I intend to set up a company in Panama to move moving goods from China to Germany. I need a permanent residence permit including a work permit in Panama and a bank to carry out my transactions. What is the process and what kinds of professionals do I need to retain?
For residency, work permit and the incorporation of a Panama company, you will need to hire an attorney or law firm in Panama. Setting up a Panama company is a simple process that can be done remotely and within three to 10 business days, and requires at least three directors and one shareholder. As for residency, it depends on your citizenship as there are different residency options.
In order to incorporate a Panamanian company, certain basic due diligence information must be provided. In addition, at least three directors must be designated, however one single shareholder may own the company. Depending on certain factors, such as nationality, profession or investment intentions, you may apply to different types of residency permits, granting you as well a work permit, with the possibility to set up a business account, as well. You will need to be represented by an Immigration attorney to start these procedures.
The process of setting up a business in Panama depends on the activity of the company if the company will have offices and employees in Panama, among others. The type of visa, also depends on other things, like your citizenship, how many employees do you need to hire. We recommend you to seek legal assistance to have detailed information.
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