{"id":234944,"date":"2024-07-24T14:14:20","date_gmt":"2024-07-24T19:14:20","guid":{"rendered":"https:\/\/legalsolutionspanama.com\/blog\/requirements-to-establish-a-financial-institution-in-panama\/"},"modified":"2024-07-24T15:36:42","modified_gmt":"2024-07-24T20:36:42","slug":"requirements-to-establish-a-financial-institution-in-panama","status":"publish","type":"post","link":"https:\/\/qa.legalsolutionspanama.com\/en\/blog\/requirements-to-establish-a-financial-institution-in-panama\/","title":{"rendered":"Requirements to Establish a Financial Institution in Panama"},"content":{"rendered":"\n<p>To establish a financial institution in Panama in 2024, it is necessary to comply with several legal and regulatory requirements set by the Panamanian authorities.<\/p>\n\n\n<p>Current regulations that should be reviewed include:<\/p>\n<ul>\n<li>Banking Law of Panama: Law No. 9 of 1998, Decree Law No. 1 of 1999, and Law 23 of 2015 (Anti-Money Laundering).<\/li>\n<\/ul>\n\n\n<p>The following outlines the main requirements for establishing a financial institution in Panama and the precise steps to follow:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"> <strong style=\"color: revert; font-size: revert; background-color: rgb(255, 255, 255);\">Legal Formation of the Company<\/strong><\/div><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"3f4751fb-da11-424e-a6fb-9c7f6cbfd1fd\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"><div class=\"markdown prose w-full break-words dark:prose-invert light\"><\/div><\/div><\/div><\/div><\/div><\/div><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"> <span style=\"color: revert; font-size: revert; font-weight: revert; background-color: rgb(255, 255, 255);\"> a. <\/span><strong style=\"color: revert; font-size: revert; background-color: rgb(255, 255, 255);\">Type of Company<\/strong><span style=\"color: revert; font-size: revert; font-weight: revert; background-color: rgb(255, 255, 255);\"> <\/span><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"d60494dc-3493-405b-a27d-453a8d79c7f9\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"> <\/div><\/div><\/div><\/div><\/div><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financial institutions are generally established as Corporations (S.A.). You must draft and register the company\u2019s Articles of Incorporation with a notary public and then register it with the Public Registry of Panama. We have shared a video where you can find the most relevant information.\r\n\r\n\r\n\r\n\r\n\r\n\r\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">b. <strong>Share Capital<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Define the minimum share capital required by law. The initial minimum amount is $500,000 USD (five hundred thousand United States dollars) for all financial institutions, which must be sufficient to cover initial operations and meet regulatory requirements. Additionally, a guarantee must be established, and if it is not available in physical or tangible form, it can be supported with a report from a Panamanian Certified Public Accountant, provided that there are liabilities such as invoices, for example.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"> <strong style=\"color: revert; font-size: revert; background-color: rgb(255, 255, 255);\">Registration and Licenses<\/strong><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"5518b310-526b-4dd8-a146-c4bad51af757\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"> <\/div> <span style=\"color: revert; font-size: revert; font-weight: revert;\"> a. <\/span><strong style=\"color: revert; font-size: revert;\">Superintendency of Banks of Panama (SBP)<\/strong><span style=\"color: revert; font-size: revert; font-weight: revert;\"> <\/span><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"> <\/div><\/div><\/div><\/div><\/div><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must obtain an operating license issued by the Superintendency of Banks of Panama. The process includes:\n<ol class=\"wp-block-list\" start=\"1\">\n<li><strong>License Application:<\/strong> Submit a formal application that includes the company\u2019s bylaws, business plan, information about shareholders, and members of the board of directors.<\/li>\n\n\n\n<li><strong>Initial Capital:<\/strong> Demonstrate that you have the required minimum capital, which may vary depending on the nature of the financial institution's operations.<\/li>\n\n\n\n<li><strong>Source of Funds:<\/strong> Provide documentation that justifies the lawful origin of the funds used to establish the capital of the financial institution.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"> b. Registration with the General Directorate of Revenue (DGI<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Register the company with the General Directorate of Revenue to obtain the RUC (Unique Taxpayer Registry) and the Operating Permit.\r\n\r\n\r\n\r\n\r\n\r\n\r\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"> <div> <span style=\"color: revert; font-size: revert; font-weight: revert; background-color: rgb(255, 255, 255);\"> c. <\/span><strong style=\"color: revert; font-size: revert; background-color: rgb(255, 255, 255);\">Registration with the Ministry of Commerce and Industries (MICI)<\/strong><span style=\"color: revert; font-size: revert; font-weight: revert; background-color: rgb(255, 255, 255);\"> <\/span><\/div><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"baa39bd2-1d0b-4eaf-982e-0d4c6f42f783\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"> <\/div><\/div><\/div><\/div><\/div><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"fcb980e7-5f83-48f9-be6c-1a576249101b\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"><div class=\"markdown prose w-full break-words dark:prose-invert light\"> Request authorization from the Financial Companies Department of the Ministry of Commerce and Industries to establish a financial institution in Panama. The requirements for establishing a financial institution in Panama have been thoroughly detailed by the MICI, and you can find them in the following guide: <strong>GUIDE TO ESTABLISH A FINANCIAL INSTITUTION IN PANAMA<\/strong>. This is the official guide, and as you will see, you will need a lawyer to submit the application. At Legal Solutions Panam\u00e1, we are experts in this process. <\/div> <\/div> <\/div> <span style=\"color: initial;\">Obtener el Aviso de Operaci\u00f3n a trav\u00e9s del portal Panam\u00e1 Emprende, que es un requisito para iniciar cualquier actividad comercial en Panam\u00e1. <\/span><\/div><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"> <strong style=\"color: revert; font-size: revert; background-color: rgb(255, 255, 255);\">Regulatory and Compliance Requirements<\/strong><\/div><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"><span style=\"color: revert; font-size: revert; font-weight: revert;\"> a. <\/span><strong style=\"color: revert; font-size: revert;\">Compliance with Financial Regulations<\/strong><span style=\"color: revert; font-size: revert; font-weight: revert;\"> <\/span><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"39074cb9-901f-4415-91ac-bf090189e841\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"> <\/div><\/div><\/div><\/div><\/div><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Adhere to the regulations established by the Superintendency of Banks of Panama, which include rules on solvency, risk management, audits, and periodic financial reporting.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">b. <strong>Anti-Money Laundering and Counter-Terrorism Financing Policies<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Implement policies and procedures to prevent money laundering and financing of terrorism, in accordance with Panamanian laws and international recommendations from the FATF (Financial Action Task Force).<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"> <strong style=\"color: revert; font-size: revert; background-color: rgb(255, 255, 255);\">Other Requirements and Consideration<\/strong><\/div><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"> <span style=\"color: revert; font-size: revert; font-weight: revert; background-color: rgb(255, 255, 255);\"> a. <\/span><strong style=\"color: revert; font-size: revert; background-color: rgb(255, 255, 255);\">Liability Insurance<\/strong><span style=\"color: revert; font-size: revert; font-weight: revert; background-color: rgb(255, 255, 255);\"> <\/span><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"680a1c21-3490-4171-9e65-703a1690d02a\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"> <\/div><\/div><\/div><\/div><\/div><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Obtain professional liability insurance that covers the risks associated with operating the financial institution.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">b. <strong>External Audit<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hire a reputable external auditing firm to conduct periodic audits and ensure transparency and compliance with financial regulations.\r\n\r\n\r\n\r\n\r\n\r\n\r\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">General Procedure<\/h2>\n\n\n\n<ol class=\"wp-block-list\" start=\"1\">\n<li><strong>Establish the Company:<\/strong> Draft and register the company's bylaws, and secure the initial capital.<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li><strong>Apply for Licenses:<\/strong> Submit the license application to the Superintendency of Banks of Panama and meet all requirements set by the DGI and MICI.<\/li>\n\n\n\n<li><strong>Implement Systems and Policies:<\/strong> Establish compliance policies and the necessary technological systems.<\/li>\n\n\n\n<li><div class=\"flex flex-grow flex-col max-w-full\"> <span style=\"color: initial;\"> <\/span><strong style=\"color: initial;\">Commence Operations:<\/strong><span style=\"color: initial;\"> Once all licenses have been obtained and regulatory requirements have been met, start the operations of the financial institution. <\/span><div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"67309842-e337-4292-a9af-fefb387723f4\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"> <\/div> <\/div><\/div><\/li>\n<\/ol>\n\n\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"11c1abd5-8fc7-4c07-99c6-07dad8296261\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">If you want more information on establishing your financial institution in Panama, feel free to contact us at <a rel=\"noreferrer\">info@legalsolutionspanama.com<\/a>.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mt-1 flex gap-3 empty:hidden -ml-2\">\n<div class=\"items-center justify-start rounded-xl p-1 flex\">\n<div class=\"flex items-center\">\u00a0<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>To establish a financial institution in Panama in 2024, it is necessary to comply with several legal and regulatory requirements set by the Panamanian authorities. Current regulations that should be reviewed include: Banking Law of Panama: Law No. 9 of 1998, Decree Law No. 1 of 1999, and Law 23 of 2015 (Anti-Money Laundering). The [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":234743,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[213],"tags":[1428,1430,1431,1429],"class_list":["post-234944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-en","tag-financial-institution-in-panama","tag-legal-formation-of-a-company","tag-registration-and-licenses","tag-requirements-for-financial-institutions-in-panama"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Requirements to Establish a Financial Institution in Panama<\/title>\n<meta name=\"description\" content=\"To establish a financial institution in Panama in 2024, it is necessary to comply with legal requirements set by the Panamanian authorities.\" \/>\n<meta name=\"robots\" content=\"noindex, 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