How can I demonstrate business intent in Panama under its Friendly Nations program?

A business must be opened, which requires setting up of a Panama company—a fast and easy option. The Friendly Nations Visa program is for citizens of Asia region: South Korea, Japan, Taiwan, Hong Kong, and Singapore. To initiate the process, you need to contact a local law firm in Panama.

You must open a company in Panama with a commercial license, be the shareholder of all 100% shares and have an initial capital of 5K. The residence is permanent, comes with a work permit, and the right to a personal identity card from Panama. After five years with a Panama identity card, you get the right to apply for a Panamanian passport.

Holding at least 50% of the issued shares of a Panamanian company will suffice as business intent, and hence as precondition to apply for a residency permit under the Friendly Nations program.

Documents showing the economic or professional activities to be conducted in Panama can be proved by providing documentation that you are a member of the board of directors or a shareholder of a Panamanian Corporation, or that you have a labor contract with a Panamanian corporation. You can incorporate a Panamanian corporation in the event you don't have a labor contract.