Will I need to register a corporation?
Economic solveny is a required for residency and can be fulfilled by receiving a job offer in Panama, purchasing real estate in Panama or opening a corporation. Opening a corporation is one of the most common and easiest option. There is no oligation to conduct any business during your application or after permanent residency has been approved. In fact, you can dissovle the corporation after you have recieved residency. Corporations will incurr an annual tax fee of $300 as well as resident agent fees: varies according to lawyer appointed.
Should I open an IBC or LLC?
An IBC requires 3 directors and at least one shareholder. The LLC requires at least 2 managers and at least 2 partners. Depending on the goals of your company, either could be more suitable. We recommend opening an IBC and appointing 3 directors- this can friends, family or anyone you wish to appoint.
How can I ensure my privacy and remain anonymous?
Directors ' names are entered into the Public Registry. Therefore, if you would like to remain anonymous, you can utilize our nominee director services.
Are any restrictions as to the type of business I am allowed to own/operate/run?
Providing services (includes restaurants) and wholesale activities are permitted. Retail Business is prohibited to foreigners. However, you can get around this by issuing your business license under a Panamanian Citizen's name. A contract will be drawn up where you will remain the shareholder of the corporation.
Do I need a business license?
A general business license is required if you are planning on utilizing your corporation to conduct business. This should be purchased at the same time the corporation is orders as it will incur an addition $100 if purchased after the corporation has been opend. Depending on the nature of your business, additional licenses may be required.