Resident Agent

 

At Oliver Batista Guerra & Asociados we provide resident agent services.

The position of resident agent is mandatory for the formation of corporations and private interest foundations in Panama, which functions as a link between the client and the Panamanian authorities.

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The Lawyer and Law Firm, which provide the services of resident agent in the Republic of Panama, are considered subjects obliged to maintain due diligence and other requirements required by law for the entities it manages.

Resident agents in Panama are supervised by the Superintendence of Non-Financial Subjects, in order to facilitate access to information on final beneficiaries of legal entities collected by Lawyers and Law Firms that provide resident agent services to attend the competent authority in the prevention of crimes of money laundering, financing of terrorism and financing of the proliferation of weapons of mass destruction, agrees with the laws of the Republic of Panama.

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Obligations of the Resident Agent:

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1. By Executive Decree No. 13, of March 25, 2022, Lawyers and Law Firms are required to report the final beneficiaries of legal entities, to the (SUSSNF) Single System of Final Beneficiaries of the Superintendence of Non-Financial Subjects.

2. By Law 254 of November 11, 2021, Lawyers and Law Firms are required to maintain the accounting records of the legal entities they administer.  Legal entities that do not carry out operations that are perfected or take effect within the Republic of Panama, as well as those that are dedicated exclusively to holding assets, inside or outside Panamanian territory, are required to keep accounting records and maintain their supporting documentation._cc781905-5cde-3194-bb3b- 136bad5cf58d_ These accounting records and supporting documentation must be kept for a minimum period of 5 years, counted from the last day of the calendar year in which the transactions for which these accounting records apply were generated.  The accounting records and supporting documentation may be kept in the offices of the resident agent within Panama or in any other place, within or outside of Panama, as determined by the administrative bodies of the legal person.

Obligations of Legal Entities:

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1. Legal entities will be required to annually provide the resident agent, as of April 30, with the accounting records or a copy of the accounting records relating to the fiscal period that ended on December 31 of the immediately preceding year.

2. Legal entities are obliged to always keep the information updated and notify the resident agent in case there is any change in the person who keeps the accounting records or supporting documentation in their custody.

3. Legal persons will be required to report, annually in writing to the resident agent, the name and contact information of the person who keeps the accounting records and supporting documentation in their custody and the physical address where they are kept._cc781905-5cde-3194 -bb3b-136bad5cf58d_ If there is a requirement by the competent authority, legal entities will be obliged to provide the resident agent with the supporting documentation of the accounting records within the time established by the competent authority, in order to comply with the requirement.

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About Accounting Records:

• In the case of legal entities that DO NOT PERFORM acts of commerce or business and that are exclusively dedicated to holding assets: Legal entities must provide information that demonstrates the value of the assets held, the income received from said assets and the liabilities relative to those assets.

• In the case of legal entities that PERFORM acts of commerce:  Legal entities must provide a journal and a major.

For change of resident agent.

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Law 254 of November 11, 2021 establishes that the legal person must provide the new resident agent, before the registration of his appointment in the Public Registry, the accounting records and supporting documentation or copies of the accounting records and supporting documentation , whatever the case, which must be kept in the offices of the new resident agent within the Republic of Panama. In the cases of legal entities whose records and supporting documentation are kept in any other place other than the offices of the resident agent, inside or outside the Republic of Panama, they must inform the name and contact information of the person who keeps the accounting records and supporting documentation in its custody and the physical address where they are kept.

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Documents to be submitted annually:

1. Copy of updated passport or residence card or identity card and Second Identification of shareholders or final beneficiaries.

2. Accounting records of the company or foundation registered in Panama, where they clearly and precisely indicate the operations, its assets and equity, as well as serve to determine the financial situation with reasonable accuracy at all times and allow the preparation of financial statements.

3. Executive summary of the company or foundation indicating the activity and principals, clients/and suppliers and countries of commercial activity for companies.

4. Copy of the statutes for the foundations.

5. Supporting Documentation:

• Last income tax return.

• Financial statements,

• Complementary: contracts, invoices, receipts and/or any other documentation necessary to support the transactions carried out.

      6.Declaration of the contact details of the person who keeps the accounting records in their custody and supporting documentation and the physical address where they are kept.

      _cc781905-5cde-3194-bb3b-136d_bad7.cf58d_ Updated due diligence form.