People through Law No. 52 of 27 October 2016 distributed in Official Gazette No. 28149-B. The new guidelines will produce results on 1 January 2017 and will influence all substances consolidated in Panama whose operations produce results outside the country of the Republic of Panama (OFFSHORE). Panama substances should now keep up bookkeeping records.
• The records must be kept up for at least five years from the end of an exchange or from the date the substance stops its operations.
• The records must empower the money related position of the organization to be resolved with sensible exactness and ought to be adequate to deliver monetary proclamations if required.
• The records might be kept at the company Registered Office or at another place. In the event that the records are not kept at the Registered Office, the Registered Agent must be educated in composing of physical address where they are kept and given the contact points of interest of the individual in charge of keeping up the records.
• If the substance does not illuminate the Registered Agent of the area of the records, the Registered Agent must leave or face a $500 fine and constrained expulsion as Registered Agent for the element.
• If the substance does not consent to its record-keeping commitments, it confronts a $1,000 fine, in addition to $100 for each extra day of rebelliousness and it won't have the capacity to select another Registered Agent until it agrees to the commitments. Elements that don't pay their administration permit charge or other installment or fine for a time of three back to back years, or which don't have a Registered Agent for over 90 days, will have their corporate rights suspended. Once these rights are suspended, there is a two-year time span for them to be reactivated.
• Entities with suspended corporate rights won't have the capacity to start legitimate procedures, do business or discard resources, document claims or practice rights, or attempt corporate activities.
• Reactivation of corporate rights will require installment of a $1,000 fine, in addition to remediation of the issues that brought on the first suspension.
• Companies that are not reactivated amid this two-year time span will be broken up and exchanged. Changing Registered Agent requires the assent of the current Registered Agent, which should give a testament of assent before the change can be affected. Enlisted Agents that have not possessed the capacity to contact the shareholders of the element or have not been paid for a time of three years, can leave as Registered Agent to the element. If it's not too much trouble contact our Panama office on the off chance that you might want to talk about the new necessities.
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