Panama has been a country traditionally open to domestic and foreign investment, but as it is abundant in granting facilities for business development, has been proposed to eliminate any hint of doubt about the origin of capitals.
A group of people, domestic or foreign, can establish a business in Panama without capital subscription or make disbursements, they can do business in Panama or anywhere in the world and is not required a specific number of shareholders.
But the legal person should be composed of physical individuals and, if they have capital, it should have lawful origin. Panama has laws, decrees and regulations updated in 2015, to ensure the transparency of transactions.
Therefore, Law 22, of April 27, 2015, was changed an article of the Commercial Code that establishes an obligation to keep records of minutes and actions. It can be through books, electronic records or other mechanisms described in the Act.
This law states that when a competent authority, in the exercise of their functions, ensure that a legal person has failed to comply with the obligation to keep records of minutes or records of actions, should be inform the Ministry of Economy and Finance.
The Ministry, in turn, must be imposed on the legal person a fine, valid from the time the penalty is imposed, at ratio from one hundred balboas (B / 100.00) per day and for the period that lasts the non-compliance.
If the legal person shows obvious reluctance to fulfill the obligation, the Ministry of Finance shall notify the Public Registry, to make a marginal note, with the issue that no one can turn a blind eye.
As long as the marginal note exists, the legal person cannot be dissolved and any certificate issued by the Public Registry will indicated that the company has outstanding obligations to the Ministries of Finance and Commerce, due failure to comply with the provisions of Law 22.
A fine and a record of this nature are inconvenient; and in Coronell, Lam & Associates, with a highly specialized professional team and 47 years of experience supporting the corporate sector in the establishment and consolidation of companies operating in the Colon Free Zone, we are here to serve.
We advise you; we offer you our services. Contact us!
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