Nominee Directors For Bearer Share Corporations

If you want to purchase an offshore corporation anonymously in Panama, it is still permitted as long as it is done by bearer shares. Most offshore/IBC financial centers prohibit bearer shares. This serves as a key and resourceful opportunity in preserving financial privacy in Panama as an offshore business and banking center.

Panama corporations list officers and directors (President, Secretary and Treasurer) on a public record with the Panama Public Registry. If you have basic understanding of English and access to the internet, you can access this information online.

In order to preserve financial privacy in Panama, there are bearer share corporation options known as nominee directors that provide an extra layer of asset protection to the Panama corporations beneficial owners. A nominee director serves as passive in nature, and just receives an honorarium for renting his or her name. Generally, nominees are employees of the law firm involved in the incorporation of the Panama company. Through a private Power of Attorney, the beneficial owner remains in control.

There are times when a professional Panamanian director rather than a nominee may be appointed. The difference between a professional director and a nominee is that a professional director has more control over the day-to-day- operations (for example, having signatory power over the offshore corporate bank account). However, the beneficial owner is at the end of the day still responsible for running the company.

In order to ensure and guarantee the safety of a nominee director, the beneficial owner and a nominee director may want to sign a director indemnity agreement or letter. More often than not, the nominee director will sign an undated resignation letter, which the beneficial owner may execute at any time he desires. In doing so, a new director, whether nominee or otherwise, will be registered at the Public Registry.

Not only is a nominee position viewed as respectable, but well paid profession. The purpose is to maintain the personal and financial privacy of people who do not wish to disclose their interest or association with a given corporate body. Furthermore, it enables clients to maintain their Panama corporations in full compliance with Panamanian law, and also protecting the identities of the persons actually controlling the company. Our firm is more than happy to provide the nominee and professional director service for all offshore Panama corporations we incorporate. Please contact us for further details.