Liquidation of a company in Panama. What you should know about this procedure and why it is needed

Panama is famous for its beauty, convenient geographical location, and wide business opportunities. The banking system in Panama is very interesting. It is quite stable, free and large. It is because the country is open to new opportunities and business ideas that it is popular as a major offshore zone. But it is sometimes much easier to open a business than to close it.

Reasons why you may need a business liquidation service in Panama

Sometimes you have to not only set up a company here, but also close it. Circumstances change, profitability changes, new laws are adopted. And the owner may decide that he does not need this company. The decision is made. What's next?

And then comes the procedure itself, which is very long in duration. The key to avoiding problems after the liquidation of an offshore company is to complete the procedure completely and to the end. We will tell you how to quickly close an unnecessary business in Panama and whom to contact for professional help. These should be experienced specialists in the field of international law and business who know the specifics and will help you collect the necessary package of documents for the quick liquidation of the company. Regservice, for example, has such specialists. The service is provided on a turnkey basis.

Liquidation of a company in Panama. What needs to be done?

The stages of liquidation are approximately the same everywhere:

1. The decision of the owners that the business will be liquidated.
2. Settlement with creditors.
3. Zeroing the balance sheet.
4. Submission of documents for liquidation to the registrar.

In Panama, it is possible to complete the process in a week, especially if you contact a specialized registration service. Its specialists will help you with this difficult turnkey procedure. Quick and professional resolution of liquidation issues is their priority.

Is it possible to "leave" the company?

It is not recommended to do so unless you want to get into a lot of trouble with the law in a foreign country!

It's very simple: if you no longer need the company, go through the procedure of deregistration to the end. It won't take much time, and it won't cost much. You will sleep well knowing that everything is in order in Panama, that no one will make any claims or lawsuits. And you will be listed everywhere as a trustworthy person with a good business reputation. This is worth a lot.

Liquidation of companies in Panama. The most important things

It is worth paying attention to very important points:

1. In case of using a nominee service, all claims for failure to comply with the requirements of local authorities can be sent to the nominee director.
2. In a situation where the company has debts to service agents (nominee shareholder, director service) or for accounting services, pay them off as soon as possible to avoid troubles and enforcement.
3. If there are tax debts, liquidation may take several years. Be sure to report in the prescribed manner, and keep all documents! So that you can quickly close your business at any time, and not deal with the restoration of accounting.

Find a rational and fast way to get out of business in Panama. We will help you if:

• you are burdened with debt obligations to the state or third party creditors;
• It is necessary to prepare a declaration of solvency in a special form, which will indicate that the company is "in a position".

How to close a company in Panama?

A special liquidation plan is required, which will indicate

• the reasons why the company is being closed;
• the time required to complete the process;
• the name and address of the liquidator, who is not related to the liquidated company in any way, this person must be completely independent.

The liquidation plan must be approved within a month and a half. A dormant company can be revived within 10 years. This can be done by the owner, a creditor, or even a liquidator. It will be legal! Be aware of these risks and don't fall into the trap, even though many people do.

It is worth remembering that in the modern world, the process of automatic information exchange is very simplified. Therefore, your country can find out that you have a company in Panama that has many obligations, many unresolved issues. You definitely don't need to be reminded of your debts in Panama by the Ukrainian fiscal authorities. It won't be cheaper and easier.

It is better to spend a little time and money on liquidating the company and exhale. The registrar will send a notice of business closure to the company's legal address. After that, the information is published in the media. And you are completely free from business.

We emphasize once again: it is important to comply with the requirements of local law so that you do not have any problems in the future.

No matter how profitable it may seem to "forget" about business, it is not. Yes, on the one hand:

• no need to pay fees and duties;
• no need to spend time on liquidation;
• no need to appoint an independent liquidator.

But it's not that simple. The competent authorities will pay attention to such a company, it's just a matter of time. The responsibility for your mess may even be criminal.

Do you need to liquidate a company in Panama? Contact the registration service through the website, by e-mail or by phone. Submit reports and appoint a liquidator. At the last shareholders' meeting, his task is to report on the work done. After that, the shareholders will divide the assets among themselves.

Your participation in the closure of the company is minimal.

How much will it cost? The answer to your question can be provided during a personal consultation on business liquidation abroad.

Find out more about the process of offshore liquidation in Panama right now! RegService consultants always have the most relevant, up-to-date data at their disposal.

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