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PANAMA
- A Panamanian corporation cannot be forced to divulge
confidential information to a Panamanian or foreign authority. Also, share certificates
may be issued to the bearer. Numbered, anonymous Bank Accounts are permitted.
- There is no Exchange Control Law.
- The name of the corporation must include a word, phrase, or
abbreviation distinguishing it from a sole proprietorship or partnership and can be
expressed in any language. Common endings include: "S.A.",
"Corporation", "Corp", "Incorporated" and "Inc.".
- Two or more persons or corporations, may form a corporation
for any lawful purposes.
- The Capital of a Panama corporation is expressed as
authorised capital and there is no minimum capital or time limit requirement within which
the Capital must be paid up, except when issuing bearer shares.
- Panama corporations must have a Resident Agent.
- The law provides for a minimum of three Directors and three
officers: a President a Treasurer, and a Secretary. However, one person may hold more than
one office. It is not necessary that the Directors or officers be Panamanians or
Shareholders. Decisions of a corporation are normally taken by the Board of Directors by
resolution. However, shareholders have overall authority of the corporation. No Director
alone can bind the corporation unless otherwise stated in the Articles of Incorporation or
unless a special power has been granted.
- A foreign corporation may be bound by and continue to exist
under the laws of Panama.
- Stock register and minute books may be kept by electronic
means or any other method authorised by the Law. These records may be kept anywhere in the
world as declared in the Articles of Incorporation. Panamanian Corporations does not
require a seal.
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