The corporation known by its initials (SA) is one corporation whose owners are under a participation in the share capital through securities or stocks. Shares may be registered or bearer. In current practice if you want to open a bank account in the name of society. Banks require that the shares are registered, bearer shares not allowed. The shareholders do not respond with their personal assets from the debts of the company, but only up to the amount of contributed capital.
The formation of a corporation must be made by public deed. Also requires registration in the Public Registry.
A corporation is a legal entity whose existence is distinguished from its owner. Participating holders of capital shares carrying through economic and political rights. The shares are differentiated according to the powers conferred or face value.
Overall, corporations are called always mercantile, even when formed for conducting business civilian.
In most legislation, and in doctrine, it is recognized as the main characteristics of this type of society the following:
- Limitation of liability of shareholders against third parties.
- Division of share capital.
- Transferability of the shares.
- Organizational structure staff.
- Existence under a public name.
The name of the corporation is usually formed freely, but must necessarily be different from any other company often includes the phrase “SA”, an equivalent or its abbreviation. For certain economic or social objects areas may be required to include a special name, such as “Bank” if the corporation has that turn. In the case of companies whose activities can only be developed in accordance with the law by corporations, the use of the indication or stands is optional and so is better understood
Requirements needed for the opening of a society:
– Possible names that you want to place in society, at least 3 names to do some research at the Public Registry if they are available.
– The general purpose or purposes of the Company;
– The amount of the share capital and the number and par value of the shares into which it is divided.
– The address, full name, the board of the society. Will not be less than three, specifying their positions.
– The address of the company, phone, duration of the company.
– The shares may be issued in registered or bearer.
– No minimum capital required to pay.
– The company may have offices anywhere in the world.
– Income from foreign sources and not cause income tax before the national tax authorities.
– The shareholders, directors and officers may be of any nationality and reside anywhere in the world. Policies Board meetings can be conducted anywhere in the world.
– Panama Corporations can be formed on indefinitely.
More frequent questions:
a) Who may form a corporation?
Two or more seniors, regardless of their nationality.
b) must be resident in Panama living in Panama or to form a corporation?
No. Two or more people anywhere in the world, without being resident in Panama, or Panama, may form or form a corporation.
c) What is a social pact?
It is the document that contains the Partnership Agreement. The pact should always appear in Deed, a notary Panamanian either the Social Pact is formed in private or public document, in Panama or abroad. You can be in any language, provided it is protocolice together with a Spanish translation by public translator authorized in the Republic of Panama.
d) shareholders have to be Panamanians?
No. Shareholders may be of any nationality, except in cases where the case of companies engaged retail trade in the Republic of Panama, where the law requires that such companies have issued registered shares for Panamanians.