1. Procedures for Establishing a Panama Private Foundation
If you have read this far, it means that you are now convinced that a Panama Foundation is for you, and you are ready to incorporate. Now it is just a matter of clicking on “Order Now” and completing an online order form. Read the simple procedures below to establish a Panama Foundation.
(1) Personal Information: Download and complete our registration order form with your personal contact details.
(2) Indicate what type of entity(s) you want: Indicate whether you want a new Panama Foundation or a Panama shelf Foundation. If you choose to purchase a shelf Foundation, then simply indicate that you want a shelf Foundation, and you can skip the name section of the online application. Also, indicate how many Foundations you want of each type.
(3) Selecting the Name(s): On the online application, 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: Fundación
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 online application including the name(s) for your Foundation(s), we will check to see if the names you selected are available in the Panamanian Public Registry. We can have this done within a few hours. The first available name selections will be incorporated as soon as we have received payment.
(4) Foundation Council (Directors): On the registration order form, 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.
(5) Beneficiaries: The Beneficiaries of the Foundation need not to be known by us 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.
(6) Payment: On the online application, you should indicate your preferred method of payment. Payment can be made by Bank Wire Transfer, Western Union Cash Transfer, E-Gold, USD Check, or USD International Money Order. For fastest processing, we highly recommend paying by Bank Wire Transfer, Western Union, or E-Gold. Checks and International Money Orders take two weeks to clear, and we do not begin processing until payment has cleared. After submitting the online application, you will be contacted by our service staff and will be provided with payment instructions.
(7) Time Frame: A new Foundation can be established within 3 to 5 business days. Shelf foundations are also available if you need a Foundation immediately. Shelf Foundations are the same, except that they have already been incorporated and are ready to engage in business immediately if you are in a rush to do something very quickly. Simply notify us on the online order form if you prefer a shelf name and we will provide one for you.
2. Documents and Materials Required for the Purpose of Registration of Private Foundation
Before we can register the Private Foundation for you, we require that the following documents be delivered to us by fax or email or post:
(1) A copy of passport and residential address proof (duly certified by a accountant or lawyer) of the Founder;
(2) A copy of passport and residential address proof (duly certified by a accountant or lawyer) of each Foundation Council member; in case that the Council member is body corporate, a copy of its Certification of Incorporation (duly certified by an accountant or lawyer) and Registered Office, if you are appointing your own Foundation Council Member(s);
(3) A copy of passport and residential address proof (duly certified by a accountant or lawyer) of the Protector, if one is to be appointed;
(4) The name of the Foundation;
(5) The amount of initial donation;
(6) The purpose of the Foundation.