S.A. is the most common legal entity form in Panama, suitable for various types of businesses. It can be owned by one or more shareholders, who can be individuals or legal entities. Shareholders of S.A. have limited liability, limited to their capital contribution. S.A. can choose whether to participate in the public market, and if choosing not to do so, its shares will not be listed on the stock exchange. S.A. requires at least one shareholder and at least one director, and there is no requirement to appoint a legal representative or a local person as a director. S.A. also does not require a company secretary. The minimum registered capital is 1 US dollar, without the need for verification. S.A. in Panama enjoys high flexibility and privacy protection, making it an ideal choice for attracting foreign investors.