1. Personal Information: Complete an application with your personal contact details.
2. Indicate what type of entity(s) you want: Indicate how many Foundations you want.
3. Selecting the Name(s): You should indicate three name choices for each Foundation. Panama Foundations names can be in any language and must include the word "Foundation" within the name (in any language):
English spelling: Foundation
Spanish spelling: Fundacion
For example, typical names for Panama Foundations could be: " Rogers Foundation", "Save the Ducks Foundation", "Latin Educational Foundation", or "Klein Family Foundation".
Once you have submitted the application including the name(s) for your Foundation(s), your attorney's will check to see if the names you selected are available in the Panamanian Public Registry.
4. Foundation Council (Directors): On the application , you should indicate who you want to appoint as council members (directors) of your Foundation(s). The council members can be either individuals or entities. If the council members are individuals, the law requires 3 council members (President, Secretary and Treasurer). If the council members are entities, the law only requires one council member.
If you are appointed as council member on the Foundation, then his/her name is publicly known as council member since the council members names and identifications must be presented in the public registry when the Foundation is formed. Generally, the only documentation on public record is the Foundation Charter (or articles) of incorporation and the names and addresses of the council members and Registered Agent.
Most attorney's offer an optional service of using a "Nominee Council" for their Foundation(s). For purposes of confidentiality, most of clients prefer their attorney's provide a nominee council for their Foundations. When your attorney's appoint a nominee council for the entities, they should always provide you with pre-signed, undated letters of resignation from the directors so that you can replace the council/directors at any time.
Otherwise, if clients prefer to appoint their own council, they simply provide the names of the council members that they wish to use.
5. Beneficiaries: The Beneficiaries of the Foundation need not to be known when registering the Foundation. When you receive the Foundation documents, you will appoint the Protector, by signing the Private Protectorate Document. The Protector will need to write a Letter of Wishes, indicating who the beneficiaries of the Foundation are.
7. Time Frame: A new Foundation can be established within 3 to 5 business days. |
