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Bank license in Panama? Obtain a Bank License in Panama

Introduction

Panama is a country that is attracting more and more foreign investors, particularly in the banking sector. Indeed, the country offers many tax and regulatory advantages for companies wishing to establish their banking activity there. In this article, we will explore the different steps to obtain a bank license in Panama.

The advantages of the bank license in Panama

Panama is a country that offers many advantages for companies wishing to establish their banking activity there. Here are some of the most important benefits:

An advantageous tax regime: Panama offers a very advantageous tax regime for companies that establish their banking activity there. Banks are subject to a tax rate of only 5% on their profits.
A favorable regulatory framework: Panama has a favorable regulatory framework for companies wishing to establish their banking activity there. Banks are regulated by the National Banking Commission (CNB), which is responsible for the supervision and regulation of banks.
A stable economy: Panama has a stable and growing economy, which makes it an attractive place for foreign investors.
A skilled workforce: Panama has a skilled and multilingual workforce, which makes it easy to establish an international banking business.

The steps to obtain a bank license in Panama

Obtaining a bank license in Panama can be a complex and time-consuming process. Here are the steps to obtain a bank license in Panama:

1. Create a company in Panama

The first step to obtaining a Panama banking license is to set up a corporation in Panama. The company must be registered with the Public Registry of Panama and must have a minimum share capital of US$10.

2. Obtain prior authorization from the CNB

Before you can apply for a bank license in Panama, you must obtain prior authorization from the CNB. This authorization is necessary to ensure that your business meets Panama's regulatory requirements.

3. Prepare a bank license application

Once you have obtained prior authorization from the CNB, you can prepare your bank license application. The application should include detailed information about your business, including its registered capital, organizational structure, activities and objectives.

4. Submit Banking License Application

Once you have prepared your bank license application, you must submit it to the CNB. The CNB will review your application and let you know if it has been approved or not.

5. Make a security deposit

If your bank license application is approved, you will need to make a security deposit with the CNB. The amount of the security deposit will depend on the size of your business and the nature of its activities.

6. Finalize bank license

Once you have made the security deposit, you can finalize your bank license. The CNB will issue you your bank license, which will allow you to exercise your banking activity in Panama.

Requirements for obtaining a bank license in Panama

To obtain a bank license in Panama, your business must meet certain requirements. Here are the main requirements for obtaining a bank license in Panama:

A minimum share capital of US$10
A board of directors composed of at least three members
A General Manager residing in Panama
A head office in Panama
A detailed business plan
Clear policies and procedures for risk management
Clear policies and procedures for combating money laundering and the financing of terrorism

The costs to obtain a bank license in Panama

Getting a bank license in Panama can be expensive. Here are the main costs associated with obtaining a bank license in Panama:

The cost of registering the company with the Public Registry of Panama: approximately US$3
Lawyer's fees for preparing the bank license application: approximately US$10
Security deposit fees with the CNB: between US$100 and US$000
Annual bank license renewal fee: approximately US$5

Conclusion

Obtaining a bank license in Panama can be a complex and expensive process, but the tax and regulatory advantages offered by the country make it an attractive location for companies wishing to establish their banking business here. By following the steps outlined in this article and meeting Panama's regulatory requirements, you can obtain a bank license and begin doing banking business in Panama.