A financial license grants a company the right to provide financial services and/or products. Companies are required to obtain a financial license in Panama before they can engage in banking activities, insurance, or pension-related activities, among others.
Our local agents can help you set up a company in Panama that offers financial services or financial products and obtain the necessary licenses and permits for functioning.
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What companies need a financial license in Panama?
The banking and financial services sectors are regulated in Panama, subject to adherence to special laws, rule,s and regulations.
Some of the types of activities that are subject to authorization and regulation include the following:
- Banking;
- Exchange bureau activities;
- Payment solutions and/or e-money issuance;
- Credit, debit, prepaid card processors;
- Insurance and reinsurance;
- Bearer share custodial;
- Trusts and trust companies;
- Activities undertaken by leasing companies;
- The activities of finance companies or money service businesses.
Panamanian companies that engage in the provision of one or more of these services are not only required to apply for a financial license in Panama according to their sub-sector of activity but also to comply with the reporting regulations.
What agency issues the Panamanian financial license?
The Superintendency of Banks, or the Superintendencia de Bancos de Panama (SBP), is the regulatory entity of the country’s national financial system. It regulates banks and trusts set up in Panama, as well as a wide range of financial services providers.
Licensing is based on a thorough examination of the application file. The type of license (general banking, insurance, etc.) will influence the final set of documents required for submission by the SBP.
The following general and specific documents can be used as a general guideline for a banking license application:
- Proof of minimum authorized capital and information on the source of the funds;
- Proof of proper incorporation in Panama;
- Information on the company’s shareholders;
- Proof of no objection by the Central Bank for granting the license;
- Audit reports and other financial information, as needed on a case-by-case basis;
- Information on the parent company in the case of foreign bank branches.
Please keep in mind that the list above should only be used for general information purposes.
According to the SBP, there were 62 banks in Panama at the beginning of 2025, divided as such:
- 2 state-owned banks;
- 26 foreign general banks;
- 12 Panamanian private banks;
- 9 representative offices;
- 13 financial institutions with an international license.
What are the main licensing laws applicable to financial companies?
Below you can see a list of laws that are relevant to the financial sector in Panama:
- The Banking Law and all its amendments;
- Law 12-2012 which regulates the activity of Insurance and dictates other provisions;
- Law 10-2002 which establishes rules in relation to the microfinance system;
- Other laws and executive decrees.
Investors who are interested in Panama incorporation for the purpose of setting up a financial services company can rely on the assistance offered by our local agents.
How can your team help me?
Understanding the legal requirements applicable to banks and other financial institutions in Panama is important before starting business activities. Our team can help you meet the Panama company formation steps and meet the requirements for obtaining a financial license in Panama.
If you are looking for different types of services, please know that we can also help you with immigration to Panama, obtaining citizenship in Panama or a residence permit in Panama.
Please contact us for more information about our services and how we assist clients who must apply for a financial license in Panama.