When forming a company in Panama, fulfilling the Know Your Customer (KYC) requirements is essential to ensure compliance with local laws and international standards. The KYC checklist typically includes the following documents and information:
First, identification documents for all shareholders, directors, and beneficial owners are required. This usually means a valid passport or national ID card. Additionally, a recent proof of address (such as a utility bill or bank statement dated within the last three months) must be submitted.
Next, a curriculum vitae or professional resume may be requested to verify the background and experience of the company’s key individuals. Some service providers also ask for a source of funds declaration, explaining where the company’s capital originates from to comply with anti-money laundering regulations.
For corporate shareholders, copies of the certificate of incorporation, memorandum and articles of association, and a list of directors are necessary. Depending on the jurisdiction of incorporation, these documents may need to be notarized or apostilled.
Finally, completed KYC application forms and a due diligence questionnaire are often required by Panamanian registrars or service providers. Meeting these requirements ensures smooth company registration and ongoing compliance in Panama.
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