Corporations General Information
Panama has one of the best corporate laws in Latin America. Some of the advantages are:
- Two or more persons from any country, even if they are not panamanian residents may organize a corporation for any legal purpose. The foundation documents may be executed in any part of the world and in any language.
- There are not paid in capital sum requisites.
- The property of a panamanian company may reside on one individual or another corporation and none of its owners has to be a panamanian.
- There are no nationality nor residence restrictions regarding its shareholders.
- It is not required that the directors nor the officials are also the shareholders.
- The Board of directors must be composed by at least three individuals but one individual may also occupy more than one office.
- The shareholders meetings may be held in Panama or outside Panama. The shareholders may appoint a representative.
Requisites and information needed to establish a panamanian corporation:
- Name of the Corporation: it can be in any language, nevertheless it should have a suffix which indicates is a company (S.A., INC., CORP.)
- The purposes and objectives of the company.
- The authorized capital.
- The shares may be nominative shares or bearer shares.
- Names and complete addresses of the directors and or officials (they must be at least three).
- The company's domicile.
The whole process of constituting a corporation usually takes five working days and it has to be done through an attorney.