Suspension of the Legal Entity’s Rights due to the Non-Payment of Annual Taxes.
Kindly note that any legal entity that does not appoint a Registered Agent within a period of ninety (90) calendar days counted as of the date of the resignation, removal or termination of the previous Registered Agent, will have its corporate rights suspended.
The non-compliance of these requirements by the legal entity will be sanctioned with a fine of USD$1,000.00 plus USD$100.00 daily, counted as of the moment this situation occurs until the moment it is corrected.
Kindly be advised that Law 52, states that the non-payment of the legal entity’s annual tax within the corresponding period will cause the non-registration of any document in the Panama Public Registry and the non-issuance of any certification relating thereto.
Subsequently, the Panama Public Registry will suspend the legal entity’s corporate rights when it has not completed the payment of its annual tax for a period of three (3) consecutive years or if it has not paid the fines or sanctions that have been applied.
The suspension of the legal entity’s corporate rights does not affect the responsibility of its directors, officers, administrators, shareholders, partners, quotaholders, and members of the foundation council, agents nor of any other person of similar nature concerning their relation with said legal entity.
Please do not hesitate to contact us shall you require further assistance with these matters.