Known as an "Aviso" (Operational Status), it grants these companies with the ability to transact certain financial operations that do not require a more stringent regulated license.
A Panama Financial Company is a non-bank financial entity that can be used for many purposes including:
In Panama, it is required to have a place of business other than the company's legally registered office address. This means, at a minimum, having a virtual office with a shared receptionist, a telephone in your company name with fax and mail/fax/phone forwarding service.
Offshore-Protection.com's Virtual Office service provides you with an official place of business in Panama that the Ministry inspector can visit.
Having a legitimate place of business also means that the local 'Municipio' (city council) will expect to collect its monthly tax as it does from all local businesses. Currently, the monthly tax fee is US$20, subject to their assessment. Other than this the Panama Financial Services Company will still be considered 'non-resident' for tax purposes.
This is the only annual compliance requirement to maintain this type of company in good standing, along with the normal annual company renewal payment of government franchise tax and resident agent fees.
Bear in mind, these special licenses DO NOT allow the Panama Corporation to engage activities such as:
These services are regulated differently by the Panamanian government and all require a more stringent type of license, with minimum paid-in capitalization and public audit requirements.
Also required in Panama are local directors and a local office with staff, although some of these licences (with the exception of banking) are available in other jurisdictions without a physical presence.
In Panama payment processing and e-currency services can be offered with a full regulated licence which requires USD 50,000 in paid in capital to be deposited with the National Bank along with a local office with two personnel. This entry-level non-regulated licence can be upgraded at any time into a full supervised and regulated one.
The Panama special license, along with the Panama Corporation is readily available within about two to three weeks .
Nominee Director services are also available based upon requirements.
A certified English translation with apostille is also included alongside the Spanish original.
For more information or if you are ready to find out how Offshore Protection can help you set up a Panama Financial Company, contact us below
For more information about Panama and our services:
Why You Need A Plan B
Threats to Your Assets
Global Diversification Planning