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Banking Licenses in Panama.
According to Legislative Decree No. 9, which regulates banking in the Republic of Panama there are three (3) types of license:
Foreign Banks must have obtained prior authorization from the Foreign Supervisory Body to exercise the Banking Business in or from Panama, or to establish and Representative Offices
Requirements for banking licenses:
The Superintendence of Banks has extended a term of ninety (90) days to approve or not the respective license application. If approved, the Superintendence of Banks will grant a temporary operating permit for ninety (90) days so that you can enroll in the Public Registry of the pact of the new company applying for banking license using the name "bank" or any of its derivatives, while the permanent license is pending.
Once the temporary permit, and in the end of it, it must apply for a permanent license in compliance with the requirements required by the Superintendence of Banks, which must decide whether or not to approve within one hundred twenty (120 ) calendar days after receipt of the request, which may be extended under the circumstances.
The bank has to start operations within six (6) months following the grant of a permanent license.
The cancellation of the license must be a reasoned decision taken by the affirmative vote of three (3) directors.
If you are interested in, please contact ASG Legal S.A.