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REQUIREMENTS TO OBTAIN BANKING LICENCETo obtain one of the mentioned banking licence these requirements should be fulfilled: 1- Request by means of lawyer properly authorized 2- Prove of the identity of the main shareholders 3- Suitability of the administrative body on the basis of its experience, studies, integrity and professional file 4- To fulfill the minimum capital demanded and prove of the origin of these funds 5- Business Plan that demonstrates the economic viability of the Banking Agency that asks for the license. The Superintendency of Banks has a prorogueable term of ninety (90) days to approve or not it respective request of license. to be approved the request, the Superintendency of Banks will authorize a temporary leave of operation of ninety (90) days to aim that can be registered in the Public Registry the pact of the new society that asks for the banking license using the name "bank" or anyone of its derivatives, while the definitive license is transacted. Once obtained the temporary permission, and within the term of the same one, the request of definitive license in fulfillment with the requirements will be due to present/display that the Superintendency of Banks demands, which will have to decide if it approves or not within the one hundred twenty (120) days later calendars to the receipt of the request, which could be prorogued by virtue of the circumstances of the case. As of the 2003, the banking organizations with general license with total assets until of 100 million dollars will have to pay the sum of U.S. $50.000.00, imposed that is increased as their assets are greater, nevertheless, in his first single year of operations they will pay half of the established tax and the banking organizations of international license will have to pay the sum of U.S. $50.000.00 for special annual tax on the banking organizations. The development banks and micro finances will pay U.S. $15.000.00 and the change houses will pay U.S. $2,500.00. Operations banking made within territory of Republic of Panama will not generate rent burdenable for effects of Law Fiscal, when this rent derives from activities directed from an office in Panama transactions that are perfected, consumes or has its desired effects in the outside. To exercise the banking activity in Panama it is necessary to count with a minimum capital paid or assigned to operate that the banking law establishes in ten million dollars (U.S. $10.000.000.00) for the banks with general license; for the banks of international license the paid or assigned minimum capital will have to be of three million dollars (U.S. $3.000.000.00). In both cases a deposit of guarantee of two hundred fifty thousand dollars (U.S. $250.000,00) or one bond investment will be due to constitute of banking guarantee by the same value which will have to be briefed in the National Bank of Panama. The Banks will have to maintain a reserve of originating capital of the gains that are accumulated in books, destined to reinforce the financial situation of the Banks that could not be diminished without previous authorization of the Superintendency of banks.
The Superintendency of Banks requires
that the general license banks will have to maintain funds of
capital corresponding to at least the eight percent (8%) of the
total of their assets and operations outside their balance, weighed
based on their risks. This percentage could be increased by the
Superintendency of Banks. For more information about Banking Assessment go to our section CONTACT US We will answer quickly and accurately enough to help you decide in your next investment in Panama. |
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