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 r…