Registry of UBOs Follows Evolution of Corporate Entities in Panama

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Saturday, May 16, 2020
Author: 
Alvaro Aguilar Alfu
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]