Over 20,000 new Businesses were Opened Online in Panama in 2008
The Process takes only a few minutes, reducing wait time, requirements and costs. Sounds cliche right? That’s what we always hear when we talk about the comparison of the processes that we used to do with the implementation of Internet over them.
More than 20,000 new businesses started in Panama from January to November to 2008, according to the PanamaEmprende system of the Panamanian Ministry of Commerce and Industry. The New Businesses have generated over 90 thousand jobs and have payed 1.66 million in Taxes Of the total numbers of the companies registered, over half are in the province of Panama (Panama has nine provinces).
More than 50 % of those companies are in the sales or service sectors, with over 11,000, these in Panama City alone.
In the eyes of Manuel Ferreira, Director of Economic Affairs of the Chamber of Commerce, Industries of Agriculture of Panama, the new start ups are having an exponential effect on the growth of the countries economy.
According to 2005 figures from the Comptroller General Office there were 51,436 companies operating in Panama, of which 43,713 (85%) were micro-companies, 5,055(10%) small businesses, 1,149(1%) medium sized, and 1,519 (3%) large businesses. Ferreira Agrees with these figures, adding that¨”while there may be no massive recruitment of employees, one shouldn’t minimize the positive effect that are being generated”
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From November to January of last year there was an increase of 25% of businesses created online comp rared to 2006. The Impact of the Software is great, since this, it eliminates long lines and almost all the paperwork. Before you needed to have your ID or passports, or perform the procedure through counsel. And they no longer need certificate of Public Registry to create the legal entity.
The PanamaEmprende system allows new businesses to register and obtain the necessary licences via Internet, Said Rodrigo Molina & Associates. His firm provides services for many foriegn clients wishing to establish new businesses in Panama. He also Explained the he used a call center to to establish a call center and the process was quick and effective. No sooner had the company been registered than the confirmation code was generated. On top of this, the system sends a ticket to the National Bank to Panama with the registration fees to pay. The Process is fully automated, you just need to print the the notice, and the will be considered as a certification.
Special Requirement for Foreigners
For foreigners, the Register of Unique Contributors (RUC) number, which PanamaEmprende system must comply, is Identified by the Prefix NT (tax number) will be Assigned. The RUC will be valid for 30 days, starting from the confirmation of the notice issued on the system. The resolution states that during this period, the parties are obligated to attend to the administration of provincial revenues in order to validate the status.
The consul of the Republic of Panama will legalize the submitted documents in their place of origin or by apositlle. If the submission was not valid, or it expires it automatically deleted from the system. This is great advance for foreign investor in Panama, in the past, it took over 30 days to complete the process. Now it might actually take five to ten days.
If you are interested in PanamaEmprende please visit PanamaEmprende.com
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