Doing business in Panama had been on MacKenzie’s mind for a long time. As a successful owner of an advertising firm, her experience broadening the appeal of small brands looked to be a great fit in Panama. She saw Panama as a tourist destination that could one day be as popular as anywhere else in the tropics. It presented the best opportunity for her to expand her brand while simultaneously doing the same thing for Panama.
Getting Started Doing Business in Panama
Even though it’s easier to set up a business in Panama as a foreigner than in other countries, there are still rules to follow. Doing business in Panama is attractive to people due to the relative ease with which you can start a company. MacKenzie wanted to ensure she followed the protocols properly, so she meticulously followed the steps.
Ownership Structure
The first thing to determine is the ownership situation. MacKenzie’s business would be sole ownership, which could be a sole proprietorship or an LLC. It could also be a limited, general, or civil partnership. She could also start a corporation with many partners and investors. MacKenzie preferred being in business for herself and opted for an LLC.
Once MacKenzie determined the legal structure, she had a list of requirements to address before she could start doing business in Panama.
Company Name
MacKenzie needed to select a unique business name that reflected its type of entity and register it with the Panama Public Registry.
Panama RUC
An RUC is a company’s income tax ID number. Any company doing business in Panama is legally required to have one. The business must use it for all business purchases and tax filings.
Hiring Employees
MacKenzie would need staff to work for her. That meant she needed to go through Panama’s Social Security office to obtain a Social Security employer number. Once she obtained this number, she was ready to staff up her business and hire a business attorney and an accountant.
Office Space
MacKenzie still needed physical office space, even with the few employees she had. Working with a local real estate company, she found office space in Panama City. It was a great spot because it is right in the heart of where her main client base would be.
Panama has a growing economy and expanding economic opportunities. MacKenzie recognized these factors when deciding where to open a business abroad. Panama also makes it easy for expats to do business there. MacKenzie discovered that if you have a solid concept, Panama is open for business.
Does Living in Panama Sound Interesting?
If you’re considering a relocation, why not consider Panama? So many others have found exactly what they were looking for in this tropical paradise. If we can help make your dreams come true, please don’t hesitate to contact us. We’ve been working with expats for years. And we can help you, too. Expats who find a life in Panama find success and a magnificent lifestyle to go with it.