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Establishing a Financial Company in PanamaOver the past couple of months we have received a number of inquiries regarding establishing a financial services company in Panama. Unfortunately the rules and regulations regarding establishing a financing company in Panama are restrictive, and require that all shareholders be Panamanian. There is a requirement that a certification be signed by the Company Secretary, certifying that this requirement has been met. It is therefore not possible for foreigners to be shareholders in such a company. The basic capital requirements (both authorised capital and paid in capital) is US$500,000.00. It is necessary to show audited financial statements which demonstrate that this capital has actually been paid in, duly certified by a CPA. Each of the officers, directors, principals, legal representatives, and general managers of the company are required to request a police record, indicating that they have not been charged or found guilty of any crimes against property, integrity, public administration or money laundering. Similar requirements apply to any companies for financial leasing or pawn shops. As such, it is not possible for foreigners to own and operate a licensed company for these types of activities in Panama, as these types of services are considered "retail" and therefore reserved by the Constitution to Panamanian. See also: Panama corporate law; Doing Business in Panama; Panama Corporations.
Last modified 26-Sep-2007 17:38 -0400 |
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Copyright - Disclaimers - Privacy Statement Copyright © 2000 - 2007, Beth Anne Gray J. For questions or comments, please write to the webmaster Last modified 26-Sep-2007 17:37 -0400 |
