The jurisdiction of Panama has many advantages for registering business in the sphere of financial activities.
The procedure for obtaining licenses for non-residents is being currently simplified in the country, however, strict selection is necessary to be passed before obtaining certificate. Indisputable advantages of this region are the following:
It is possible to clarify the procedure of obtaining permission for banking activities in Panama by contacting the office of the company Law&Trust.
Our specialists provide free individual advice to clients on all issues related to registration, conducting and support of business abroad, including in Panama.
| Types of licenses |
General
Carrying out activities within and outside of Panama
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International
Carrying out activities outside of Panama (office in Panama)
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For representation
The right to represent the interests of the bank without conducting any activities/transactions
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|---|---|---|---|
| Minimum amount of the authorized capital | 10 million $ | 3 million $ | _ |
| Specific requirements |
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Other general requirements
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In order to obtain international license for conducting banking activities, capitalization of 3 million euros is required to be submitted. The amount is slightly higher than in other offshore zones, but the minimum balance to be maintained is equivalent to 250,000 euros. The remaining capital can be spent on development of the financial institution, payment of wages and other economic needs.
It is necessary to register new bank in the territory of Panama. In most jurisdictions, immediately after establishment of the head office, opening settlement account is required in one of the banks of the country. Financial institution can be selected by the counterparty or with the help of legal experts. However, Panama offers automatic registration of correspondent account in one of the main banks of the state.
The documentation package should be provided in English or Spanish. It should be borne in mind that most of the constituent forms should be interpreted on an ongoing basis, so when choosing language, one should invoke the preferences of the main target audience of the financial institution.
Consideration of the application takes up to six months. The experts will take decision on the issuance of the certificate within 90 days of the delivery of the package of documents to the commission.
In order to avoid delays, our experts recommend to submit the most complete and reliable data on the company's activities, beneficial owners and the level of the corporation's economic security.
The cost of the package of services for obtaining banking license in Panama depends on the number of processes required to the client.
Price can not take into account all the details of the procedures, as well as reflect the full range of our services. The client should contact the lawyer directly through the site or by phone and he will estimate all the tasks within a short time.
