News: A Register of Beneficiaries Will Be Created in Panama

On December 19, Panama’s authorities voted in favor of Bill No. 169, which changes the rules for non-resident companies. Its most important provision is the introduction of a register of beneficial owners of companies. After the entry into force of the document, registration agents will be required to notify state authorities of the owners of the companies.

Since 2015, Law No. 23 has been in force in Panama, according to which registration agents are required to verify each beneficial owner of the company (Due Diligence). However, before the adoption of Bill No. 169, all the information received was not published in the public domain. According to the document, a special data register will be created in Panama.

Bill No. 169 obliges registration agents to submit information about the company and its beneficial owners no later than 30 working days from the date of registration of the legal entity or making changes to the documents. Information will be stored throughout the company’s work, as well as at least 5 years after its closure.

Law firm Law&Trust offers services for legal entities registered in Panama. Our lawyers will tell about changes in the law, and how the new rules will affect the business. If the new requirements are unacceptable to you s for any reason, we will help you choose another jurisdiction and transfer the company there.