Establishing a company in Panama
Panama is located in Central America, northwest of Colombia and southeast of Costa Rica. Its eastern shores border on the Caribbean Sea, and its west coast on the Pacific Ocean. Its total area is 75,420 km2 and it constitutes the narrowest part of the isthmus connecting between Central and South Americas. Panama gained its independence in 1903 when separating from Colombia with the assistance of the U.S. The Americans were fiercely interested in taking control of the Panama Canal being built at the time. Its population is 3.5 million. The official language is Spanish, and companies undergoing the registration process can receive relevant documentation in English as well.
Panama’s government is a presidential democracy. The president and two deputies are democratically elected for five year terms. The legislative body is a national assembly that includes 70 representatives of the various provinces with the number of representatives for each relative to the number of province residents. The political situation is stable.