Corporations must have a President, a Secretary and a Treasurer, who are elected by the Board of Directors. The standard practice is that the same persons are appointed as Directors / Officers. For example, Director-President, Director-Secretary and Director-Treasurer. In absence of a provision to the contrary in the Articles of Incorporation or the by-laws, such officers may be replaced at any time by a resolution adopted by the majority of the members of the Board of Directors or shareholders.
Any minutes changing the Officers / Directors must be recorded at the Panama Public Registry to be legally binding.
Due to the fact that the names of the 3 Directors / Officers shall be recorded at the Panama Public Registry, some clients prefer to have an appointed nominee board and to control the corporation without disclosing the identity of the shareholders or real owners. Our Firm provides this service, in this case the 3 Directors appointed would be from our staff and will not participate in any way in the corporation activities.