Obligations for Panamanian Entities: Accounting Records
Teresa Carballo, Founding Partner
Pacífica Legal
FAQs on the obligations of Panamanian Foundations and Corporations.
Panama´s legislation requires Panamanian entities to maintain their accounting information. Every year, before March 31st, we as Resident Agents, need to provide a Declaration, where we mention which entities have provided us with their annual accounting records, and/ or balance sheet.
What do we need?
Accounting records and supporting documents (ex. Invoices, agreements, transactions in crypto) when the entity is operational.
A balance sheet and supporting documentation of the assets of the entity when it's a holding entity.
Address and name of the person in charge of the supporting documentation and original accounting information, we will send a declaration to be signed by this person.
All of this is from the prior year.
In which format?
They need to be signed by a certified accountant (from Panama or abroad), and we require their professional certification.
What will happen with this information?
We are as Resident Agents required to keep this information for a minimum of 5 years and make a sworn declaration that we hold this information. This information will not be sent to any governmental dependency or made public. We are only obligated to disclose it if there is a formal governmental request.
When is the deadline?
March 31st of each year.
In case we do not receive the relevant information we will be obligated to resign as Resident Agents of the Entity
What happens if there haven´t been any financial transactions in my entity?
We still require a document signed by an accountant saying so, attaching their credentials.
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