Accounting & Financial Records - Panama

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

The accounting and financial information is to be kept by the registered agent and if not, it is mandatory that the clients inform the registered agent of the exact physical address where said accounting records are maintained and the name and contact information of its custodian. In...