Panamanian legislation requires that every company, trust and foundation that is constituted must designate a Resident Agent.

The Resident Agent is the lawyer or law firm that registers the articles of incorporation when the corporation is incorporated, and its main function is to serve as a liaison between the Corporation and the Panamanian Government, as well as to remind them of the annual obligations that each society. On the other hand, it will also be the one responsible to the State for the acts carried out by offshore corporations that operate outside of Panama or in which the directors and shareholders are abroad and will be authorized to pay the Single Annual Fee, that is, , the annual corporate tax

The Resident Agent will not have any power to bind or represent the entity in question, nor can he encumber the assets in its name, except when expressly empowered to do so, nor does he have the legal capacity to receive notifications in the name of a legal entity, therefore the resident agents will not have any participation in decision-making within the corporation since 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 the following requirements must be met:

Must be a lawyer or law firm.
You have to be Panamanian and reside in Panama. The name and address of the agent will appear in the articles of incorporation.
You must keep sufficient information about the client to identify him before the competent authorities, only when so required.
It must have powers to deal with judicial and administrative notifications on behalf of the company.

Among the most outstanding faculties that the Resident Agent has, we can mention:

Keep the records required for legal entities constituted in accordance with the laws of the Republic of Panama and with which it currently maintains a professional relationship.
Apply the measures to know the client.
Provide the competent authorities with information prior to compliance with the regulations, requirements and legal procedures established in the Republic of Panama for this purpose, present before a notary public for its notarization, minutes and/or certifications or extracts from minutes of meetings of directors and/or shareholders of legal entities,
Serve as a conduit for the payment of the single rate of companies and foundations.

Pursuant to Law 124 of January 7, 2020, which creates the Superintendence of Non-Financial Subjects (SSNF), as an autonomous body of the State, which regulates and supervises, in administrative proceedings, the regulated non-financial subjects (Lawyers and Firms of Lawyers), and according to Law 23 of 2015, all law firms will have to periodically submit a series of reports to the Superintendency on the companies where they are exercising the position of Resident Agent and maintain updated information on them.

Our firm will be able to advise you on the creation of your new Panamanian incorporation, and efficiently manage your legal entity together with all the elements and documentation necessary to bring it to life.

We have a department specialized in the provision of services for legal entities and offshore companies, so you can advise on the advantages that Panama has both in its geographical location, as well as in its currency and banking center.

For a quote you can request it by sending an email to info@benavidesarce.com