Sociedad Anónima
The abbreviation S.A. or SA designates a type of public limited company in certain countries, most of which have a Romance language as their official language and operate a derivative of the 1804, Napoleonic, civil law. Originally, shareholders could be anonymous and collect dividends by surrendering coupons attached to their share certificates. Dividends were paid to whoever held the certificate. Since share certificates could be transferred privately, corporate management would not necessarily know who owned its shares – nor did anyone but the holders.
As with bearer bonds, anonymous unregistered share ownership and dividend collection enabled money laundering, tax evasion, and concealed business transactions in general, so governments passed laws to audit the practice. Nowadays, shareholders of S.A.s are not anonymous, though shares can still be held by a holding company to obscure the beneficiary.
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