The Mossack Fonseca Group is a leading international corporation which provides comprehensive legal, trust, technological and accounting services. With over 500 staff members in all continents, Mossack Fonseca provides personalized advice based on more than 36 years of experience in the market. They also offer world-class service through their exclusive online services which are available 24 hours a day.
+18

Mossack Fonseca & Co - ACCOUNTING SERVICES

Douglas Brown 2 years ago 0

We are a company created to meet the accounting needs of businesses and professionals around the world. Our goal is to maintain timely records of accounting transactions arising from clients’ operations and/or activities.


We rely on highly qualified Certified Public Accountants with expertise in financial and tax matters who undergo continuous professional development.


Our services:

  • General Accounting Services (including Bookkeeping)
  • Maintenance of Financial Records
  • Accounting Systems Implementation Advice
  • Accounting and Management Advice
  • Review and Preparation of Financial Statements
  • Payroll and Salary Payment Services (only in Panama)

1. General Accounting Services

This service provides registration (bookkeeping) of purchase and sales transactions and cash flow (deposits and payments) in a reliable and timely manner for businesses and professionals alike, using Generally Accepted Accounting Principles (GAAP) and the Rules of International Financial Reporting Standards (IFRS).


2. Maintenance of Financial Records

This service provides registration (bookkeeping) and delivery of the following reports: Trial Balance, Auxiliary and/or Financial Account Details (as required) and Financial Reporting.


3. Accounting Systems Implementation Advice

We advise our clients on the application of best practices for their accounting systems that allow them to obtain reliable information, in a timely fashion, in order to prepare financial and accounting reports. This service provides the organization of roles and responsibilities that should be considered when creating an accounting department for any company, as well as the preparation of the required financial reports. This service is tailor-made for each client, using the industry’s best practices to optimize their resources.


4. Accounting and Administrative Advice

Taking into account a client’s activities, we provide highly qualified and experienced personnel in financial, accounting and administrative matters so as to assist you with your internal controls and decision making.


5. Review and Preparation of Financial Statements

In order to assist our clients with the delivery of financial information, we offer the service of preparation and review of Financial Statements (Financial Position Statement, Income Statement, Changes in Equity Statement, and Cash Flow Statement) endorsed by a Certified Public Accountant.


6. Payroll and Salary Payment Services (only in Panama)

We provide payroll and salary payment services, with complete confidentiality, in compliance with the legal, labor and tax norms of the Republic of Panama. Upon request of our clients in Panama, we offer the registration of the company and its employees in the Social Security Fund (CSS), calculation of severance pay, calculation for payment of the Severance Fund, and preparation of the List of Employees and Wages Earned (Form 03).


For more information please contact your Mossack Fonseca advisor or send an email to: mfaccounting@mossfon.com

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Mossack Fonseca & Co.

Kendra Hatch 2 years ago 0
Main Office
Mossfon Building
54th East Street
Panama City
Panama

Phone+507 205-5888
Fax +507 263-9218

Website www.mossackfonseca.com

Law Firm Overview

Established in 1977, the Mossack Fonseca Group is a leading global company which provides comprehensive legal, trust and accounting services.

With over 500 staff members across every continent, the Mossack Fonseca Group provides excellent services based on more than 35 years of experience. As part of its added value, the Group offers personal advice and a world-class online experience through a virtual Client Portal which is available 24 hours a day. Our web-based Client Information Portal application allows clients to reserve companies online, verify the status of companies, and pay invoices, in addition to other types of transactions.

Our service and research-oriented professionals specialize in trust services, wealth management, international business structures, and commercial law, among other areas.

Our product and service portfolio is constantly updated and renewed, enabling the Group to find the appropriate solution for your business. We offer research, advice and services for the following jurisdictions: United Kingdom, Malta, Hong Kong, Cyprus, British Virgin Islands, Bahamas, Panama, British Anguilla, Seychelles, Samoa, Nevada, and Wyoming (USA).

Our law firm has specialized attorneys experienced in all areas of law such as shipping, immigration, contracts and intellectual property, as well as commercial law in general. We also assist clients in physically relocating to Panama and supporting them with regard to all of the steps required, from handling immigration matters and buying or renting property to establishing their business in Panama.

Mossfon Trust Corporation is a trust company regulated by the Banking Superintendence of Panama since 1993. Our team of professionals and specialists with experience in corporate, trust, tax and accounting matters can assist you in creating solutions that are solid, convenient, and advantageous.

The Mossack Fonseca Group enjoys a strategic alliance with Mossfon Asset Management, S.A., an Investment Advisory firm licensed by, and under the supervision of, the Superintendency of Securities Market of Panama that also engages, upon request, in Discretional Portfolio Management. The Group is licensed to operate as an Investment Adviser under Resolution No. 94-06, April 26, 2006.

Since May 2010, the Mossack Fonseca Group is proud to be the first ISO 9001 certified law firm in the Republic of Panama. The ISO 9001:2008 quality system assures our clients that the Group is committed to continuous improvement and client satisfaction.

We received the global quality management system certification from SGS, a certification entity accredited by UKAS and ANAB, two of the leading and most rigorous independent auditing and certification agencies in the world.

Year this Office was Established: 1977

Languages: Arabic, Czech, French, German, Greek, Italian, Latvian, Malay, Mandarin, Portuguese, Romanian, Russian, Samoan, Spanish, Tamil, Thai, Ukrainian, English

Areas of Law

• Administrative Law
• Admiralty & Maritime
• Asset Protection
• Aviation Law
• Banking & Finance
• Banking Law
• Business & Industry
• Business Formation
• Business Law
• Commercial Law
• Communication
• Contracts
• Copyright
• Corporate Law
• Corporate Taxation
• Customs Law
• Domain Names
• Employee Benefits
• Employment
• Estate & Trust
• Estate Planning
• Finance
• Financial Services Law
• Franchising
• General Practice
• Government
• Government Contracts
• Immigration
• Import & Export
• Industrial & Manufacturing
• Insolvency
• Insurance
• Intellectual Property
• International Investments
• International Law
• International Trade
• Investment Law
• Labor
• Licensing Law
• Media
• Mergers & Acquisitions
• Naturalization & Citizenship
• Offshore Services
• Patents
• Project Finance
• Real Estate
• Regulatory Law
• Ship Registration
• Social Security
• Tax
• Tax Planning
• Telecommunications Law
• Tourism & Travel
• Trade Secrets
• Trademark
• Visa
• Work Permit

Additional Areas of Law: Company Formations; Free Trade Zones; Government Bidding Process; Telecommunications Law

Areas of Law Description

Our practice includes:

- Trust Services

Mossfon Trust Corporation is a fully licensed trust company with experienced lawyers and accountants that can assist their clients in creating solutions that are solid, legal, convenient and advantageous. Provides effective solutions to protect the privacy and enhance the wealth of their clients.

- Company Formations

Advantages of using Mossack Fonseca as Registered Agent: reduce costs and greatly increase response times, they can incorporate and manage Private Foundations, Mossfon directors and officers may be appointed, offices are supported by secure, state-of-the-art technology, constant staff training and low turnover rate, strategic location of their offices in key world business capitals.

- Ship & Yacht Registration

The firm offers a wide variety of services for both private and commercial yachts including registration, purchase and sale contracts, operating permits, credit requests, crew licenses, ship mortgages and international structures in a variety of advantageous jurisdictions.

- Corporate Law

Mossack Fonseca & Co.'s professionals advise on various commercial matters, including the drafting and execution of domestic or international commercial contracts such as purchase and sale, personal and real guarantees, financial leases, factoring, franchises, technology, transfers, exchanges, assignments, escrow agreements, negotiable instruments and securities.

- Financial Law

The firm provides advice relating to the full spectrum of legal financial processes, including syndicated lending, leveraged and acquisition finance, asset finance, derivative products, project finance, financial regulatory systems, insolvency, restructuring and structured finance.

- Tax Law

Mossak Fonseca & Co.'s expert tax lawyers advise on the full spectrum of corporate, financing, investment and real estate transactions, as well as tax litigation, disputes and general compliance. In addition to their corporate tax expertise, they have specialists who advise on VAT and other indirect taxes and on private client tax issues.

- Aviation Law

The firm guides through all formalities relating to the registration of aircraft and for procuring air navigation and commercial transport service permits for both foreign and domestic airlines.

- Immigration Law

Mossack Fonseca & Co. advises clients on immigration matters in the Republic of Panama and handles all formalities obtaining visas for tourists, immigrants, workers, investors, foreigners married to Panamanian executives and others. Consultancy services are also offered in respect to extensions, exit and entry permits, residence and naturalization.

- Telecommunications Law

The firm assists clients in obtaining radio, television, telephone, trunk line, cell phones and other communication media permits and licenses from the Public Services Regulatory Entity of Panama.

- Foreign Investments

Mossack Fonseca & Co. provides unparalleled advice and unique opportunities to benefit from government incentives deriving from investing in the Republic of Panama, particularly in tourism, processing zones for export goods, oil transport, reforestation and mining, as well as special incentives for investing in areas bordering the Panama Canal.

- Free Trade Zones

The firm’s extensive experience executes all formalities required to establish a business in Free Trade Zones worldwide. They can procure physical space, acquire import and export permits, handle customs matters, represent registrations as well as all other required procedures with official administrative authorities.

- Intellectual Property

Mossack Fonseca & Co.'s specialists help to register all forms of intellectual property. Their experts’ advice and have ample experience with trademarks, invention patents, and other types of intellectual property including utility models, industrial designs, models, trade names and industrial and trade secrets.

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OTHER BUSINESS UNITS of Mossack Fonseca & Co.

John Healey 2 years ago 0


Markets are constantly evolving and this has created the need for comprehensive and innovative solutions for each client. The Mossack Fonseca Group has other business units that facilitate and complement the services we offer. These units are independent but consistent with the Group’s platform, which enables our customers to find tailor-made solutions and a single contact point.


E-VOLUSOFT

E-volusoft is a company created to respond to the growing demand that exists today for digital storage solutions and the electronic management of documents and images.

e-volusoft provides a full line of products in three (3) main areas:

1) Documanager and Secure Cloud: Document digitization and storage

2) Software i2: Analyzing and displaying information in order to simplify investigations

3) Anti-Money Laundering and Fraud seminars


MF ACCOUNTING SERVICES

MF Accounting Services is an accounting firm that offers multiple benefits for:

  • The timely maintenance of records concerning accounting transactions arising from business operations.
  • Assisting in the Implementation of Accounting Systems.
  • Accounting and Administrative Consultancy.
  • The Review and Preparation of Financial Statements, among other task.

+18

Mossack Fonseca: EVOLUSOFT

Vincent Thompson 2 years ago 0

e-volusoft is a company created to fulfill the growing needs of most companies today, which are spending more time and money on everyday managing, storing and searching paper based documents.


e-volusoft solves these needs by providing a web based state of the art computer applications called “Documanager & Secure Cloud”, they allows its clients to store their paper documents as electronic images, and then manage them faster, easier and more efficiently than ever before 24/7.


e-volusoft is a Microsoft Certified Partner company that offers many advantages when developing document solutions. We are backed by certified technicians to turn your business into a success story.


Mossack Fonseca & Co. (Bahamas) Limited


Our online and on-site Anti-Money Laundering and Fraud (AML) Seminars are designed to assist organizations in terms of understanding AML controls and offer guidance for setting up compliant and cost effective systems to enhance AML compliance.


We also offer specially devised Prevention & Development seminars for staff members of intermediation entities and all other related fields responsible for preventing money laundering and terrorist financing. The training system has been implemented in various Latin American countries and over 18,000 staff members have been trained.


Our mission is to provide our clients with the best solutions to transform printed documents into digital files, in order to allow the effective and efficient management of corporate documents.

Our vision is to offer our clients a complete document management solution and to provide security and excellent technical support when you install the application.


e-volusoft is not just a company that provides a software application.

  • We provide a comprehensive range of services that will help clients take full advantage of the application. We are aware that our clients need a solution to their storage problems. We provide a complete solution to all of their document management needs, including consulting, development, training, scanning, etc.
  • Our two lines of products allow companies of any size to take advantage of the costs savings and improvement in efficiency.
  • With DocuManager and Secure Cloud, companies with as few as three employees and as many as thousands of employees can take advantage of these benefits.
  • Because our solutions are based on web applications, access to the information is just a click away, from anywhere in the world.

We also have representative offices all over the world, including Switzerland, United Kingdom, Mexico, Brazil, Chile, Peru and Central America. e-volusoft is a Panamanian company with its headquarters located at the Evolusoft Building, ground floor, 54th East St. Panama City, Panama.


For more information visit us at: www.evolusoft.com


Follow Mossack Fonseca on Twitter @Mossfon

+17

Mossack Fonseca - Legal Solutions

Maria R. Young 2 years ago 0

Established in 1977, the Mossack Fonseca Group is a leading global company which provides comprehensive legal, trust and accounting services.


With over 500 staff members across every continent, the Mossack Fonseca Group provides excellent services based on more than 35 years of experience. As part of its added value, the Group offers personal advice and a world-class online experience through a virtual Client Portal which is available 24 hours a day. Our web-based Client Information Portal application allows clients to reserve companies online, verify the status of companies, and pay invoices, in addition to other transactions.


Our product and service portfolio is constantly updated and renewed, enabling the Group to find the appropriate solution for your business. Our full service law firm with specialized attorneys is active in matters relating to shipping, trademarks, immigration, contracts, and intellectual property, as well as commercial law in general.


We also assist clients in physically relocating to Panama and supporting them with regard to all of the steps required, from handling immigration matters and buying or renting property to establishing their business in Panama.


Practice Areas:

  • Vessels & Yachts
  • Intellectual Property
  • Corporate Law
  • Investments in Panama
  • Immigration Matters
  • Aviation Law
  • Free Trade Zones
  • Government Bidding Process
  • Financial Law
  • Telecommunication Law
  • Licensing
+17

IS IT WORTH GETTING NATURALISED? By Rigoberto Coronado

Michael Clark 2 years ago 0

Panama is a country known for the diversity of nationalities that converge in its territory. It is something that we Panamanians have seen since we were children. In fact, many Panamanians have friends who remained in Panama due to work or love. It is common to encounter a Chinese owner of a convenience store, or a merchant with a foreign accent in a shopping mall. The above-mentioned situations are but a few examples of the great diversity of cultures in Panama.


However, despite the fact that Panama has a long-standing tradition of welcoming foreigners from all over the world, it has developed labour laws designed to protect Panamanians’ jobs. The labour laws in Panama limit the percentage of foreigners that can work for a company. Several professional licenses are prohibited for foreigners, including medicine and law. We do not intend to pass judgment on the labour laws as appropriate or inappropriate; we only refer to them to inform our readers.


It has been possible to overcome some of these legal setbacks through the promulgation of migratory and labour legislation creating new immigration statuses. For example, foreign university graduates or nationals of a country among those appearing on the list of 48 privileged countries, commonly known as “friendly nations”, are now eligible for one of the new immigration statuses.


Nevertheless, this does not provide a solution for everyone, and much less to those who, despite having one or more university degrees, cannot work in their profession as a result of a law that prevents them from obtaining a license reserved only for Panamanian nationals.

Neither do such legal restrictions provide a solution to the ever growing number of foreign investors who are eager to trade their products in the retail sector, which is another activity reserved for Panamanians by the Constitution. Such persons, quite often pressed by circumstances, may choose to naturalise or become citizens.


This is basic information for lawyers, but it is also good for others to keep in mind that the National Constitution sets out three separate conditions under which a person may request naturalisation:


1. Five consecutive years of residence in Panama


2. Three consecutive years of residence in Panama if there are children born to a Panamanian mother or father or Panamanian spouse in Panama


3. By reciprocity, if the person is a national of Spain or another Latin American country, and fulfils the same requirements for naturalisation of a Panamanian in that country.


In any event, one should bear in mind that the above-mentioned residence needs to be permanent and obtained in accordance with the respective migratory procedures. In addition, proficiency in Spanish and basic knowledge of Geography, Spanish, and Panama Political Organization must be proven through a test given by the Electoral Tribunal. A foreigner seeking naturalisation should note that the National Constitution requires renouncing the nationality of origin. Although an affidavit is used for this purpose, same which is attached to the naturalisation file, those documents need not be presented to the country from which a person renounces. However, it must be taken into account that in some countries renouncing nationality has legal effects, whereas there are no such effects in others.


Naturalisation is usually a lengthy process considering that by law the President of the Republic needs to review such requests, and that the matter itself, due to national security, requires participation of certain government agencies.


As we do not foresee a Constitutional amendment in the near future, and modification of certain laws regulating the subject entails long consultation periods, it may well be wise to start thinking about the naturalisation process as a viable option.


Immigration Services Offered by Mossack Fonseca


Our full suite of immigration services encompass all of the current Panama visa programs for tourists, immigrants, workers, investors, foreigners married to Panamanian businessmen/women, and others. A partial list of the many visa programs we can assist you with includes:


• Naturalisation as Panamanian Citizen

• Friendly Nations Visa

• Pensioner Visa

• Professional Employment Visa

• Reforestation Investor Visa

• Self Economic Solvency Visa

• Business Investor Program

• Married to Panama Citizen Visa

• Parents of Child Born in Panama Visa

• Tourist Visa

• Tax Free Processing Zone Investor Program


In addition, we can assist clients with extensions, exit and entry permits, residency, and a host of additional visa, immigration, and other legal services.


If you have any questions or would like further information, please do not hesitate to contact your local Mossack Fonseca office, or email us at rcoronado@mossfon.com or marketing@mossfon.com

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​Mossack Fonseca Office Profile

Sue R. Digregorio 2 years ago 0

Mossack Fonseca & Co.

Panama, Panama Office

Mossfon Building, East 54th Street Marbella, P.O. Box 0832-0886 W.T.C.
Panama, Panama

Telephone: +507-205-5888; 206-9400
Fax: +507-263-9218; 263-7327
http://www.mossackfonseca.com

About this office:

Established in 1977, the Mossack Fonseca Group is a leading global company which provides comprehensive legal, trust and accounting services.

With over 500 staff members across every continent, the Mossack Fonseca Group provides excellent services based on more than 35 years of experience. As part of its added value, the Group offers personal advice and a world-class online experience through a virtual Client Portal which is available 24 hours a day. Our web-based Client Information Portal application allows clients to reserve companies online, verify the status of companies, and pay invoices, in addition to other types of transactions.


Our service and research-oriented professionals specialize in trust services, wealth management, international business structures, and commercial law, among other areas.

Our product and service portfolio is constantly updated and renewed, enabling the Group to find the appropriate solution for your business. We offer research, advice and services for the following jurisdictions: United Kingdom, Malta, Hong Kong, Cyprus, British Virgin Islands, Bahamas, Panama, British Anguilla, Seychelles, Samoa, Nevada, and Wyoming (USA).


Our law firm has specialized attorneys experienced in all areas of law such as shipping, immigration, contracts and intellectual property, as well as commercial law in general. We also assist clients in physically relocating to Panama and supporting them with regard to all of the steps required, from handling immigration matters and buying or renting property to establishing their business in Panama.


Mossfon Trust Corporation is a trust company regulated by the Banking Superintendence of Panama since 1993. Our team of professionals and specialists with experience in corporate, trust, tax and accounting matters can assist you in creating solutions that are solid, convenient, and advantageous.


The Mossack Fonseca Group enjoys a strategic alliance with Mossfon Asset Management, S.A., an Investment Advisory firm licensed by, and under the supervision of, the Superintendency of Securities Market of Panama that also engages, upon request, in Discretional Portfolio Management. The Group is licensed to operate as an Investment Adviser under Resolution No. 94-06, April 26, 2006.


Since May 2010, the Mossack Fonseca Group is proud to be the first ISO 9001 certified law firm in the Republic of Panama. The ISO 9001:2008 quality system assures our clients that the Group is committed to continuous improvement and client satisfaction.


We received the global quality management system certification from SGS, a certification entity accredited by UKAS and ANAB, two of the leading and most rigorous independent auditing and certification agencies in the world.


Mossack Fonseca Group's lawyers and executives are proud members of many prestigious organizations, including:


•Society of Trust and Estate Practitioners (STEP)
•International Tax Planning Association (ITPA)
•International Bar Association (IBA)
•International Fiscal Association (IFA)
•International Trademark Association (INTA)
•Florida International Bankers Association (FIBA)
•American Chamber of Commerce (AMCHAM)
•Maritime Law Association of Panama (APADEMAR)
•Cámara de Comercio e Industria Colombo-Panameña (CICOLPA)
•International Attorneys Association (AAI)
•National Bar Association
•Cámara de Comercio e Industria Panameña Alemana
•Cámara de Comercio, Industrias y Agricultura de Panamá
•Asociación de Ejecutivos de Empresas (APEDE)
•Panama Compliance Officers Association
•Association of Certified Anti-Money Laundering Specialists.


Statement of Practice Summary:

Corporate Law; Private Foundations; Investment Management; Trusts; Admiralty and Maritime Law; Shipping; Banking Law; Aviation Law; Patents; Trade Marks; Foreign Investments; International Law; Captive Insurance; Corporate Taxation; Corporate Tax Planning; International Taxation; Administrative Law; Asset Protection; Business Law; Commercial Law; Financial Law; Immigration and Naturalization; Intellectual Property; Foreign Investment; Mergers and Acquisitions; Real Estate; Telecommunications Law.


Year Established: 1977


Languages: Arabic, Czech, French, German, Greek, Italian, Latvian, Malay, Mandarin, Portuguese, Romanian, Russian, Samoan, Spanish, Tamil, Thai, Ukrainian and English.

+16

​Mossack Fonseca on Cayman: Number 1 Spot in Banker Survey for 7th Year

Lelia W. Beer 2 years ago 0

The Banker magazine’s recent survey has confirmed the Cayman Islands position as the world’s number 1 specialised financial centre. The jurisdiction’s dominance as a leading banking centre remains firm as this is the seventh consecutive year that the Cayman Islands has maintained the top spot in this highly-regarded, global survey, reports Cayman Finance.

“This unprecedented dominance in banking confirms our role as a global facilitator of the allocation of Investment capital and financing around the world through excellence, innovation and balance in global financial market products and services,” said Mr. Jude Scott, CEO of Cayman Finance.


Mr. Scott said that the leadership of the Cayman Islands as an international banking centre can be attributed to a combination of the world’s top professionals and the jurisdiction’s strong legislative and balanced regulatory framework.


“The Banker Survey is a prestigious global survey and it is indeed encouraging to see that our efforts together as a jurisdiction are achieving consistently high results in terms of global recognition. With over 12 points between us and the next ranked jurisdiction it is clear that we continue to demonstrate the excellence in client service that maintains our position as the leading specialized financial centre”, Scott added.


Hailing strong working relationship between the Cayman Islands Government, the Cayman Islands Monetary Authority, the judiciary and the financial services industry as a key factor in Cayman’s success, Mr. Scott said that these organisations recognize the jurisdiction’s important role in the global financial market and have continually demonstrated a commitment to ensuring the strength of the banking sector.


Cayman’s modern and robust infrastructure, tax neutrality with a key focus on tax transparency, geographical location, best in class banking professionals, English speaking population and business friendly environment facilitate the accessibility of banking services to an international clientele, he added.


The Banker magazine is part of the globally recognised and respected Financial Times Group. The IFC rankings are based on data ranging from financial market indicators, economic potential, and business environment factors. The rankings focus on the level of international business and the value for institutions seeking to expand their international operations.

Of the specialised financial centres, Cayman is followed by Jersey, Guernsey, and the Bahamas, in second, third, and fourth place, respectively.


Source: http://www.mossfon.com

+16

Panama Not on Tax Haven List: Passes Strict DC Test

Anthony Slater 2 years ago 0

The Republic of Panama is not included on the District of Columbia’s (DC) list of tax havens for fiscal year 2016. The DC Fiscal Year 2016 Budget Support Act of 2015 defines “tax haven” as a jurisdiction that:


  • Has no effective tax, or a nominal tax on the relevant income
  • Has laws and practices that prevent the exchange of tax information with other governments
  • Lacks transparency
  • Facilitates the establishment of foreign entities without a local presence or impact on local economy
  • Excludes local residents from taking advantage of the tax regime’s benefits
  • Has a tax regime that is favourable for tax avoidance

The government of Panama has recently enacted laws that include stringent controls, supervision, and regulation of its banking, financial, and non-financial sectors.

+16

Maritime Legal Services in Panama

Amanda Steele 2 years ago 0

The largest merchant marine fleet in the world (by dimensions and tonnage) flies the Panamanian flag. Huge shipping companies, as well as yacht and pleasure ship owners, choose Panama for registration due to the multiple ship registry advantages it offers. Through Mossack Fonseca, you can access ship registration and other legal services related to Panama’s maritime industry.


Find out below why Panama should be your first choice for ship registration and other maritime industry services.


Panama and its Maritime Tradition

The Republic of Panama has a great maritime tradition. Aside from the Panama Canal, which celebrated 100 years of operation in August 2014, an open registry system was adopted in early 1917. This transformed Panama into the state with the largest merchant marine fleet worldwide, both for dimensions and tonnage. Moreover, Panama has a modern maritime port cargo network, mainly at the extremities of the interoceanic waterways, providing important cargo transshipment services to and from South America and the east coast of the United States of America.


Ship Registry in Panama

Panama’s Ship Registry is one of the oldest open registry systems in the world. It was established in 1917, only three years after the inauguration of the Panama Canal. This structure permits the registration of any merchant, fishing or pleasure vessel under the Panamanian flag, without having to pay any minimum fee for Panamanian ship ownership, or fulfill any national operating requirements, other than those which must be met for ship registry, that is: guarantee compliance with appropriate seaworthiness standards, legal security relating to the ship’s title of ownership, facility to transfer ownership, and guarantee ship credits.


The Panama Ship Registry is a worldwide leader that satisfies the requirements listed above and more. A Panama ship ownership title grants full legal security and its ship mortgage offers exceptional stability for a creditor’s guarantee as regards the ship’s credits. The solidity of the title and speediness with which the creditor can process its credit and ship mortgage are crucial factors that have led the most prestigious banks and insurance companies in the world to have maximum trust in the Panamanian ship registration system.


Another advantage of the Panamanian registry system is the large network of consular offices maintained by the Republic of Panama around the world. Panama has over 120 consulates, including 70 devoted exclusively to the merchant marine, in cities and maritime centers of great importance worldwide. Panama’s consulates, particularly those located in cities engaged in the maritime and port industry, are well prepared to handle provisional ship registration requests in an effective and speedy manner.


In addition, the Panama Maritime Authority offers incentives both to ships that are already registered and to new registrations. Discounts are offered for customer loyalty, good practices, new registrations, fleets, and new construction, among others.


The Panamanian registration system is fast and easy. Provisional registration can be done with copies of documents and it takes only one business day. This provisional registration is valid for six months. During this period, a permanent ship registration must be made. This speedy provisional registration permits the shipping company to register and operate ships immediately, while permanent registration formalities are processed.


Maritime Services Offered by Mossack Fonseca

To meet your maritime legal service’s needs, our firm has an experienced team of lawyers specialized in the requirements, challenges, and procedures of the maritime industry.


Our main services in this sector include:

• Ship and yacht registration

• Assistance in the purchase-sale of ships and yachts

• Change of ownership

• Change of dimensions

• Obtaining special licenses and permits to navigate in Panamanian waters

• Renewal of patents and payment of taxes for ships

• Legal opinions

• Maritime litigation

• Escrow service

• Assistance in drafting contracts

• Obtaining technical certificates

• Registration and cancellation of ship mortgages

• Other related services


If you have any questions or need further information, please do not hesitate to contact your local Mossack Fonseca Office, or email us at IWillson@mossfon.com or Akourany@mossfon.com