Tour companies are not limited to nationals.Three people come to my mind in Chiriqui who are doing tours. One is a Colombian, the other two are Americans. While I can’t tell you what the specifics are about restrictions (you will need to consult an attorney here) as things do change, but I can give you the name of the woman running Panama Relocation Tours, Jackie Lange. She is from Texas and has been running her tour company in Panama since 2010. You can find her contact info at panamarelocatontours.com, email:info@PanamaRelocationTours.com.
Jim Omar who runs Boquete Outdoor Adventures. You can find information at: https://www.boqueteoutdooradventures.com/homepage.html
Hope this helps. Best bet though is to contact an attorney who can give you all the facts. Here at IL we highly recommend Rainelda Mata Kelly. You can get ahold of here at: http://www.mata-kelly.com/LawOffice/index.php