Panama Gambling License

The Online Gaming Act of 2002, provides the legal framework for the provision of the Gaming License in Panama.

Permitted Activities

The Junta de Control de Juegos (Gaming Control Board) is responsible for issuing licenses and monitoring the operations of all licensed gambling sites. Expansion began in 2002 in offering online gaming licenses to casino operators. Companies interested in establishing an internet gaming portal must be registered under the Online Gaming Act of 2002. Under this regulation, international betting is allowed through internet gaming.

Legal Requirements

Sr.

No

Element Requirement(s)
Entity Requirements The entity making the application is a Panamanian company under the Panama’s Corporation Law 32 of 1927 e.g. Corporations
Director’s Requirements The Panama Company applying for the Gambling License requires at least three Directors.
Shareholder requirements The directors can be from any jurisdiction.
Minimum Capital Requirements The Control Board will ensure that an operator has sufficient financial resources to be able to successfully finance their online betting operation before a license is awarded.

Ongoing Obligations

  1. The jurisdiction of Panama closely regulates all gaming sites and companies operating with their approved license and ensures that all software used and games of chance meet the standards and regulations.
  2. Licensed companies are required to maintain a complete record of all gaming transactions available for inspection by designated officials of the Panamanian Government at any time.
  3. An annual fee is charged, and this is around $20,000. Operators must also pay a bond to the Control Board, and this is set on a case-by-case basis

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

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  • Email: [email protected]

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