Small business setup in Panama
Panama offers a favorable tax environment, strategic canal, and stable economy for shipping, logistics, and financial services, making it an ideal location for small businesses. We specialize in supporting both start-up and expanding small businesses, providing expertise in the regional market and company formation to help launch your enterprise in Panama. Let’s explore the benefits of starting a small business in Panama and how our specialized solutions can help ensure your success.
Formalities and procedure
Registering a small enterprise in Panama consists of various steps that can be finalized within a few weeks.
Choose a business name
The name of the business needs to be original and not currently being used. You can verify the availability of a name on the Panama Trade Registry’s site.
Select legal entity type
Choosing the right legal structure is crucial for the prosperity of your small business. We offer expert advice on Limited Liability Company (S.A.), Corporation (S.A.), Branch Office, and Holding Company to assist you in making an informed decision that suits your unique needs and long-term goals.
Set up legal address
It is crucial to have a legal address when starting a business because it acts as the primary point of contact for government agencies, legal authorities, and important business communication. Selecting a legal address that complies with local regulations and fits your business needs is imperative.
Get the necessary paperwork ready
Our experts will assist you in developing detailed and tailored documentation that aligns with your company’s structure and objectives. We ensure compliance with all legal requirements and manage the filing procedure on your behalf.
Open a bank account
To establish a business in Panama, it is necessary to have a corporate bank account. We will guide you through this procedure to ensure compliance with regulations and assist in opening a bank account with a respected financial institution in Panama for your small business activities.
Company registration
We take care of registering your small business with authorities such as the Trade and Companies Register and tax authorities to alleviate the administrative workload for you. This ensures that your small business is legally recognized and compliant from the beginning.
Setup accounting
In order to effectively start a small business, it is important to keep precise financial documentation. Our accounting professionals can assist in establishing efficient accounting and bookkeeping procedures that adhere to Panama’s regulations.
Small business examples
Small businesses operate in various industries and sectors, each having unique demands. Here are a few examples of small businesses:
- Business support: Smaller consultancies, individual service providers
- DIY retail: Locally-owned hardware shops, small home improvement stores
- Education: Tutoring services, small language schools, independent trainers
- Farming: Smaller, family-run farms
- Fitness: Individual trainers, small local gyms or studios
- Food and beverage retail: Independent grocery stores, coffee shops, bakeries
- Hotels and motels: Smaller, independent hotels or motels
- Laboratory: Smaller independent testing labs
- Marketing: Freelance marketers, small local agencies
- Media: Independent content creators, niche publications, small production companies
- Printing: Small local print shops
- Real-estate: Individual realtors, very small brokerage firms
- Restaurant: Independent, non-chain restaurants
Benefits of establishing a small business in Panama
Panama is an attractive location for starting a small business due to the numerous benefits it offers.
Strategic location
Panama provides a beneficial fiscal setting, a vital canal, and a steady economy, especially suitable for shipping, logistics, and financial services. Due to its key position linking the Americas, accommodating business regulations, and use of the US dollar, Panama offers many benefits to companies seeking to set up operations in the area.
Favorable tax regime
Panama operates under a territorial tax system, where only income earned within Panama is taxed. The corporate income tax rate is a flat 25%. Panama is renowned for its strategic location, the Panama Canal, and the Colon Free Trade Zone.
Banking
Panama’s banking benefits consist of its strategic positioning, a reliable financial system, and options for offshore banking and international transactions, which appeal to investors looking for confidentiality and global financial solutions.
Our small business setup solutions
We understand the significance of your time and resources. This is why we offer two convenient choices to streamline the process of establishing a company.
Business formation online
By utilizing the online platform offered by Panama, individuals have the capability to begin and finalize the business establishment process from any location worldwide. The option to track progress, upload necessary documents, and take advantage of our services via secure digital channels guarantees a seamless and user-friendly experience.
Business formation remotely
If you’d rather not deal with the paperwork, we can manage it all for you. Our expert team will handle the necessary formalities, fill out the required documents, and communicate with the appropriate authorities on your behalf to ensure your peace of mind.
Contact us today and launch your small business success
Get in touch now to schedule a consultation and begin pursuing your business goals. Let’s embark on this journey together.