Panama Company Dissolution – Closing a Panama Company
If you no longer require your Panama IBC and wish to have it struck off the company register, we can assist with a Panama Company Dissolution.
There are many reasons a company may need to file for dissolution beyond simply ceasing trading or maybe not even getting started.
Other reasons include a retirement, merging with another company or being acquired.
Irrespective of the reason it is very important to take the necessary steps to dissolve the company correctly, don’t just leave it and walk away. As a Director you need to comply with regulations as well as protect yourself from potential risk and fines.
Panama Company Dissolution Fees
- Company Search – £40
- Our Service fee – £480
- Panama Agent fee – $600
To provide a precise quotation we require:
- The Panamanian company’s full legal name
- Does the company have any specific assets, which would need to be transferred out prior to dissolution
- Did the company engage in any commercial activity within the Republic of Panama
- Is the company currently in Good Standing with regards to its annual payments to Panamanian Tax Authorities, we can check if you are unsure.
- Do you have the company’s NIT number, so that we may be able to confirm that it is in compliance with its annual obligations, we can obtain it if you don’t have it.
Having your Panama Company Dissolved
Having your Panama company voluntarily dissolved rather than struck off by Panamanian Public Registry has many advantages:
- It is a straightforward process compared to company liquidation
- It avoids formal investigation into the conduct of the directors as required in liquidation or receivership.
- Maintains the company’s directors and shareholders reputation for future business ventures
- It avoids the costs of liquidation, fees and expenses.
Conditions for Voluntary Strike-Off
We can apply for dissolution without involvement of the current (nominee) directors or resident agent, but the owners must provide proof of ownership of the corporation.
If the company has no assets it can be dissolved without liquidation.
The dissolution of a Panamanian company is achieved by way of a Special Resolution signed by the shareholders of the company, which is later filed at the Panamanian Public Registry, the acknowledgement of liquidation termination (if applicable) may be included in the same resolution which approved the dissolution.
A dissolution notice is published in a national newspaper.
- The Special Resolution of shareholders would commonly be executed by the Company’s President and Secretary.
- The original executed Special Resolution will be sent to our lawyers in Panama for them to proceed with filing at the Panamanian Public Registry.
- The company must be in Good Standing with payment of annual fees in order to proceed with dissolution filing at the Panamanian Public Registry
- Notice of Resolution to wind up will be published in the Panama Gazette of the Ministry of the President,
- The Dissolution of a company will commence upon submission of the Special Resolution to the Registry
- After the Registrar has been notified that the company has been dissolved the company will be struck off the Register and a Certificate of Dissolution will be issued
If the company has assets it cannot be dissolved without liquidation.
Liquidation – we can assist with liquidation if the company is transferred to our directors and resident agent as we can then change the previous directors and resident agent under shareholders instructions, and then perform the liquidation and the dissolution of the company.