How to open a business in Panama?

The Republic of Panama is a state in Central and South America, on the Isthmus of Panama between the Caribbean Sea and the Pacific Ocean. Panama borders Costa Rica to the north and Colombia to the south. Panama was a Spanish colony until 1821, when it declared independence from Spain and became part of Simon Bolivar's Gran Colombia. In 1903, Panama declared independence from Colombia, and the development of the country took place with the support of the United States (US control over the Panama Canal, built in the period from 1094 to 1914, played a significant role). As of July 2015, the population of Panama is 3,657,024. The state receives about 83% of its income from the service sector, and 17% from industry.

The type of government in Panama is a democratic republic. The executive branch is represented by a president and two vice-presidents, elected by majority vote, for a five-year term. Ministers are appointed by the President with the prior consent of the Legislative Assembly. The Legislative Assembly is composed of members elected by district for a five-year period. The judicial branch of government consists of the Supreme Court, five High Courts and three Courts of Appeal. The Supreme Court is headed by 9 judges appointed for a period of ten years.

The official language of the country is Spanish, however, English is widely used in urban areas and is used in commerce and international trade. The official currency is the US dollar.

Corporate law of Panama

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