Panama became a licensing jurisdiction in 2002 with the passage of the Online Gaming Act of 2002. The first license was issued in 2003 and Panama has remained in the business ever since. The Junta de Control de Juegos (Gaming Control Board) is responsible for issuing licenses and monitoring the operations of all licensed gambling sites.

Key Features           

That Resolution stated that in order that a natural or a legal entity operates a System for Electronic Communication Games in or from the Republic of Panama, it must enter into an Administration/Operation Contract with the Gambling Control Board.

The Gambling Control Board issues the Gambling Licenses permitting the Administrator/Operator to conduct the System or Systems for Electronic Communication Games for every Contract.

The System for Electronic Communication Games will be subject to the regulations of the Gambling Control Board, even though part of its elements function outside the Republic of Panama.  Such conditions will be set forth in the Agreement with said Administrator/Operator.

The Systems for Electronic Communication Games operating in or from Panama shall not be used by persons residing in the country.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Panama Company

  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

None

Directors

  • Minimum number

2

  • Corporate directorship allowed

Yes

  • Local director required

Yes

Shareholders

  • Minimum number

2

  • Corporate shareholders allowed

Yes

  • Local  shareholders required

No

Service Providers Required

  • Company Secretary

Yes

 Tax Treatment

Non-resident income is tax exempt.

Duration to Set Up

3 months

Distinctive Benefits of Licence

  • Robust yet flexible regulatory environment
  • Professional infrastructure and quality of workplace
  • Tax neutrality and Tax Exchange Agreements

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers