setup: Your Pathway to Success in Panama
Panama is one of the most business-friendly countries in the world, offering numerous benefits for entrepreneurs, investors, and multinational corporations. At AskPanama.com, we provide comprehensive business setup services to ensure your venture thrives in Panama’s dynamic economy.
Why Start a Business in Panama?
- Strategic Location: As a global logistics hub, Panama connects North and South America, with access to the Panama Canal and major trade routes.
- 0% Tax on Foreign-Sourced Income: Businesses earning income outside Panama enjoy tax-free status.
- Stable Economy: With a dollarized economy and consistent GDP growth, Panama offers a secure environment for investment.
- Business-Friendly Legal Framework: Transparent regulations and ease of incorporation make Panama a top choice for businesses.
- Modern Infrastructure: Panama boasts excellent connectivity, free trade zones, and world-class logistics facilities.
Our Business Setup Services
Eligibility: Establish a Panamanian corporation and work as an employee within your company.
1. Company Formation
- Incorporating your business as an S.A. (Sociedad Anónima) or LLC.
- Assistance with drafting articles of incorporation, registering with the Public Registry, and obtaining your Tax ID (RUC).
- Guidance on structuring your corporation for maximum operational efficiency.
2. Bank Account Setup
- Personal and corporate account opening services.
- Coordination with reputable Panamanian banks for seamless application processes.
- Assistance with required documentation, including proof of address and source of funds.
3. Licensing and Permits
- Identification of industry-specific permits (e.g., retail, tourism, or manufacturing licenses).
- Fast-tracked submission and approval processes.
- Ensuring full compliance with Panamanian laws.
4. Tax Planning
- Leveraging Panama’s territorial tax system to reduce global tax liability.
- Advice on VAT (ITBMS), import/export duties, and corporate tax filings.
- Setting up international structures for tax optimization.
5. Virtual Office and Representation
- Establishing a local office address and mail forwarding services.
- Assistance with hiring local staff and payroll management.
Step-by-Step Process
Step 1: Initial Consultation
We assess your business goals and recommend the most suitable corporate structure and strategy.
Step 2: Document Preparation
- Assistance in gathering and notarizing necessary documents, including:
- Passport copies.
- Proof of address.
- Corporate bylaws (if applicable).
Step 3: Company Registration
- Filing your company’s articles of incorporation with the Panamanian Public Registry.
- Securing your Tax ID (RUC) and commercial license.
Step 4: Bank Account Setup
- Guidance on choosing the right bank based on your business needs.
- Facilitating meetings with bank representatives and streamlining the application process.
Step 5: Post-Setup Support
- Assistance with opening operational accounts, payroll systems, and VAT registration.
- Ongoing advisory services to ensure compliance and operational efficiency.
Industries Thriving in Panama
- Logistics and Trade: Panama’s strategic location makes it a hub for import/export businesses.
- Real Estate: Rapid urbanization and high demand for commercial properties offer lucrative opportunities.
- Tourism: With its beaches, rainforests, and vibrant city life, Panama is a top tourist destination.
- E-commerce: Low taxes and excellent connectivity make Panama ideal for online businesses.
- Finance and Banking: Panama’s robust financial sector supports global business operations.
Success Stories
Benefits
- John’s E-commerce Venture: John, an entrepreneur from the U.S., established an e-commerce company in Panama to benefit from the 0% tax on foreign-sourced income. Within months, his business thrived, leveraging Panama’s strategic shipping routes.
- Sophia’s Boutique Hotel: Sophia from Canada opened a boutique hotel in Boquete with our assistance, securing permits, staffing, and banking services. Today, her hotel is a favorite among tourists.
- Global Logistics Company: A multinational corporation partnered with AskPanama.com to establish a logistics hub in Panama City, benefiting from free trade zone advantages and reduced operating costs.
Why Choose This?
Frequently Asked Questions
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The process typically takes 7-10 business days for incorporation and registration.