open a panama business in 20 minutes?
in the last couple of years i’ve talked to several locals (and gringos) who’ve told me they would really like to start a business in panama, but they feel held back by the fees, and red tape. well, perhaps help has arrived.
it’s being reported that president torrijos has inked a new law that will allow businesses to open in 20 minutes using the internet. it normally takes 52 days to open a business here. the law’s called panamaemprende, and it eliminates the 184 steps (and payments) it takes to be legal.
now i have a healthy skepticism when any government announces anything. especially when the messenger’s rumored to be the son of the man who was in charge of seguro social when all that money went missing. but if this is for real, i think it could fuel the economy. if we’re lucky it might build a healthier middle class.
it could mean that entrepreneurs will no longer be grifted by politicians and lawyers, and it’s a sign that el presidente is leaning in the right direction by making it easier to do business in panama.
you can read the full story here.
Written by: Cojito Copyright © 2012 · All Rights Reserved · Panama After Dark
Having just spent over 6 thou to get a corporation and transfer an Obarrio condo into it, I am happy that the government is doing a little to help streamline the process.
$6K ???
Where did the $6k go? Generally it's around $1k to open a corporation…
yeah, $6k does seem high.
Apparently attorney fees and for costs, including board members and the like. As I did this over the phone, I got the long distance screw job.
i've done corps here and my lawyer charges about $1300 – i think this included nominee directors for the first year…but it was a while ago.