A banking license in Panama is always a hot issue. There are three types of licenses: general; international and representation license.
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.
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.
Allows national legal banks to organize personal consulates in the Republic.
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;
The percentage of the role of the applicant or a group of its founders in paid-up capital is renewed by the financial institution.
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.
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.
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.
Applicant’s cash plans, project organizational functions and expected bank profitability.
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.
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.
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.
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.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.