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Accountants in Panama

Updated on Wednesday 08th June 2022

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Accountants in Panama.jpgWorking 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.
 
 Quick Facts  
  Bookkeeping services offered by our accountants in Panama

Processing and keeping the records needed for all of the company's financial records

Payroll

Preparing payroll slips and handling other employment obligations

Invoicing

Drawing up invoices, managing and tracking them
as needed
Cash management Wire transfers, cash flow management
Reporting Meeting the filing requirements for companies that are subject to these
Financial analysis

Comprehensive examination of the company's relevant financial documents (balance sheet, cash flow statement, income statement)

Forensic accounting in Panama

Investigations concerning allegations of money laundering, financial statement information falsifications, securities fraud and other crimes

Tax compliance Complete assistance for tax compliance for
companies in Panama
VAT compliance and reporting Assistance for VAT registration, handling the monthly VAT returns
Audit in Panama Audit services provided by our certified accountants in Panama for companies that are required to file audited financial statements
Property financial matters Financial management services and compliance for individuals holding real estate in Panama, real estate property tax compliance
Statutory compliance Counsel as needed on the applicable accounting principles/IFRS
Tax authority assistance offered by our accountants in Panama Representation in front of the tax authorities (Revenue General Office, the Customs General Office, and others)
Support for voluntary dissolution Assistance for Panamanian companies that cease their activities
Services for foreign companies  Complete services for foreign companies in Panama as well as offshore companies
 

What are the services provided by our accountants in Panama?

 
A Panama team of accountants provides the following services:
 
  1. Accounting: preparing financial reports, accounts receivable and payable preparation and review, and others;
  2. Auditing: financial statements audit, forensic audit, compliance audit, and other procedures that may be needed
  3. Taxation: preparing tax reports, assisting clients with observing the local tax procedures, consulting on international taxation matters, and others;
  4. 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.
 
The core of our services is represented by accounting, however, all our other solutions are available to clients who are interested in a more comprehensive approach.
 
Our accountants use a personalized process, meaning that the solutions we provide take into account the particularities of your business. Based on this approach, we are able to provide business advice and recommend suitable operating practices.
 
Working with a full-service accounting firm has a number of advantages, starting with the fact that a CPA is formally trained to assist companies looking to comply with all of the accounting and reporting requirements.
 
In addition to ensuring compliance, working with a team of accountants in Panama can help the business grow. A professional will be able to provide advice on the practices and strategies that, on a long-term basis, can yield more profit and help the business grow in targeted sectors.
 
Clients who work with a certified accountant have more time to plan the daily company operations and handle other important matters that are related to other key issues, such as marketing and attracting more clients.
 
A full-service accounting firm in Panama will, as previously stated, provide more than just bookkeeping services. They also assist in payroll matters, provide assistance with tax issues and help businesses with audit, business advice and, as needed, with asset management issues.
 
Working with an accounting company can begin as early as you incorporate the Panamanian company. When you choose one of our company formation packaged in Panama we can also direct you towards our partner accountants so that you can understand the basics of the reporting and taxation requirements.
 
Even though the Panama IBC is not subject to tax, other business forms operate according to a number of rules. If you choose to set up an International Business Company or another type of company in Panama, our partner accountants will give you all of the important details for first-time investors in the country.
 

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.
 
The accountancy profession in Panama is regulated through a number of laws, one of the most important being the Law on the Accounting Profession. According to the provisions in force, an individual who will provide services as a Panamanian Certified Public Accountant (CPS) needs to be registered with the Technical Board of Accounting, needs to have a bachelor’s degree and no criminal record. The Board of Accounting is the one to set the ethical standards, issues professional licenses, maintains a registry of the certified public accountants and implements, as needed, an investigation and discipline system.

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. In those cases in which investors are just considering to open a Panama bank account we can help offer proper guidance.
 
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.
 
You can reach out to us as soon as you have incorporated an offshore company in Panama and are in need of assistance in taxation and financial matters.
 

Company formation in Panama

 
Opening a company in Panama is a straightforward procedure and foreign investors have the advantage of being able to open the International Business Company which, as mentioned, is not subject to taxation.
 
Are you interested in Panama company formation? Read below to find out more about the general advantages:
 
  • - Taxation: companies that derive income from outside of Panama are not subject to tax on this income; this is what the IBC is used for;
  • - Asset protection: opening an IBC can also be an advantage for those interested in a flexible vehicle for asset protection; it can also be used as a holding company;
  • - Confidentiality: Panama offers a fairly high level of confidentiality for investors as there are certain benefits regarding the information concerning the company that can be excluded from official registries (information for which there is no mandatory requirement for inclusion);
  • - No share capital: companies are not required to have a minimum capital upon formation;
  • - No restrictions: foreign investors are permitted full foreign ownership and there are no limitations based on nationality.
 
There are no currency exchange controls on offshore companies, therefore, foreign company owners can withdraw funds from the country.
 
Certain rules may apply in the foreign national’s country of origin in terms of double taxation on income. Moreover, individuals who derive income from a Panamanian source are also subject to tax.
 
Our team of accountants can provide you with essential information concerning the applicable rules and the income that you will need to declare from the business activities.
 
Our team works with local and international clients and is able to provide the latter with solutions to international taxation matters.
 
We are a dedicated team of professional focusing in an approach that allows businesses to grow their activities in Panama, at the same time resting assured that they meet all of the current requirements.
 
Contact our accountants in Panama today to find out more about the accounting services we provide in Panama.
 
In addition to these, we also offer services for investors who immigrate to Panama. You can reach out for more details.

Meet us in Panama

Call us now at  +230 5252 6703  to set up an appointment with our business consultants in Panama City, Panama. Alternatively you can incorporate your company without traveling to Panama.

As a our client, you will benefit from the joint expertise of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Panama.

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