One of the basic requirements for a Panamanian corporation to remain in compliance is to have a resident agent, who must be a Panamanian individual qualified to practice law or a Panamanian law firm.
The corporation must appoint a new resident agent within three months of the previous agent’s resignation. Failure to do so will result in fines imposed by the Directorate of General Revenue of Panama.
To designate a new resident agent, the appointment must be made through a Notary Public in Panama, and then the documents must be registered with the Public Registry of Panama. Afterward, the new agent’s details must be updated in the Directorate of General Revenue system, and any outstanding tax debts must be settled.
This process allows the corporation to obtain a certificate of good standing to demonstrate compliance with tax obligations and remain listed as an active entity in the Public Registry.
It’s important to note that the role of the resident agent is not that of an employee of the company. Resident agents act as liaisons between the Panamanian government and the corporation, maintaining records and conducting due diligence to know their client.
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