Following international standards with respect to transparency in commercial activities, the government of Panama has passed Law No. 52 of 27 October 2016 whereby it requires that Panama companies and other entities keep accounting and financial records and supporting documents of all transactions carried out by the company for the previous five (5) years to allow for its financial position to be determined with reasonable accuracy. The records and the underlying documentation must be accurate, reliable and sufficient to show and explain the transactions executed by the entities.
Lack of compliance with any of the above requires the registered agent to resign.
In order to assist our clients, Patton, Moreno & Asvat is willing to provide such accounting service through its affiliate and recognized accounting firm, Siglo BPO.
If you have any further queries, please feel free to contact our associate Gilberto Arosemena via email at firstname.lastname@example.org.
PATTON, MORENO & ASVAT