Saturday, May 16, 2020
Volume:
36
Issue:
5
Abstract:
Law 32 of 1927 on Corporations was enacted 93 years ago and has remained without changes; always requiring that all corporate charters list the name of their resident agent as a point of contact between the government and owners who could be anywhere in the world. Decree 147 of 1966, later specified that only a lawyer or law firm accredited in Panama could act as resident agent of a corporation. As special laws were enacted for limited liability companies, trusts, and private interest foundations, the requirement of a law firm acting as resident agent subsisted and remaining associations and charities were exempt.[1]