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Panama, Republic in Central America, located on the narrow strip of land that connects North and South America. Salient Features Panama was the first country to introduce modern legislation permitting the creation of offshore companies for tax planning purposes. Panamanian law is based on the Spanish Civil Code, although the company law has been taken from the corporation law of Delaware in the USA.  Keeping abreast of changes, Panama modernized its Commercial Code with new reforms that can be adopted by either new or existing companies by means of a Shareholder’s Resolution as per Law Decree No. 5 of 2 July 1997. Panama company needs a minimum of three directors and three officers: a president, a treasurer, and a secretary.  However, one person may hold more than one office. Officers and directors must disclose full names and addresses, which are filed at the Public Registry.