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
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 addition, if
said location is changed for any reason, the registered agent must
be informed of the new address within fifteen (15) days.
If the information is not kept by the
registered agent, it must be provided by the client within fifteen
(15) days upon request.
In addition, the law requires
registered agents to maintain copies of the registers of shares and
shareholders of the companies under their administration.
Lack of compliance with any of the above requires the
registered agent to resign.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
The primary sources of regulation of M&A in the British Virgin Islands are the Business Companies Act, 2004 (the "Companies Act") and common law.
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