Over 6,500 New Businesses Emerge in the District of Panama

A total of 6,514 new businesses emerged in the Capital District as of March 2021, following the easing of COVID-19 pandemic restrictions, as reported by the Municipal Treasury of Panama.

The data unveiled that three specific townships have significantly contributed to this surge in business registrations, both in terms of sheer numbers and commercial activity. These townships are Bella Vista, San Francisco, and Juan Díaz.

Bella Vista leads the way with 2,708 registered businesses, followed closely by San Francisco with 2,171, and Juan Díaz with 1,635 new business registrations.

In terms of commercial activity, Bella Vista boasts a monthly turnover of approximately $68,981, while San Francisco hovers around $60,260, and Juan Díaz reaches $44,819.

Diving into the specifics of these new businesses, it’s evident that 3,166 of these establishments are engaged in retail trade, 1,955 in wholesale trade, and 1,611 are dedicated to the sale of beverages and food.

Other noteworthy sectors include commercial and vehicle repair workshops, with 1,221 new establishments, and companies providing advisory, procedural, and consultancy services, totaling 907 offices.

March 2020 marked a significant turning point when the Municipality of Panama introduced a series of tax relief measures, resulting in substantial savings for taxpayers, amounting to $62 million. These measures were further extended into 2021, leading to additional savings of $22 million.

In November 2022, a moratorium was granted, offering businesses exemptions of up to 50% on outstanding surcharges and interests. Additionally, payment arrangement options were promoted, allowing thousands of businesses to regularize their balances.

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