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Panama Corporations PDF Print E-mail
Written by Administrator   
Wednesday, 29 October 2008 20:33
In 1927, Panama enacted its Corporation Law, based on the law of Delaware that time. A Panama Corporation can be incorporated using any name, but can not contain words like trust, banking, insurance - unless previously authorized by local authorities to participate in the activities - or Limited - to avoid confusion with companies limited liability. Society must include the word Corporation, Inc, SA, or similar.

The incorporation of the articles should include the full name of the company, the address of the registered office in Panama, name and address of the registered agent, purpose for which it is incorporated (although this statement does not prohibit the performance of all other activities licit). The Articles of Incorporation must also contain a statement of the authorized share capital, its currency, classes of shares, if the shares are to be registered or bearer form.

Society must at all times have a registered agent who must be a law firm accredited to the Bar of Panama.

The society must be managed by a Board of Governors is made up of at least 3 people. It also must have at least a chairman, secretary and treasurer, as officers, which may be a single person. These posts can be occupied by persons of any nationality, not necessarily shareholders or resident in Panama. The first directors and officers are appointed by the subscribers in the Articles of Incorporation, and subsequently elected by the shareholders or as indicated in the articles. New directors and officers of the appointments must be recorded in the Public Register. May attorney can also appointed to act on behalf of the company without being subject to prior approval of shareholders or directors.

Director or shareholder meetings may take place in Panama or in any other country, and participants may attend in person, by proxy or by electronic means.

The names and addresses of shareholders are not available to the public, the Secretary maintains a registry private shared the list of names of the shareholders, except in the case of bearer shares. The Secretariat can be kept at the registered office or directors of any other place.

The share capital may be nominal or par value and may be issued in any currency. There is no minimum share capital, not paid-in capital requirement. All shares issued, either registered or bearer must be paid in full, and published by the money, services, personal property, real property or any other binding obligation.
Last Updated on Thursday, 13 November 2008 05:16
 

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