New Obligations That Your Panamanian Companies and Foundations Must Comply With

Learn about the new obligations that your Panamanian companies and foundations must comply with, and ensure they

meet these requirements:

• Submit their Accounting Records annually
• Keep the information of FINAL BENEFICIARIES updated

Following the legislation approved in November 2021 (Law 254 of November 11, 2021), the requirements for accounting records of companies in Panama, initially stipulated in 2016 by Law 52, were further developed. According to Law 52, legal entities such as corporations, limited liability companies, or Private Interest Foundations are required to maintain accounting records and supporting documentation for a minimum period of five years.

Failure to submit these documents to their resident agent will result in monetary penalties as established in Law 129 of 2020.