Resident Agent’s Functions and Requirements in Panama
Panamanian law requires all companies to have a resident agent domiciled in the Republic of Panama. The resident agent is the lawyer or law firm that registries the article of incorporation when the entity is created. Its main function is to mediate between the company and the Panamanian Government, as well as to remind them of the annual obligations that each entity must fill.
As for the limitations of its functions, the resident agent shall not assume obligations or tax assets on behalf of the company, unless being expressly authorized to do so. Finally, resident agents will not be able to participate in the decision-making within the company as the only ones empowered to do so are the shareholders, attorneys-in-fact, or directors.
According to the Panamanian legal framework, to be a resident agent must meet the following requirements:
- be a lawyer or a law firm with a proper license.
- be Panamanian and reside in Panama. Resident Agent's name and address shall appear in the article of incorporation
- keep enough information about the client to identify it to the competent authorities, only when so is required
Our firm Delvalle & Delvalle offers a comprehensive service to create your company in Panama without major concerns. We are a law firm specialized in providing legal services taking advantage of Panama's excellent location to perform banking, finance, and economic activities.
To examine in further detail your case schedule an appointment with our attorneys.