Starting Business in Panama


  • We advise and assist  corporations interested in establishing operations in Panama.
  • We provide assistance in obtaining commercial and industrial and operations license and the registration in the municipal records.
  • We  provide assistance in obtaining authorizations from health authorities, environmental authorities and administrative authorities.
  • We offer assistance in obtaining certification administrative authorities.



Regarding the shares of a corporation,  article  20 of Law   32, 1927   states the following: 

"Article 20: The company shall have power to create and issue one or more classes of shares, designations, preferences, privileges, voting powers, restrictions or requirements and other rights   that its Articles of Incorporation determine, and subject to the rights of redemption that society has reserved in the Articles of Incorporation.    

The Articles of Incorporation may provide that the shares of a class are convertible into shares of one or more classes”.   

In this regard, corporations can issue all shares authorized  by  its Articles of Incorporation.  Law 32 does not limit  either the number of shares that can be issued, or stated with regard to these shares, a maximum or minimum value.     

However, through   Law 47 of August 6, 2013 amended by Law 18 of 23 April 2015 it has restricted the issuance of bearer shares.

Although the Panamanian law does not set any special formalities in connection with the issuance of shares, they may be issued to be paid, as partially paid and still without having made any payment for them.

The issuance of shares must be authorized by a resolution adopted by the Board  of Director before being offered for sale.  

The only requirement at the time of issue  is that the share certificates  must  be signed by the authorized officer or officers of the corporation and its emission must be  recorded in the register of shares.