Dear client,
Please find attached our 2022 annual invoices for the Panamanian companies under your administration.
As previously notified by our firm, Law No. 129, enacted on March 20, 2020, establishes the Private Registry System of Final Beneficiaries of Legal Entities. As Resident Agent, ICAZA GONZALEZ-RUIZ & ALEMAN is obliged to submit the information and maintain an updated database.
Implementing the Beneficial Owners reporting process has required our firm to restructure its compliance procedures, which entailed investing in additional technological and human resources, to ensure that all entities under our administration are compliant.
Considering the above facts and after carefully analyzing our increased costs and expenses, as of this year, our annual invoices will include the Compliance and Registration of Beneficial Ownership (BOSS) service fee at a new rate.
We thank you for your understanding and appreciate your continued business.
Kind regards,
Icaza, González-Ruiz & Alemán
