Panama: New rules affect all entities incorporated in Panama.

Panama introduced new rules that will take effect on January 1st. 2017 and will affect all entities incorporated in Panama whose operations abroad. These offshore entities will have to maintain accounting records:

  • The records must be kept for a minimum of five years.
  • The records must enable the financial position of the company to be determined with reasonable accuracy.
  • The records may be kept at the entity’s Registered Office or at another location. If the records are not kept at the Registered Office, the Registered Agent must be informed in writing of the address where they are kept and provided with the contact details of the person responsible for maintaining the records.
  • If the entity does not comply with its record-keeping obligations, monetary fines will be applied.

Emiliano Cordoba and Francesco Giliberti are available to assist you with any questions related to this matter.

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