Panama Company Restoration / Reactivation
If your company is struck off with the Registro Público de Panamá, we are able to assist with the restoration process.
Panama Company Struck Off
In Panama a company is Suspended after 3 years of non-payment of Government fees the company can be Reactivated.
After the 3 years has passed the company is Suspended and the Registry will Dissolve the company. A Dissolved Panama company can be Restored.
To Restore or Reactivate the company, a resolution by the shareholders has to be signed at a shareholders meeting, to approve the decision to restore or reactivate the company, this resolution will then be registered at the Public Registry.
Once the Panama company is suspended, neither the company nor any directors or shareholders may carry on any business or in any way deal with the assets or the affairs of the company.
When a company is struck off the register, it does not affect the liability of any of its members, directors or officers.
In order for a suspended or dissolved company to be reactivated or restored by the Panamanian Registrar, we must submit a Reactivation Request and the following fees must be paid:
- Late payment fines
- Government restoration fee
- Overdue Government licence fees
- Payment of all previous agent fees
Panama Company Restoration fees
For a Panama company with a suspended company status.
- Our fee to Restore Panama Company – £1200
- Panama Government Penalty fee to reactivate company – US$1,000
- MEF (Minister of Econ and Finance) Statement fee for outstanding Government fees and penalties – £300
- Outstanding Government fees and penalties – to be confirmed once MEF statement received
- Resolution to appoint new Panama Registered Agent – £150
- Filing fee to appoint new Registered Agent – US$150
- Reappointment fee for Nominee Directors – US$300
- Registered Office and Resident Agent fee per year struck off – £640
- Notary fee – US$550
- Lawyer fee – US$520
- Due Diligence fee – per Director & Shareholder – £80
- Company Search and checking the company file – £240
- 2.5% Transfer fee – for penalties, fees and charges to Panama – to cover exchange rate changes, bank charges and fees
The registry normally takes two – three weeks to restore the company, once compliance has been satisfied and the outstanding fees paid.
The Registrar shall restore the name of the company to the register and upon the restoration the company shall be deemed never to have been struck off.
In order to prepare a quotation we would need to first obtain a statement from the Panama Tax Authorities to confirm the total amount due in respect of annual tax payments.
- Annual tax, past due taxes, surcharges and fines
- Government restoration fee
- ITBMS Tax fees
- The Corporation must be up to date with it Franchise Tax
- Notary fee
- Lawyer fee
- Translation fees
We will need to see copies of the share certificate showing who owns the Panama company and require a copy of the company Directors register and the members register with any corporate documents that you may possess.
Costs & Expenses on Company Restoration
- Obtaining a company search from the Registro Público de Panamá
- Obtaining and perusing relevant filings and various related documents
- Drafting and completing the documents necessary for the application
- Drafting the restoration order
- Serving documents and communicating with the Registrar of Companies
- Advertisement, if required
- Filing the application with the Court if necessary
- Attending court hearing
Disbursements or Expenses:
- Outstanding filing fees on annual returns
- Penalty for late filings and other penalties
- Court filing fees
- Filing fees to the Companies Registry on the restoration application
Transferring Registered Agent
Since 2018 the Registered Agent of a Panama Company can be changed without the consent of the current Registered Agent.
Company Directors and Shareholders
When a Panama company is restored, the previous Directors, Company Secretary, Shareholders and Registered Office are automatically assumed to have continued.