Incorporation, formation and management of Panamanian corporation is regulated by the General Corporation Law 32 of February 26, 1927.

Shareholders have the ultimate power of the corporate control. They elect the Board of Directors and they can limit any powers of Board of Directors or officers. Their names can remain totally anonymous for the outside world. Shareholders can be natural persons or any other companies anywhere in the world without any restrictions.

The Board of Directors elects the corporate Officers. The names of the Board of Directors are public information. The Board of Directors can have limited powers according to wishes of Shareholders, Articles of Incorporation or By-Laws of the corporation.

The Board of Directors can issue Power of Attorney to any special officer or agent or representative. Such Power of Attorney need not be a public record.

Directors of the Corporation or corporate Officers can be any other company or natural persons anywhere in the world.

Corporate Officers’ names need not be a public record. Additional officers can be elected by the Shareholders By-Laws.

Visual Chart of Corporate Governance of Panamanian Corporation

Corporate Governance of Panamanian Corporation, Republic of Panama