The resident agent in Panama plays a crucial role in operating a corporation or private interest foundation. Below, we will answer some common questions about the resident agent’s importance in the Panamanian business context.
What is a resident agent in Panama?
A resident agent in Panama is a person or entity appointed by a corporation to fulfill the legal requirement of having local representation. The resident agent is an intermediary between the entity and the Panamanian authorities, ensuring that all legal obligations are met and facilitating official communication. The individual or entity acting as a resident agent must be a qualified lawyer in the Republic of Panama and have a CUR (Unique Registration Code) assigned by the Superintendence of Non-Financial Subjects (SSNF).
What is the CUR for resident agents in Panama?
The CUR is a code composed of the suitability number for lawyers and the folio number for law firms, followed by a numerical confirmation code, preceded by the initials PN for natural persons and PJ for legal entities.
What are the functions of the resident agent within a corporation or private interest foundation in Panama?
The functions of the resident agent in a corporation and private interest foundation in Panama include:
- Acting as the main point of contact between the entity and the Panamanian authorities.
- Receiving and managing official correspondence addressed to the entity.
- Notifying beneficiaries of any legal requirements or relevant regulatory changes.
- Keeping the legal and physical address of the entity up to date in the corresponding records.
- Facilitating participation in shareholder meetings and board of directors meetings, if necessary.
What are the obligations of the resident agent within a Corporation or private interest foundation in Panama?
Some of the obligations of the resident agent in Panama are:
- Notifying shareholders or beneficiaries of any eventualities, requirements, or changes in the law.
- Timely and clearly notifying shareholders or beneficiaries of their payment period for the corresponding annual fees to avoid penalties and fines by the Panamanian government.
- Fully complying with the know-your-customer policies.
- Clearly and promptly understanding the activity the corporation or foundation will engage in.
- Collecting and keeping up-to-date all due diligence documents required, such as passports and updated information of shareholders or beneficiaries.
- Conducting annual or semi-annual due diligence processes for the entity and its shareholders or beneficiaries.
- Reminding shareholders or beneficiaries of the obligation to maintain annual accounting records if the entity does not operate in Panama. The resident agent must keep a copy of these financial statements and should be aware of the contact information for the responsible accountant of the entity.
Is a corporation or private interest foundation in Panama mandatory to have a resident agent?
Yes, according to Panamanian legislation, it is mandatory for every corporation or private interest foundation in Panama to have a resident agent. This measure ensures that the entity is properly represented in the country and complies with legal regulations.
Can I change the resident agent of my corporation or private interest foundation in Panama?
Shareholders or beneficiaries of an entity can change the resident agent of their corporation or private interest foundation at any time if required. It is ideal for the entity to be updated with all payments to the current resident agent before making the change. Additionally, to make the change, it is mandatory for the entity to be in good standing with its annual government fees.
How to find a resident agent in Panama?
Finding a reliable resident agent in Panama can be crucial for the success and legal compliance of a corporation or private interest foundation. Some methods to find a resident agent include seeking recommendations, consulting specialized legal professionals in the area, and conducting online research.
How much does a resident agent in Panama charge?
Regarding the fees of resident agents in Panama, they can vary depending on the services offered and the entity’s or individual’s reputation. Typically, annual prices range between US$250.00 and US$300.00.
What are the following steps if I already have a corporation or private interest foundation and want to change my entity to Delvalle & Delvalle as the resident agent?
If you want Delvalle & Delvalle to be the resident agent of your entity, the following steps should be followed:
- Contact us by email or WhatsApp and let us know your request.
- If necessary, a virtual meeting will be arranged to meet the interested parties and understand the corporation’s activity.
- The interested parties must provide copies of all the corporation’s or foundation documents, including share certificates/ foundation regulations, as we need to clearly identify the ultimate beneficiaries of the entity.
- Delvalle & Delvalle will conduct an investigation with the tax authorities to determine if the entity is up to date with its fee payments.
- Provide copies of identification documents of all shareholders/beneficiaries and other required documents.
- The interested party must complete the corresponding due diligence forms.
- If applicable, the interested party must provide copies of the corporation’s financial statements.
- The shareholders or beneficiaries of the entities must expressly authorize Delvalle & Delvalle to make changes according to the provisions of the law, the bylaws of the corporation, or the functional act of the foundation.
Why is Delvalle & Delvalle Lawyers in Panama the ideal choice as a resident agent for your corporation in Panama?
When it comes to choosing a resident agent for your entity in Panama, it is crucial to have a reliable and competent firm that can ensure compliance with your legal and administrative obligations. Delvalle & Delvalle has over 17 years of experience advising clients worldwide and serving as responsible resident agents.
In our firm, we understand your company’s unique needs and take pride in offering high-quality resident agent services. Here are the reasons why we are the ideal choice to be the resident agent for your corporation or private interest foundation in Panama:
Experience and knowledge: We have a team of highly trained professionals with over 17 years of experience in the legal and business field in Panama. We are familiar with the laws, regulations, and procedures related to corporations in the country, allowing us to provide expert advice and ensure compliance with all legal obligations.
Commitment to excellence: We strive to provide the highest quality service and exceed our client’s expectations. Our goal is to provide you with a hassle-free experience and offer customized solutions that meet your company’s specific needs.
Security: We understand the importance of maintaining the security of our client’s information. As your resident agent, we are committed to safeguarding your data and maintaining high security in all our operations, using the latest data protection technologies.
Wide range of services: Besides being your resident agent, we offer a wide range of legal and corporate services. From legal advice to document preparation and submission to the relevant authorities, we are prepared to provide comprehensive support for all your business needs.
Excellent reputation and references: Our firm has established a strong reputation as a reliable and professional provider of legal services in Panama. We have positive references from satisfied clients that support our quality and commitment.
Delvalle & Delvalle offers experience, commitment to excellence, confidentiality, security, a wide range of services, and an excellent reputation in the market. We are ready to be your trusted partner and help you ensure legal compliance and the success of your corporation or private interest foundation in Panama. Contact us today for more information and start a successful collaboration.
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