Services · Audit & accounts for foreign companies
Panama - audit and accounts
Open pricing. The final quote is fixed in writing before work starts.
For a long time Panamanian companies operating only abroad did not have to keep accounts in Panama. Since 2017 this has changed: Law No. 52 of 2016 required all Panamanian companies and private foundations to keep accounting records and supporting documents, and Law No. 254 of 2021 tightened the rules and introduced an annual transfer of records to the registered agent. Today a company without accounts risks large penalties, bank refusals and problems on sale or liquidation.
What a Panamanian company must do
| Obligation | What is required |
|---|---|
| Accounting records | record transactions, assets, liabilities and equity, keep contracts, invoices and statements |
| Retention period | at least 5 years |
| Delivery to the agent | originals or copies of the records to the registered agent by 30 April each year, for the year ended 31 December |
| Annual fee | $300 a year for a corporation, due date depends on the registration date |
| Beneficial owners | the agent enters the ultimate owners in a closed state register and updates them on change |
We will calculate online the cost of reporting and audit for a year at your turnover.
Documents needed for bookkeeping
For bookkeeping we need statements for all company accounts, invoices to clients and from suppliers, contracts, documents on loans and dividend payments, and directors' and shareholders' resolutions. It is easiest to send them quarterly: that way the annual accounts are ready for the agent deadline and the bank's questions do not catch you off guard.
Penalties and consequences
- A company breaching the accounting rules faces a fine from $5,000 to $1,000,000.
- An agent that fails to enforce the rules faces $5,000 to $100,000, so agents refuse to work with companies that keep no records.
- An unpaid annual fee accrues surcharges and restricts the company's actions in the registry.
- Banks request accounts and compare them with account turnover; without them they block transactions or close the account.
If the company has income in Panama
Panama taxes only local-source income. A company with such income pays 25% corporate income tax and files a tax return by 31 March of the following year. Above a set income threshold, the financial statements for the return are certified by a Panamanian certified public accountant. If the company charges the 7% tax on goods and services, it files monthly returns. Companies operating only abroad pay no tax in Panama, but accounting and delivery to the agent are mandatory for them.
Accounts for your own tax authority
The owner often needs a Panamanian company's accounts at home: for example, for a controlled foreign company notification, to support a profit exemption, or for a bank in another country. Panama is party to the Apostille Convention, so the accounts are apostilled and accepted without consular legalisation.
How to close a company you no longer need
- Debt check: annual fee, taxes, obligations to the agent.
- Shareholders' resolution to dissolve and its registration in the Public Registry.
- Liquidation: settling with creditors, distributing the remainder, closing accounts.
- Keeping the records and documents after dissolution.
After dissolution the company legally continues to exist for three more years to complete liquidation. An abandoned company does not disappear by itself: the fee and penalties keep accruing, and directors and owners remain linked to it in bank and registry records.
What we do
Murblz specialists keep the Panamanian company's books, prepare financial and tax statements, deliver the records to the registered agent on time, apostille the accounts if needed and prepare documents for your tax authority. If the company is no longer needed, we carry out an official liquidation. Bookkeeping is billed hourly, liquidation and apostille at fixed prices; all prices are in the table below.
Fees
| Service | Price |
|---|---|
| Annual financial and tax accounts, hourly rate | from $140 |
| Company liquidation | $5 900 |
| Apostille of accounts | $1 500 |
Since 2017 a Panamanian company must keep accounts even if it works only abroad
A 2016 law obliged all Panamanian companies and foundations to keep accounts, and a 2021 law to hand them to the registered agent every year. The usual mistakes: running a company without records and risking fines, abandoning an unwanted company instead of liquidating it, being unable to show the bank accounts during a review. We restore and keep the books, prepare the accounts, hand them to the agent on time and close unwanted companies properly.
Accounts are billed hourly from $140, and liquidation costs $5,900; a manager will calculate the total in the chat.
FAQ
Does a Panamanian company need to keep accounts if it operates only abroad?
What is the deadline for delivering records to the agent?
What is the penalty for keeping no accounts?
Can I simply abandon a company I no longer need?
Why apostille the accounts?
How much do bookkeeping and accounts with your help cost?
What reporting does your Panama company owe?
We check which records and filings Panama requires from your company, prepare the books and submit them to your registered agent. The catalogue covers reporting in every country.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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