A Comprehensive Guide for Establishing Your Business
Navigating Panama's Zonas Francas
Panama, a thriving hub for international business, beckons entrepreneurs with its enticing Zonas Francas—designated areas that offer tax incentives and regulatory advantages. The process to establish your enterprise in these zones, overseen by the Ministry of Commerce and Industries through the General Directorate of Zonas Francas, involves meticulous documentation and adherence to specific legal requirements.
Understanding the Essentials: Documentation Required for Zona Franca Establishment
Embarking on the journey to set up your business in a Zona Franca requires careful preparation and adherence to the following documentation requirements:
Poder y Solicitud (Power of Attorney and Request): Initiate the process with a power of attorney and a simple paper request, directed through a qualified attorney to the Technical Secretariat of the National Commission of Zonas Francas.
Detailed Information Request: Provide detailed information, varying for natural and legal persons, including personal and business particulars, identification details, and contact information.
Comprehensive Study Presentation: Include a signed study covering the proposed activity, details of raw materials, projected employment numbers, initial investment, and a two-year investment plan.
Authenticated Copies: Submit authenticated copies of the applicant's or legal representative's identification, along with authenticated copies of the company's constitution and recent registration certificates.
Financial Clearance: Include a current national clearance from the General Revenue Directorate of the Ministry of Economy and Finance.
Photograph Submission: Attach a passport-sized photograph of the applicant (for individuals) or the legal representative (for legal entities).
Taxpayer Registration: Furnish the Unique Taxpayer Registration issued by the Ministry of Economy and Finance.
Certification of Invested Capital: Include a certification from an Authorized Public Accountant regarding the invested capital.
Shareholder Certification: Provide a certification of shareholders or partners, signed by the company's secretary or treasurer.
Promoter Certification: Include a certification from the Zona Franca promoter, indicating authorization for installation subject to license approval.
Source: El Capital Financiero
Important Notes and Procedures
Submit in physical original and digitized on ten USB flash drives.
All signed documents must be notarized.
Documents from foreign origins must be duly authenticated, apostilled, and translated into Spanish.
After submission, documents undergo scrutiny by the Technical Secretariat, which may request additional information.
Upon completion of requirements, visit the General Directorate of Zonas Francas at the Ministry of Commerce and Industries' third floor.
Legal Base and Further Assistance
The entire process is governed by the Ley 32 del 5 de abril de 2011, complemented by subsequent legal instruments. For detailed information, visit www.zf.mici.gob.pa or contact them at (+507) 560-0600.
Navigating the intricacies of establishing your business in Panama's Zonas Francas demands meticulous attention and legal expertise. At Legal@Work, we specialize in guiding entrepreneurs through the process, ensuring a seamless and compliant journey. Contact us today, and let's embark on this exciting venture together. Your success in Panama's Zonas Francas awaits.
