12 steps to incorporating in Panama
Phase 1: Engagement commencement and planning
- Our Client i) signs our engagement letter ii) provides us with required due diligence documents and iii) confirms final corporate structure.
- We supply our Client with a detailed project plan, mapping out weekly deliverables to engagement completion, thus optimising transparency and setting Client expectations.
- Healy Consultants Group PLC e-mails our Client the draft Panama virtual office agreement for their signature and email return.
Phase 2: Document preparation
- Our Incorporation Team prepares the articles of association for the company which will include i) name and details of all shareholders and directors ii) name and domicile of company iii) company business objectives and iv) total company capital and distribution of shareholding.
- Healy Consultants Group PLC prepares and shares the pre-filled incorporation forms with our Client for their signature and courier return.
- Our Incorporation Team presents the documents to the local notary for notarisation and submits the same to the Registrar of Companies.
Phase 3: Panama company incorporation
- Our Incorporation Team pays the Panamanian annual franchise tax, on behalf of our Client, and obtains the certificate of incorporation and immediately emails this to our Client.
- Healy Consultants Group PLC obtains the Tax Contribution Number (RUC) for our Client’s company from Dirección General de Ingresos.
- For a locally trading company, we will also i) obtain the Commercial Operations Permit and ii) register the entity with the Ministerio de Desarrollo Social (MIDES).
Phase 4: Corporate bank account opening
- Healy Consultants Group PLC prepares a quality business plan and approaches top banks such as Banco General, Banco Nacional and Banistmo to submit an account opening application inquiry.
- Our Banking Team advances the application with the Client’s preferred bank, providing supporting documentation and due diligence to complete account opening.
Phase 5: Engagement Completion
- Following engagement completion, Healy Consultants Group PLC will courier a full company kit to our Client, including original Panama corporate documents, unopened bank correspondence, and a Client feedback survey.