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Panama

15 January 2021

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Panama Introduces New Legal Form for Small Businesses/Entrepreneurs

Panama has introduced a new legal form for small businesses/entrepreneurs, the limited liability entrepreneurial company (Sociedad de Emprendimiento de Responsabilidad Limitada - SERL). The SERL was introduced through Law 186 of 2020, which entered into force on 3 December 2020. The SERL is specifically limited to individual members, with a minimum of two members and a maximum of five. The formation of an SERL provides certain incentives including a two-year exemption from corporate tax and registration fees and other relaxed requirements. A gross income limit also applies, which provides that if the gross income of an SERL exceeds PAB 1 million, the SERL must be converted to another legal form within six months.

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