Incorporation and management of companies in Panama
Bufete Illueca | Lawyers in Panama, Bufete Illueca has extensive experience in the constitution and management of Panamanian corporations and private interest foundations. The services and products that we offer allow us to effectively respond to the diverse needs of our clients. Bufete Illueca also specializes in providing services for owners of Panamanian corporations who are not Panamanian citizens or residents. These services include organizing, holding, managing, operating, supervising Panamanian corporations organized to carry out various kinds of businesses. Panamanian corporations are secure means through which one may organize and operate a business. A corporation can act as an effective tool in the planning and execution of a purchase of a property or the opening of a bank account, inside or outside Panamanian territory. Corporations in Panama rest on a solid legal structure based on a legislation conceived in 1927.
Corporations are governed by Law 32 of February 26, 1927. Two or more persons of legal age, not necessarily Panamanian citizens or residents, may constitute a corporation for any lawful purpose. It is not necessary that the capital be even partially held by Panamanians.
Under Panama’s Corporation Law it is possible to organize a company owned by one person and it is not necessary to subscribe all or any percentage of the capital stock. Law 32 of 1927 requires a minimum of three directors and three officers: a president, a treasurer, and a secretary. However, one person may hold two or more offices. It is not necessary for the directors or officers to be Panamanian nationals. The same rule applies to shareholders. Finally, it is not even necessary for the interested parties to be present in Panama for the purpose of incorporating the company.
We recommend the establishment of a Corporation to carry out the following activities:
- Any financial or commercial business.
- Register the ownership of any type of property.
- Register the ownership of patents, trademarks and other intellectual property rights.
- Act as the holding company of the shares of other companies.
