Panamaemprende is a great tool for opening up business license and starting to pay taxes for enterprises doing business in Panama.
But for companies that already have business licenses before 2007 (95% of current businesses), it su**s! A company having a shareholders meeting in 2008, which decides to change direcors and notify Panamaemprende, may find that the transition period for updating actual data is never ending. If your business is from 2006, the data from the business license is updated manually and may have mistakes. Once you are in, you discover that:
- Corporate directors (a corporation as director of another corporation) are not admissible, because only a password or cedula number are admitted for a director,
- A minimum of 3 directors are required for corporations applying for the license, so LLCs (SRLs) with 2 directors and Limited Liability Individual Enterprises (EIRLs) under Law 24 of 1966 cannot use Panamaemprende,
- If the address or other data does not match the one previously provided to the Directorate of Revenue under the RUC form, then Panamaemprende will not issue the license and will not allow you to save the data entered. It would be nice to know that the tax data must be updated BEFORE updating it to Panamaemprende.
But for companies that already have business licenses before 2007 (95% of current businesses), it su**s! A company having a shareholders meeting in 2008, which decides to change direcors and notify Panamaemprende, may find that the transition period for updating actual data is never ending. If your business is from 2006, the data from the business license is updated manually and may have mistakes. Once you are in, you discover that:
- Corporate directors (a corporation as director of another corporation) are not admissible, because only a password or cedula number are admitted for a director,
- A minimum of 3 directors are required for corporations applying for the license, so LLCs (SRLs) with 2 directors and Limited Liability Individual Enterprises (EIRLs) under Law 24 of 1966 cannot use Panamaemprende,
- If the address or other data does not match the one previously provided to the Directorate of Revenue under the RUC form, then Panamaemprende will not issue the license and will not allow you to save the data entered. It would be nice to know that the tax data must be updated BEFORE updating it to Panamaemprende.
- Refiling for a new license means you have to pay again (double taxation) the at least US$50 of a license.
As if that was not enough, companies that do not notify changes to Panamaemprende within 30 days are subject to fines of US$50 to US$10,000.
Let s hope that Panamaemprende is more hackerproof than the website of the Legislature, where the Internet database of previous laws is no longer online (see Hackers KO Panama's National Assembly website).
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