Bud Posted September 12, 2016 Share Posted September 12, 2016 (edited) Quote Law on companies to be changed It will automatically dissolve companies that don't pay fees. Roberto González Jiménez 12 sep 2016 - 08:26h Societies that are registered in Panama, but do not have operations in the country, will be exposed to financial penalties, suspension of rights and even dissolution if they are delinquent with the payment of fees for an extended period. A proposed change in the companies law would also create the obligation for these societies to maintain accounting records in Panama for some of their operations. The project was approved by the Cabinet Council and will be taken to the National Assembly for discussion. According to the proposal, the Public Registry shall suspend the corporate rights of companies that do not pay registration fees for a period of three years. They will also be subject to a fine for late fees. If a company is suspended, it cannot engage in financial transactions or other activities. If a company doesn't pay the required fees in two more years, it will be dissolved. During this period, representatives of the society can apply for its revival of they agree to pay the late fees. The initiative is aimed at raising the transparency of the financial services industry. http://www.prensa.com/in_english/Sociedades-offshore-paguen-disolveran_21_4574002555.html Edited September 12, 2016 by Bud Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted September 13, 2016 Moderators Share Posted September 13, 2016 My $0.02 worth: A bit more clarity as to what is being proposed. It appears that empty, delinquent "shell" companies may be fined and/or dissolved after three years. Quote Pay up or shut up for offshore companies Posted on September 12, 2016 in Panama, Panama The Cabinet Council Post Views: 146 COMPANIES registered in Panama, but without operations in the country, will be more closely monitored and face fines, and even dissolution if they are delinquent with the payment of fees. A proposed change in the company’s law would also create the obligation for these companies to maintain accounting records in Panama for some of their operations. The project was approved by the Cabinet Council and will go to the National Assembly for discussion. According to the proposal, the Public Registry shall suspend the corporate rights of companies that do not pay registration fees for a period of three years. They will also be subject to a fine for late fees. If a company is suspended, it cannot engage in financial transactions or other activities. If a company doesn’t pay the required fees in two more years, it will be dissolved. During this period, representatives of the society can apply for its revival of they agree to pay the late fees. The initiative is aimed at raising the transparency of the financial services industry. http://www.newsroompanama.com/news/panama/pay-shut-offshore-companies Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted September 13, 2016 Moderators Share Posted September 13, 2016 Quote Panama: Mandatory Accounting for Offshore Companies The Cabinet Council has approved sending a bill that creates the obligation to maintain accounting records for legal entities that do not have operations in Panama. Monday, September 12, 2016 The bill submitted days ago by the Executive establishes penalties ranging from suspension of corporate rights to the dissolution of the company in cases where there is failure to comply with the payment of taxes and presentation of accounting information. The project also obliges companies to keep accounting records for registered companies, even if they do not have operations in the country. Companies registered in Panama that have foreign operations and that do not keep accounting records of their operations may be sanctioned with fines of up to $5,000, and $500 for each day that goes by without remedying the shortcoming. Under the proposal, "... the Public Registry will suspend the corporate rights of companies that do not pay the single rate for a period of three years. The same fate will befall a company which is in arrears in the payment of an imposed fine or penalty. Once a suspension has been registered in the Public Registry, the company may not initiate legal proceedings, conduct business or dispose of its assets. Prensa.com reports that "...When a suspension is ordered, a two year period of dissolution starts. During that time, representatives of the company can apply for its reactivation, for which they must pay a fine of $5,000 and remedy the cause of the suspension. If the end of the two-year period is reached without the company having been revived, the Public Registry will proceed with the definitive cancellation and its absolute dissolution." Source: Prensa.com http://www.centralamericadata.com/en/article/main/Panama_Obligatory_Accounting_for_Offshore_Companies Quote Link to comment Share on other sites More sharing options...
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