Specificity of the registering
For the successful start of a business project, the company founder is required to give authorities the full access to their personal information with payment of all associated costs. Also he must have a reference letter from the banking institution with which accounts are open and to submit the application to list the company on the state register. The application should have the information attached regarding the company location, varieties of gambling activities, names of persons who will be directly or indirectly involved in operations – this includes the owner, or operators, involved staff, as well as authorized legal representatives. Information about the economic structure of the company, reporting to tax and financial inspection bodies should be also submitted. There no requirements regarding the residency of shareholders or founders to the full extent; the information of thereof or their beneficiaries is not subject to disclosure.
Gambling online casino are licensed in the framework of governmental program and the deposit of $40.000 USD is required to open such business. This service may be prolonged for a year to cost at least $ 20.000 USD.
Steps of the licensing process
To open its comprehensive web activities in gambling, the following is required:
To issue a power of attorney to one of the lawyers residing in Panama authorizing the right to submit the relevant application and also to appoint a legal representative from among local residents;
To open a busines subject to licensing;
To have a business plan, as well as the confirmation of your own qualification of the minimal level required to perform gambling operations online;
To pay all duties as required by government regulations. This may include the amount of 10% of monthly gross profit – it all depends on which of two amounts is greater;
To prove their financial viability and validate the working capital available;
To dispose of the software package to recognize the player location and his financial sources (as an alternative, payments from America are non-accessible).
To get a license to open online casino within Panama; it should be registered as per the enterprise. The Private Financial Services specialists will help to speed up and simplify the procedure to the highest extent – we are available to offer full package of services in terms of license registration and filing and render assistance in choosing official representatives.