License in Panama

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license gaming panama

Panama Republic is a sovereign state, is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south.

Panama’s got officially no politic agreement about info interchanges with other countries. That means that no mail from your country’s tax department can ever get to Panamian banks or government offices: any of your data will be quite safe. Usually, as for letters, they’ll remain unreplied. That’s what sovereign state actually means: Panama is independent: free from any other country legal limit: get his own government and that’s enough.

Panama Internet Gaming Licensing

Gaming business in Panama is managed by the Panama Gaming Control Board (Junta de Control de Juegos), since 1947. Each gaming company pays 80% of its profit to the government. Panamian Casinos belonged to the government at the beginning, then in 1997 they were privatized. Most of them are Panamian famous showplaces.
Panama releases licenses even for bingos and for other (no casino) machines.

Panamian online gaming companies are totally tax-free.
There are good concessions for custom duty while you need to import to get your internet business started.

Besides all your web profit are outside Panama’s jurisdiction: there will be no tax, for profit, starting, selling or VAT.
Offshore companies (like online gambling companies) are not checked for foreign exchange market.
There are even incentives for call centers and training programs with qualified bilingual employers.
And finally there a bill to enact that will make English the second official language in Panama: that will ease even much more all official practices.

How to get a license (conditions)

To get a license it usually takes about two months, after you brought all the required documents.

You should: 
1.Guarantee and certify you don’t have any criminal record.
2.Nominate your official candidates that will work with the master license.
3.Guarantee your software’s and game system’s compliance to the rules of the Panama Internet Gaming License.
4.Accept fees.
5.monitor wins and keep them conforming to International rules.
6.Get a complete report of every operation to ease government inspections (that will be random)
7.Guarantee there is no money-laundering.

NOTE: You should ever mind software development issues (and hosting’s and servers’ too, or even travel issues sometimes).

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