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Banking license in Panama

Published:
April 7, 2020

A banking license in Panama is always a hot issue. There are three types of licenses: general; international and representation license.

BRIEF INSTRUCTIONS

  1. The client must present a minimum package of documents, and the lawyer of the company will complete them. A competent lawyer will draw up a full package of official papers, based on the power of attorney that the client wrote out.
  2. To obtain an international license and the ability to carry out banking activities, the client presents a capitalization of 3 million euros. The price is set higher than in other offshore companies, but the balance of 250,000 euros, which cannot be removed, is still taken into account.
  3. All documentation is provided in English or Spanish. It is important when choosing a speech to take into account the desires and tastes of the target audience, because a significant part of the constituent forms should be interpreted.

TYPES OF BANK LICENSES IN PANAMA

1) General

The licensee may conduct banking operations in the country, as well as carry out any transactions outside the territory of the Republic of Panama. He can also carry out any operations that are permitted by the Banking Supervision Authority.

2) International

Licensee is allowed to carry out financial operations from the main office, which is located in the Republic of Panama. He can also conduct transactions outside the territory and perform any tasks permitted by the Banking Supervision Authority.

3) Executive.

Allows national legal banks to organize personal consulates in the Republic.

CAPITAL

In order to fully and legally manage banking, you need a special permit. For this, the applicant provides information with a small initial amount for the organization of the financial structure in the Republic.

To get an international license, the initial amount must be $ 3 million (3,000,000). For a general license, you need to specify an amount of $ 10 million (10,000,000).

Equity held for a bank authorized as a subsidiary in Panama is defined as an auxiliary fund to the principal, and is not considered part of the equity;

HOW MONEY IS DISTRIBUTED

The percentage of the role of the applicant or a group of its founders in paid-up capital is renewed by the financial institution.

LEGAL REPRESENTATIVES

Persons who are appointed authorized adherents of the bank are required to live for several years in the Republic, and one of them must have Panamanian citizenship.

AUDIT REGISTRATION AND PERMISSIONS

A certificate of work from a management body allows the institution to comply with a foreign organization. Such a document states that the external auditor, who certifies the economic statements of the applicant and / or the founder, is authorized for any action.

BUSINESS PLAN

The applicant’s project at the stage of formation and obtaining a license must be approved. The term (short, medium and infinite) is indicated separately, as well as the viability of the Bank and its contribution to the Panamanian economy.

TECHNICAL AND ECONOMIC SUBSTANTIATION

Applicant’s cash plans, project organizational functions and expected bank profitability.

MANAGEMENT OF RISKS

This category includes the activities of a political person, management, securities, which develop banking risk management. These are credit, operating and interest liquidity and legal risks.

CONSOLIDATED AND AUDIT FINANCIAL REPORTS

Comparative consolidated and audited financial statements of the applicant and / or his promotion team over the past 2 years. Current economic statements are also presented, but for a period not exceeding 60 days before the stage of their submission.

This kind of reporting must be prepared taking into account the rules and requirements of the International Stereotypical Accounting or the Generally Accepted Accounting Principles of the United States.

INTERNATIONAL LICENSE

Foreign banks that do not have official work permits may contact the organization of the Banking Supervision Authority and ask for a preliminary right to carry out banking activities.

The presented license allows you to participate in transactions both on the territory of the state and to conclude contracts outside the Republic.

REPRESENTATIVE LICENSE

The consulate is obliged to include the word “representation” in its name.

It is the bank that will create its consulate is required to ask for a representative license.

Subsequently, after obtaining the right, the bank has the opportunity to take part in representative work past its branch or refuse to belong to the branch.

Our highly qualified specialists at Eternity Law International will be happy to provide you with assistance in resolving this issue.

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