General Partnership (Sociedad Colectiva) in Panama — Import / Export & Trading Formation Guide
Choose a jurisdiction with strong logistics infrastructure, favorable customs agreements, and access to major trade blocs (like the EU or US). Consider VAT deferral schemes and free trade zones.
Last verified: June 13, 2026
Corporate Tax
25.0%
State Tax
0.0%
Formation Cost
$350
Annual Fee
$300
Forming a General Partnership (Sociedad Colectiva) in Panama as a Import / Export & Trading means a total tax burden of 25.0% and an official formation cost of $350. There is no minimum capital requirement. Standard formation takes 3-5 business days, or 1-2 business days expedited. No local director is required; the process can be managed remotely. This guide covers the steps, tax breakdown, banking options, and compliance requirements — all from verified data.
First-year total cost
≈ $1,025
Ongoing (per year)
≈ $550
Why General Partnership (Sociedad Colectiva) for Import / Export & Trading?
A business model focused on sourcing goods from one country and selling them in another. Success relies heavily on supply chain efficiency, customs compliance, and navigating international trade tariffs.
Ideal for
- Physical product brands
- Wholesalers and distributors
- Dropshippers scaling to bulk inventory
- Cross-border B2B traders
Challenges to watch
- Complex customs and import duties
- High shipping and logistics costs
- Cash flow management due to inventory delays
- Regulatory compliance across multiple jurisdictions
Key decision criteria
- Proximity to major ports or logistics hubs
- Availability of Free Trade Zones (FTZs)
- VAT and sales tax registration requirements (e.g., EORI in the EU)
- Double taxation treaties between sourcing and selling countries
General Partnership (Sociedad Colectiva) formation requirements
Minimum capital
None
Standard timeline
3-5 business days
Expedited timeline
1-2 business days
Local director
Not required
Registered office
Virtual office allowed
Notarization
Required
Partners can be of any nationality and reside anywhere. No local resident partner or director is required.
Estimated breakdown (based on avg. $1,000,000 revenue)
Simulate with your own revenue →
VAT / Sales Tax
Standard rate 7%. Registration threshold: 36,000 USD. Panama's ITBMS (VAT) applies to digital services provided by non-residents to local consumers if the service is consumed within Panama. Non-resident providers may be required to register or local banks may apply withholding.
Banking & payments for Import / Export & Trading
Opening a traditional corporate bank account in Panama is notoriously strict and time-consuming. It typically requires an in-person interview, extensive KYC documentation, and financial reference letters. For remote founders, leveraging international fintech platforms like Payoneer or Wise is highly recommended to bypass local banking bureaucracy.
Supported payment gateways
Remote-friendly accounts
Payoneer
A popular global fintech alternative for Panamanian entities to receive international B2B payments in multiple currencies remotely.
Wise
Excellent for multi-currency accounts and international transfers, though availability may depend on the partners' personal residency.
Panama incentives & advantages
Territorial Tax System (Foreign Income Exemption)
100% exemption from corporate income tax, dividend tax, and VAT on all foreign-sourced income.
General Partnership (Sociedad Colectiva) formation steps
Step 1: Choose and verify a unique partnership name with the Panama Public Registry.
Step 2: Draft the Partnership Agreement (Pacto Social) outlining management, profit-sharing, and capital contributions.
Step 3: Notarize the Partnership Agreement before a Panamanian Notary Public.
Step 4: Register the notarized deed at the Public Registry of Panama (Registro Público).
Step 5: Obtain a Tax Identification Number (RUC) from the Directorate General of Revenue (DGI).
Step 6: Pay the initial Annual Franchise Tax (Tasa Única) of $300.
Step 7: Apply for a Notice of Operations (Aviso de Operación) if conducting business locally within Panama.
Step 8: Open a corporate bank account in Panama or internationally.
Import / Export & Trading FAQ
Do I need a company in the country I am importing to?
Not always. You can often act as a Non-Resident Importer (NRI), but having a local entity can simplify customs, VAT registration, and local banking.
What is an EORI number and do I need one?
An Economic Operators Registration and Identification (EORI) number is required for businesses importing or exporting goods into or out of the European Union.
Should I incorporate in a Free Trade Zone (FTZ)?
FTZs offer tax exemptions and simplified customs procedures, making them ideal if you plan to re-export goods without them entering the local domestic market.
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Related guides
Complete General Partnership (Sociedad Colectiva) guide
Taxes, requirements, banking, compliance
General Partnership (Sociedad Colectiva) cost calculator
One-time and annual cost breakdown
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