Panama offers endless opportunities,
for enterprising foreigners that wish to open a business, whether
it's related to properties, tourism: bars, restaurants, hotels,
etc.
There are a series of steps
and requirements to be fulfilled in order to start a business
and ensure that it's in accordance with all of the Panamanian
Laws.
Legal Structure
When opening a business
you will be presented with several types of legal structures,
we recommend the following:
• Owner - Natural
Person: It consists on operating your business as a natural person
and sole proprietor.
• Corporation:
The first step in opening your business is establishing
a Corporation under which your business will be protected. It's
best way of protecting your investment due to the fact that your
assets will be separate from those generated by the company.
The best way of protecting your investment due
to the fact that your assets will The be separate from those generated
by the company.
Amongst our various services, at Delvalle &
Delvalle we provide you with Corporation Creation Services; for
more information check the Corporation Menu.
Migratory Status
If you're a foreigner, and are thinking in opening a company to
work in, you'll need a legal migratory condition in Panama, Dellvalle
& Delvalle offers consulting on everything regarding:
• The Visa that
best fits your condition.
• The most efficient
way to hire foreigners for your business.
Opening Bank Accounts in Panama
When performing an investment
you will require a personal or corporate account in a local bank.
Enter the "Opening Bank Accounts in Panama" Menu for more information.
Commercial Licenses and Permits
In order for your business
to begin operations it will need a commercial license or permit;
the following are examples of the different types of Commercial
Licenses in Panama.
Type A Commercial License:
Used for wholesale commerce . This includes the following for
the effects of this legal regulation.
- Installment of services,
except those classified as retail by the legislation in force.
- Sales to the State
- Performance of any kind
of commercial activities except those classified as retail sales.
Type B Commercial License:
Used for both wholesale and retail commerce this includes the
following, for the effects of this legal regulation:
- Sale of Goods to consumers.
- Representation of production
or mercantile companies.
- Any other activity that
special laws approve.
Industrial License:
Any Natural or Legal Person that:
- Is dedicated to manufacturing
or extracting activities, as well as selling such products to
the state.
- Constructing companies
that use third parties with a wage and manual, in house or crafting
industries that use more than five (5) workers.
At Delvalle & Delvalle
we provide services for acquiring Commercial and Industrial Licenses
so your company can begin operating legally. For further information
feel free to contact us .
Registration and Protection of your Commercial
Trademark
Once you acquire a commercial name and logo for
your company it will then be identified, the next step would be
to protect your commercial trademark. Delvalle & Delvalle
offers services related to intellectual property such as registry
and protection of product brands, services, commercial names,
patents, copyrights and more.
Taxes
If you opened a business by means of a corporation
the first step is to register your corporation with the General
Direction of Income authorities in order to pay mandatory taxes.
This is known as Fiscal Registry (Registro Fiscal). Some of the
taxes you should be aware of are the following:
• Income Tax:
• A Natural
Person pays Taxes depending on their monthly income.
• A Legal Person
Pays 30% Income Tax.
b) Municipal Taxes
c) Social Securities
d) Sanitation Taxes
Hiring Personnel
Our Services