This law was proclaimed on February 26, 1927 and has been in force until today. Law 32 of 1927 establishes that two or more people of legal age, residents or non-residents of Panama, may constitute a corporation.
- Corporate agreement/Social Pact: it must include name and domicile of the subscribers; name of the corporation in any language, different from a previously established one that includes a term that identifies it as such, it can be SA; general objectives of the corporation; capital stock and nominal value of the shares; domicile of the corporation; domicile of the resident agent in Panama; duration of the corporation; minimum of three directors with their names and domicile.
- Deed: it must include the social pact to be presented in the Mercantile Registry.
- Office: the corporation must have an office in Panama or in the place determined by the corporate agreement.
- Share Registry: it includes the names of the company’s shareholders with their respective personal data.
- Shareholders’ meeting: must be called in writing and must include the reason, place and time. It must be called by the president, vice-president, or the person authorized in the corporate agreement.
- Board of Directors: composed of at least three members of legal age.
Learn more about the key aspects of this law here: