Procedure for purchasing ready-made company in Panama 2022
Buying a ready-made company in Panama in 2022 is a profitable investment. Among the advantages, there are full confidentiality, low taxes, and easy registration / purchase of a business. Panama has no central bank, foreign exchange controls. Capital can move freely in and out of the country since the U.S. dollar is legal tender. To enjoy all the privileges of a Panamanian offshore, it is important to know what to look out for before buying a business.
Due diligence: how to order
Before buying a ready-made company in Panama in 2022, make sure that you do the following:
- Negotiate with the actual owner;
- The business is properly registered;
- The company has no debts, no unsecured loans, no black history;
- No antitrust or regulatory problems;
- No unfinished contracts, and if there are, that you're in a position to fulfill them;;
- No accounting problems. Panama is an offshore country, but minimum accounting standards need to be met;
- No litigation - any criminal history can cause a collapse or serious business trouble;
To find out about all the controversial points, contact the specialists of our company.
Find out about licenses
To engage in certain activities, you need a license. The list includes:
- banks and financial institutions;
- brokerage firms;
- insurance, construction, oil, and transportation companies;
- businesses that sell weapons;
- security firms.
What kind of business should not be bought in Panama
Some types of businesses are prohibited for foreigners. If you want to conduct them, you need a nominal local owner. Businesses include:
- retail trade;
- real estate agency;
- medicine, veterinary medicine;
- engineering, architecture;
- jurisprudence (lawyer);
- oil & gas, mining.
What to do after purchase
You must report your change of status to the Micro, Small & Medium Enterprises Department, Business Development Division. You can continue to engage in the same activities as specified in the document. If you want, you may make changes, registering them in the prescribed manner (our specialist will tell you).
You can change these elements:
- The number of capital and shareholders' shares, making changes in the constituent documents;
- Director - in most cases a new director is appointed, but you can leave the old one;
- Change of registered agent - can be a natural person or a legal entity;
How to buy a company in Panama
If you want to buy a business in Panama in 2022, quickly re-register it for yourself, contact IT-OFFSHORE specialists.