The company bylaws is the legal instrument by which all information about the company is organized, as well as the name of the company and its structure. The company bylaws is used to describe how society will function internally.

The social pact is essential to complete the process, since it is required to register the company with government entities.

In order for the company to adapt to your specific needs or objectives, we will prepare the bylaws based on the information provided. Once the company bylaws have been approved, we will proceed with the next step, which would be the registration of the bylaws in the Public Registry of Panama.

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Once the company bylaws have been prepared and the necessary requirements have been met, the company will be registered with the governmental entities of Panama.

Where the company is registered may vary depending on the company's activities, however, all companies in Panama must register with the following entities:

• Public Registry of Panama
• General Directorate of Revenue

The approximate time it takes to register a company with both entities is two (2) weeks.

If you need advice determining in which other entity you should register your business you can contact us.

It is important to mention that for the company to be 100% operational, it will be necessary to open a bank account that will only be used to manage the company. The opening of a bank account can only be done, after having registered the company with the governmental entities of Panama.

The bank account will be used to receive the revenues generated by the company and to manage current expenses.

Depending on your needs, you can open different types of accounts, as well as savings accounts, checking accounts or fixed-term deposit accounts. You can read more about opening a bank account in Panama here.