1. Characteristics

• Founder: Is the person that establishes or subscribes the Foundation in the Panama Public Registry. In almost every case a member of our company is the founder of the foundation, this figure is known as the Nominee Founder and it is very convenient for clients who don't want their identity to be exposed in the Foundation Charter.
  When we constitute the foundation, we will provide the General Power of Administration, which allows the client to make use of all the funds and goods of the foundation, exempting the nominee founder and the nominee board from managing the aforementioned funds. Therefore, the client is in complete control and still protects its privacy.

• Foundation Council: In order to do business, the foundation shall have a minimum of three (3) persons that may be natural or juridical persons, of any nationality, to form the Foundation Council. The names and addresses of the council members will appear in the Foundation Charter that must be registered at the Panama Public Registry.
  The client appoints three persons for the Foundation Council or, if preferred, we may appoint members of the Nominee Council. We offer this service in order to protect our clients` privacy.

• Protector: The client might choose to appoint a protector, who will act as comptroller of the foundation. This person may be the client or a trustworthy person appointed by the client.
  The protector can be designated in two ways:

1. By the Foundation Council at the time of creation, therefore it will appear in the Foundation Charter.
2. By means of a private document authenticated by a notary; with this, the client holds complete control of the foundation in a private manner.

• Beneficiaries: These are the persons or institutions receiving benefits from the foundation. They can be appointed when the foundation is created in a document called the Foundation Charter or subsequently through a private document.
  In Panamanian foundations, the beneficiary may be the protector of the foundation until his death and then transfer benefits to third parties, or its also possible for the protector to appoint a third party as beneficiary.