Understand the Jurisdictions Setup Requirement Before Proceed Your Company Registration in Panama
Panama is a small country in South America with nearly 4 million population. The economy of Panama is multiplying due to its geographic location and well-developed service sector. Hence, this country has been attracting many investors for company registration in Panama to gain profits, and we at 3E Accounting help you with that!
Some Lucrative Reasons to Invest in Panama
- International Trade: Panama is bordering both the Caribbean Sea and the Pacific Ocean and provides excellent connectivity between North America and South America. Then, the ports located in Panama handles a variety of containers on an everyday basis. Therefore, this is a unique advantage for worldwide trade.
- Development of Economy: In recent years, Panama’s economy has witnessed a great boom and has managed to be the fastest-growing economy in Latin America. Its geographical location and service sector especially tourism, commerce, and trading have added another cherry on the cake.
- Bilingual population: The population of Panama is well versed in both English and Spanish which makes foreign trade easier. It becomes easier for new people in the country to understand their registration process and communicate about their business.
- Tax Benefits: Panama has highly attractive tax rates for investors and businessman. Then, the VAT in the country is around 7% and offers various concessions to residents of the city.
Different Business Entity in Panama
The various business entities which operate in Panama are:
- Corporations: There are four necessary steps of forming a Corporation in Panama:
(a) Company formation, (b) Commercial License, (c) Opening a Bank Account and (d) Alteration of Company Statutes.
There must be a minimum of 3 Directors for this type of entity.
- Limited Liability Company: It also has the same four steps as a Corporation. However, it requires a minimum of one Administrator. It is the most attractive form of the business entity as the person is not personally liable for debts.
- Private Interest Foundation: There are certain benefits for such business entities. The body requires much documentation, however, is exempt from all the taxes applicable in Panama. If this entity is used for commercial development, the body needs a license.
We Understand Your Requirements
Our company, 3E Accounting, will help you with your documentation, choosing the right business entity and meeting every legal need. Our professionals have experience of many years in the country and have helped many business entities in setting up their business from scratch. We provide the best services to our customers and make sure that you have no complaints. If you plan to start your business in this beautiful city Panama, contact us and send us your business plan. We have the right team of experts to guide you, help you and explain you everything from start to finish.