Panama IBC Law 32 From 1927, Article Two Paragraph Nine
If you want to form an international business company (IBC), then you will need at least three directors listed in your articles of incorporation. According to Law 32 from 1927 Article Two Paragraph Nine, the articles of incorporation must also specify the names of the directors.
Section V of the Law 32 gives more detail about who can serve as a director. According to this section, anyone of legal age can serve. The directors can live anywhere, including countries other than Panama. The directors don't even need to own shares of the IBC.
On first reading, Article 36 of 1927's Law 32 might sound like it violates Panama's commitment to giving businesses and individuals as much freedom as possible. A closer look, however, shows that the law gives offshore corporations considerable legal rights that protect the confidentiality of shareholders.