Have you tried to request a public registration certificate, but it is not possible? The Panama Corporation is suspended in Panama.
One of the main reasons why a company or corporation is suspended is due to some tax delinquency, specifically with the annual flat rate tax.
When a company is delinquent, the first thing it will receive from the government is a notice called a warning note. In this way, the state, through the General Directorate of Revenue (DGI), informs the representatives of the corporation about the problem that the company is having at the moment.
Through this warning note, the General Directorate of Revenue (DGI) of the Ministry of Economy and Finance informs the Public Registry about the delinquency that exceeds 3 consecutive years.
Once this warning or provisional annotation is registered in the public registry, the person will have two years to bring the company up to date.
After two years, if the company has not yet been brought up to date and in accordance with executive decree 905 of September 20, 2019, the company is changed to suspended status.
When a company is in a state of suspension, it is disqualified from being able to carry out commercial actions. Even the public registry does not grant the company’s Good Standing certificate, which is why it sometimes becomes a problem for the company’s representatives.
Since the public registration certificate is an essential requirement to be able to carry out any business with the government or private company, it becomes necessary to fix the legal situation of the company to carry out these operations.
It is important to keep the corporation up to date every year with its tax payments in order to avoid fines, surcharges, and having it suspended.
Sometimes clients think that because they owe many years in taxes to the government, the amount is very high, but this is not the case; sometimes it is not that much.
Another reason why the Public Registry suspends a company is due to the lack of a resident agent.
What is the resident agent?
The resident agent is the lawyer or law firm that the entire company must have by law. In addition to creating the company, the lawyer has a series of obligations and rights towards society.
The client must know that all and absolutely all companies can recover, even if they have notifications from the General Directorate of Revenue (DGI) and the public registry. Even if many years have passed since the suspension notices,
The resident agent has a series of obligations that must be fulfilled by law, including:
We, as a law firm, are registered with the Superintendency of Non-Financial Subjects, and we always try to comply with all the requirements of the law.
Important: The lawyer is not responsible for the actions of the company; although sometimes he may cooperate with the authorities in some type of criminal investigation, it is understood that his figure has nothing to do with the actions of the company.
In recent years, many lawyers and resident agents have resigned from companies, the reasons being the following:
Resident agent fees are included in the Bar Association’s tariff and correspond to an annual payment for services.
If the owner or owners of the company do not pay the resident agent fees, the lawyer has every right to resign from the company.
We, as a law firm, generally do not resign as resident agents. Every year, we always try to remind our clients of the payment of both the annual fee to the government and as a resident agent through emails.
We maintain thousands of corporations, all duly registered with the names of the shareholders.
It is impossible. A company can never be left without a lawyer or resident agent. The law establishes it, and if it remains without a legal representative, the company will go through all the alert processes until its final suspension.
In this case, the owners of the company must contact another lawyer so that he can do all the paperwork so that he can join the company. There is no point in keeping the company up to date with taxes without having a lawyer; a lawyer is necessary to keep a company active.
I maintain a suspension from society, but I don’t want to lose it. Can something be done to recover it?
Of course, actions can be taken to recover it. You can contact us and explain your case to us so we can give you more details on how to recover the company.
My company remains suspended, but I have never stopped paying it; could it be some confusion with another one?
There are many companies that remain registered. Some names are similar and sometimes tend to cause confusion, but they have a unique folio number that identifies them, so we can do an investigation to see what is happening. Each case is different, and an investigation is always very important.
My company is very old; even the resident lawyer or agent died. Can I recover it?
The answer is yes. You can contact us so that we can give you details on how to recover it.
Whatever your situation, you can contact us.
We are ready to solve your problem.