Panama is located in Central America, situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean to the north and the Pacific Ocean to the south. The capital is Panama City.
Panama’s unique geographical position and its opportunities to participate in a number of significant projects aimed to further improve its infrastructure continue to attract new investors and visitors to the country each year.
Panama’s economy is based on the operations of the Panama Canal, tourism, banking, the Colon Free Zone (which is the second largest free trade zone in the world after Hong Kong), insurance and ship registration, medical, health, and other businesses.
The expansion project of the Panama Canal contributed to maintain a stable economic growth, and the government has announced major projects such as the construction of Metro City, the construction of a residential complex for Curundú (an undeveloped neighborhood in the center of the city), and jobs that have already been provided, among others.
With the decrease of income tax for companies and individuals, the government hopes to attract more private investment.
Doing business in Panama
Panama is open to foreign investment. The Strategic Plan 2009-2014 recognizes its importance and is focused on efforts to attract foreign investment in areas such as logistics service providers of value-added hotel developers and exporters of fruits.
The Government is encouraging foreign investment and working to position Panama as the primary destination in Latin America for foreign investors. However, the same business channels are open to domestic and foreign investors alike. There are no major restrictions on foreign investment.
The Panamanian law recognizes five different forms of legal entities:
Limited Liability Company (Sociedad de Responsabilidad Limitada).
Corporations or Stock company (Sociedad Anónima).
General partnerships (Sociedad en Nombre Colectivo).
Ordinary Limited Partnership (Sociedad en Comandita Simple).
Joint – stock Company (Sociedad en Comandita por Acciones).
These five types of entities can be used for the operation of any type of commercial business. A business can also be operated by a single owner. In practice, most businesses operate as corporations, partnerships or sole proprietor. Although some foreigners living in Panama conduct business in any of the ways described above, foreign businesses, with very few exceptions, exist in the form of corporations.
In the case of company registration Panama, once you get success, every business opportunity becomes the best scope of growing your idea for capturing the market. So it is advised to get every requirement verified, that is to be presented for setting up your company in the area. As it is really necessary to look up for services that are helpful in establishing a perfect setup of the firm, so it is strongly recommended to select company registration Panama service for starting a business in this country.
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