Company liquidation in Panama

Panama is one of the most popular foreign jurisdictions where many offshore companies operate. For various reasons, the founders decide to liquidate the company.

How to do it quickly, legally and with minimal financial costs? Contact the Legal Solutions company. Our highly qualified lawyers know how the liquidation of companies in Panama takes place and will help you do everything efficiently, quickly and reliably.

Legal Solutions lawyers will help close a company in Panama

If you no longer need an offshore company in Panama and you want it to be removed from the company register, we can help with liquidation.

Regardless of the reasons why you decide to stop doing business in this jurisdiction, it is important to comply with local laws. As a founder, you must follow the rules and protect yourself from potential risks and penalties.

In order for our specialists to prepare a commercial offer for you, please provide us with the following information:

• the full name of the Panamanian company;
• whether the company has any specific assets that need to be transferred into liquidation;
• whether the firm was engaged in any commercial activity in the Republic of Panama;
• whether the company is currently a legal entity in good standing;
• NIT company number.

The voluntary dissolution of a company in Panama has many advantages, in particular:

1. This is a simple process compared to liquidating a company.
2. You can avoid a formal investigation into the behavior of directors.
3. You will maintain an excellent business reputation in the business environment.

Liquidation of the Panama company: the list of our services

The liquidation of a Panamanian company is carried out by means of a special decision signed by the shareholders of the company, which is later submitted to the Public Registry of Panama.

The notice of dissolution has to be published in the national newspaper. A company must be in good standing with an annual fee paid in order to apply for dissolution with the Public Registry of Panama. The liquidation of the company will commence upon the filing of the Special Resolution with the Registrar.

We provide clients with turnkey services, including:

• lawyer consulting;
• preparation of the necessary documents for applying to the State Register of Panama;
• resolving issues related to the company's assets;
• legal support for the transfer of corporate rights;
• payment of all necessary fees and charges.

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The liquidation of a company in Panama: the main stages

Conventionally, the process of terminating the activities of a legal entity in the territory of this foreign jurisdiction can be divided into 6 stages:

1. The meeting of shareholders must sign the dissolution agreement. After approval of the dissolution agreement, a copy will be issued, which must be recorded and registered in the Public Registry of Panama.
2. Each dissolved Panamanian corporation will exist for a period of three years for certain purposes, such as protecting its interests, being a defendant, transferring assets, obtaining loans, distributing capital. Upon completion of the liquidation process, the shareholders must approve a resolution confirming that the company is liquidated, all receivables have been paid, all debts have been paid and the remaining assets have been distributed to the shareholders.
3. Following a decision by the Public Registry, notification must be sent to the Directorate General of Revenue (DGI). This must be done within 30 days.
4. Sending a notice of termination of the Social Security Fund (CSS). For the submission of such a message, a similar period is set - 30 calendar days.
5. Department of Trade and Industry (MICI) termination notice.
6. Notice of termination of activities before the relevant municipality. Failure to comply with established requirements may result in administrative fines.

Legal Solutions is a team of lawyers with extensive experience and professional knowledge in the field of business. We know how to do everything according to the law, promptly and with minimal financial losses for you.

Do you have any questions? Want to get advice? Write to us and we will find the best solution for each client.