Working with a team of accountants in Panama
is recommended for all types of companies, including offshore
entities that are subject to lighter accounting requirements. A team of certified public accountants (CPAs) assists business owners in a variety of matters and ensures that the company observes the fiscal and tax procedures in force.
Expert accountants maintain the company’s financial records and prepare the documents for the annual submissions, however, their services will have an important impact on the company’s overall functioning and profitability.
When investors wish to open an offshore company in Panama, we recommend working with a team of expert accountants to ensure complete compliance.
What are the services provided by our accountants in Panama?
A Panama team of accountants provides the following services:
Accounting: preparing financial reports, accounts receivable and payable preparation and review, and others;
Auditing: financial statements audit, forensic audit, compliance audit, and other procedures that may be needed
Taxation: preparing tax reports, assisting clients with observing the local tax procedures, consulting on international taxation matters, and others;
Payroll: calculating payroll, calculating bonuses, calculating and making the necessary payments with the social security fund and others.
Please keep in mind that this is only a summary of the services offered by our accountants in Panama. You can always reach out to us for more information about our services and for a personalized offer.
What are the main accounting regulations for offshore companies in Panama?
According to the International Federation of Accountants
, Law 57 of 1978 on the Accounting Profession is the one that stipulates that the Technical Board of Accounting, operating under the Ministry of Commerce and Industries, is the one to set the standards for auditing and accounting. As part of the Technical Board, the Commission of Financial Accounting Standards sets forth several recommendations for accounting, for all companies with certain exceptions for regulated companies.
Small and medium sized companies
are subject to the International Financial Reporting Standards and financial sector companies can also be subject to additional rules, as imposed by the Superintendent of Banks and other bodies.
As far as the statutory audits are concerned, companies are required to observe the rules for auditing according to their capital (when it exceeds 100,000 PAB or the annual sales or gross income is over a certain amount).
Offshore company owners in Panama are required to comply with a number of corporate transparency principles, among which we can mention accounting and reporting ones. Law 52 of 2016 introduced obligations for these types of companies to provide, as needed, supporting documentation. Some of the most important requirements are summarized below by our team
of accountants in Panama
- 5 years, the period the accounting records and supporting documentation are to be kept (from the last day of the calendar year in which the transactions took place or the last day of the calendar year in which the company ceased its operations in Panama);
- 1,000 PAB the usual fine for companies that fail to observe the principles;
- 100 PAB the additional fine for each day of noncompliance (the fine and the additional value were valid at the time this article was written);
- maintain a journal and a general ledger, along with a shareholder book and a minute book;
provide the needed records and support documentation no later than 15 business days from the receipt of the request, in the situation in which these documents are kept outside of Panama.
When should I contact a team of accountants in Panama?
Our team of partner Panama accountants offers tailored solutions, according to the company’s accounting needs and business goals. Our team has experience in working with offshore companies in Panama and will provide investors with detailed information on our services, the accounting and reporting obligations their company has as well as other details, as needed.
We offer services according to the International Financial Reporting Standards and the local tax regulations in Panama. Our services not only allow offshore business owners to rest assured that their company is compliant, but they are also valuable for prompt decision making based on sound financial assessments and predictions.
In addition to these, we also offer services for investors who immigrate to Panama. You can reach out for more details.