The construction business in Panama continues to be a great attraction for both domestic and foreign entrepreneurs and companies. A country with many advantages and legal and political stability has always been interesting for these companies that want to locate their business in the construction sector.
What would an entrepreneur or company need to operate a construction company in Panama?
In order to engage in this business you will have to:
- Incorporate a company (in case you do not have one) for this you need to have lawyers to help you manage it before the corresponding notary and then register the company in the Public Registry of Panama. You can even do it online through our website and we will take care of everything, guaranteeing your registration in five (5) business days. When registering the company in the registry you must not forget to obtain an original or notarized copy of the Certificate of Public Registration of the Company. This Public Registry Certificate must be valid for thirty (30) days after the filing of said application for registration. The application must be completed and signed specifically with the data of the person appearing as the legal representative of the Company.
- Obtain the Notice of Operations for your company. Once the registration in the Public Registry has been achieved, we must obtain the Notice of Operations from the Ministry of Commerce. Following the achievement of the Notice of Operations, the company will be able to start invoicing. Parallel to the Notice of Operations, our team will be managing the RUC (Registro Único de Contribuyente) for your company which corresponds to the tax identification that the General Directorate of Revenue (DGI) in Panama grants to each incorporated company.
- Registration before the Technical Board of Engineering and Architecture in Panama.Resolution 234 of 1987 issued by the Ministry of Public Works mentions that national or foreign companies that are going to undertake Engineering and/or Architectural works within the Republic of Panama must be registered before the Technical Board of Engineering and Architecture. The Technical Board of Engineering and Architecture of Panama lists as one of the main requirements for all the companies that apply to this Registry will be to present the general information of the Panamanian National Architect or Engineer or with suitability to practice the profession in Panama. This last one will be the technical responsible before the Technical Board. The employer must also submit the list of foreign professionals and their qualifications issued in their countries of origin, previously apostilled.
What is the Certificate of the Seminar of the Responsible Technical Professional of the Company?
The Certificate of the Seminar of the Responsible Technical Professional of the Company (Resolution 137 of August 13, 2014, Official Gazette 27626-A) is one of the requirements established by the Technical Board to be able to initiate the application process for the registration of the company before the Technical Board of Engineering and Architecture in Panama. The Seminar is given by the SPIA (Panamanian Society of Engineers and Architects).
How much does it cost to register with the Technical Board of Engineers and Architects?
The cost of this registration varies depending on whether it is a first time filing or a modification. The costs are stipulated by Resolution 30 of April 30, 2018, published in Official Gazette 28564:
First Time B/.500.00
Company Renewal B/.200.00
Re-entry due to defective document B/.50.00
Modification B/.50.00
Alteration of Shift (5 days maximum) B/.500.0
In conclusion, it is a procedure that requires knowledge of the sector and at Legal Solutions we can help and advise you in all stages of the process. For more information please contact us.
