From Central Africa to Central America and many countries in between Derek has honed his skills as a professional trustee.
One of many important lessons he has learned in the last 5 decades is to always be prepared to diversify when the business landscape changes, especially when an earthquake such as this global pandemic has happened.
But even before the pandemic our company made the decision to diversify its financial services, and although we remain committed to providing family foundations, we decided to cease offering trusts so that we can concentrate more on accounting services for which there is a growing demand, especially from that group of professionals seeking a central base for their operations, commonly referred to as digital nomads. Additionally, we have expanded our consultancy services to meet the needs of those managing their affairs remotely.
Another lesson Derek has learned is the danger of spreading one’s self too thin, which could affect the quality of service offered, something we intend to avoid, and so we requested, and obtained, permission from the local banking authorities to cancel our trust licence. As a result of the cancellation of our trust licence, however, and in order to comply with the law, we were obliged to remove the restrictive word “trust” from our name. We are now subject to Panamanian Law 124 of 2020 which provides for rigorous, regulatory, and supervisory controls similar to those of the banking authorities.
And so, after 41 years, Trust Services, S.A. has become Topaz Services, S.A. The logo, however, as you can see remains the same and still is one of the prominent hallmarks of quality in Panama.
The word Topaz was selected for two reasons: in the first place the Topaz gemstone is the birthstone of both Derek’s late partner and himself, and secondly, not unlike the Topaz Hummingbird, the company has always been alert, capable of swift action and highly maneuverable. For 4 decades, our company has shown an agility and ability to adjust to different environments and situations, not least the 2019 coronavirus pandemic.
Importantly, the firm´s management, staff and ownership remain the same, ensuring a continuation of the high standards of professionalism, service and reliability that our clients and associates have come to know and rely on.
As for new clients, they will discover that our long history and experience has made us a leading professional services provider in Panama.
These are the principal services we offer:
- Incorporating a Panamanian Company or a corporation in another offshore jurisdiction
- Setting up a Panamanian Private Interest Foundation
- Accountancy in Panama
- Assistance with the new Law 254 for accounting records in Panama
- Panamanian tax advice
- Opening a bank account in Panama
- Giving guidance on non-Panamanian trusts
- Starting up your new operating business in Panama
- Help with buying or selling property in Panama
You will find that our excellent and dedicated team of professionals have the necessary technical skills and experience to advise and help you on a wide range of subjects related to conducting personal or business affairs in Panama.
As mentioned, we firmly believe our new range of services will strengthen our base of business for the future. Prudence and foresight in business planning has always been our foremost strengths. We look forward to adding more clients to our portfolio as we open this new chapter in the company’s story.