Resident Agent

The resident agent is the registered attorney of the companies.

The resident agent is the lawyer responsible for ensuring corporate compliance of companies and is a mandatory requirement for incorporating a company in Panama. The resident agent has various responsibilities vis-à-vis local authorities, in order to ensure that companies remain in compliance with the guidelines established by Panamanian legislation.

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Resident Agent

In Panama, only law firms registered in Panama or Panamanian lawyers can hold the position of resident agent in companies.

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Obligations of an agent resident in Panama

As mentioned above, resident agents have a wide variety of responsibilities vis-à-vis local authorities, these are:

  • Receive notifications on behalf of the company;
  • Register with the Directorate General of Revenue as a lawyer for the company;
  • Keep copies of the company's accounting records or know where they are safeguarded within the Republic of Panama;
  • Make an annual report to the Directorate-General for Revenue of the companies they represent and submit a copy of the accounting records;
  • Register the owners or final beneficiaries of the company with the Superintendency of Non-Financial Subjects;
  • The resident agent is authorized to register any organizational changes that the company makes.

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A resident agent is an essential requirement when setting up your company. The resident agent will be a strategic and corporate ally, who will help you keep your company in the best legal conditions. At Limitless Legal, we can ensure that the company remains in compliance with Panamanian legislation during its operations.

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Considerations - Resident Agent

What should you consider when choosing your resident agent?

Given the responsibilities of a resident agent, it is important to choose a trusted lawyer with experience in corporate law so that he can keep his company's data up to date and in the same way protect his interests and avoid possible sanctions that could affect the operation of his business.

For this reason, you can count on us when choosing your resident agent in Panama. We have extensive experience in corporate law and will be responsible for keeping your company up to date and in compliance with legal requirements in Panama.

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Resident Agent Modification

Finally, you should consider that it is always possible to change the company's resident agent, the requirements for the same are:

  • Prepare a minute of the board of directors or shareholders meeting in which the resident agent is appointed;
  • Certify the change of resident agent in public deeds;
  • Register the change of resident agent in the Public Registry of Panama.

Note:

  • You should keep in mind that to modify the resident agent, the new resident agent is required to provide an affidavit in which he is sworn to have a copy of the company's accounting records and that they are up to date.

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