Any person that wishes to act as a trust company in or from Panama
must submit an application before the Superintendency of Banks,
through an Attorney, together with the following documents:
Power of Attorney and Application: Through memorial in stamped
Articles of Incorporation: Draft of the minutes of the Articles
of Incorporation and of the Statutes of the forming legal person
who will be the holder of the requested license. Shares representing
the corporation capital must be issued on a nominative base.
Authorization of the Board of Directors: Minutes, extract
of minutes or secretarial certification of the Board of Director's
Meeting of the applicant or his economic promoter with evidence
of the economic support and the authorization to exercise the
trust business in Panama.
General Data on Shareholders, directors and officers of the
Applicant and his Promoter: Detailed and accurate information
that irrefutably confirms the identity, residence, address,
nationality, personal identification document (cedula) and/or
passport, occupation, and the shareholders participation including
banking, commercial and personal references, giving the source
to confirm them. If the applicant's or promoter's shares are
frequently traded in the stock market, the required information
will fall upon the five shareholders with the greatest stock
Notarized Affidavit of not having been disabled for the exercise
of trade: Affidavit of the corporation and of those responsible
for the corporation.
Guarantee or Guarantee Commitment pursuant to what Article
14 of Executive Decree No. 16 of 1984 stipulates: To keep at
all times in the Republic of Panama, available to the Superintendency
of Banks, a guarantee for the amount of PAB250,000 (1 Panamanian
Balboa is equal to 1 US Dollar) for the proper fulfillment of
its obligations. This guarantee could be formed in cash, State
bonds, insurance policies, through bank guarantees or in checks
issued or certified by local banks. No less than ten percent
(10%) of said guarantee must consist of deposits in the Banco
Nacional de Panama or in the Caja de Ahorros.
Certification issued by an Authorized Public Accountant stating
who the shareholders are and the share percentages thereof.
Résumés of the Persons Responsible for the Trust
Corporation: Résumés of the officers, directing,
executive and administrative staff who will be responsible for
the fiduciary office in Panama.
Financial Information: Personal Financial Statements detailing
the financial solvency of the directors, officers and main shareholders;
and comparative audited Financial Statements of the applicant
and/or promoter group for the last two fiscal closings.
Publications and Memories: The most recent annual memory or
similar publication that contains information about the applicant
and/or his promoter group.
Project of activities to be developed or Business Plan: Description
of the plans that the applicant proposes to develop once the
license is granted (short, medium and long term objectives)
showing the corporation's feasibility and the contribution to
the Panamanian economy.
Auditors' suitability certification issued by the Accounting
Technical Board of the Ministry of Trade and Industries.
Investigation Costs: Certified or cashier's check for one
thousand Balboas PAB1,000, to defray the investigation costs
caused by the application.
Certification from the monetary, supervising or regulatory
authority of the applicant's home country: Certification issued
by the home country authority of the applicant or his promoter
which states that he is duly authorized to exercise the trust
Any information the Superintendency of Banks considers.