How to get an LEI Number in PanamaHow to obtain an LEI for a company registered in PanamaIf you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
Whether your company is based in Panama, or registered in an another offshore destination like the Cayman Islands, you can obtain an LEI quite easily regardless of its location. Applying for an LEI number is simple, and can be completed in a matter of minutes regardless of the entity type. Having an LEI is recommended especially if you own a Panama Corporation due to increasing transparency laws. |
Legal Entity Identifiers in Panama
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company. We explore this further in our recent post What is the Legal Entity Identifier?
Who needs an LEI in Panama?
Panama is one of the worlds most popular locations to incorporate a company. Recently new laws have been introduced in a bid to encourage transparency in the global financial ecosystem. There have also been anti-money laundering measures taken. One of these measures is the Legal Entity Identifier or LEI Code. This simple code is very easy to obtain, and can save you a lot of hassle down the road if your legal entity is already registered.
Once registered, your entity will have a record on the global LEI index. This record will contain the company name, registered address and date of incorporation, amongst some other business card information. The Directors names or contacts are not disclosed on the LEI record.
Once registered, your entity will have a record on the global LEI index. This record will contain the company name, registered address and date of incorporation, amongst some other business card information. The Directors names or contacts are not disclosed on the LEI record.
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If you are currently the owner or legal agent of a Panama Corporation / Joint Stock Company (Sociedad Anónima S.A), or simply thinking about setting one up, please feel free to contact our team of experts who can explore the LEI requirements and opportunities in detail.
If you are in financial services you will be required to legally register your entity for an LEI in order to fulfil your reporting obligations. To find out if you fall into this category and require an LEI please see our post discussing Who Needs an LEI? Offshore locations owned by foreign entities will also eventually have to obtain an LEI in a global effort to bring transparency to the financial ecosystem. |
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However, more entities such as Limited Companies and Sole Traders are turning to the LEI even though it is not yet required in their jurisdiction.
There are many benefits associated with having an LEI. An LEI provides you with an instant credibility boost, and an internationally recognised identity card. You can also benefit from the added layer of identity security and prevent any such related errors.
There are many benefits associated with having an LEI. An LEI provides you with an instant credibility boost, and an internationally recognised identity card. You can also benefit from the added layer of identity security and prevent any such related errors.
How to get a Legal Entity Identifier in Panama
Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.
1. Click on the 'Register New LEI' button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
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2. Next, begin filling out the details of the entity which requires an LEI. This will include information such as the address, name of Director or person legally responsible for the entity such as CEO, or Owner.
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3. The next section 'Level 2 Data' gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
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4. The final section allows you to upload documentation relevant to your application. When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a Certificate of Incumbency, Register of Directors, or a registry extract.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a Certificate of Incumbency, Register of Directors, or a registry extract.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including US Dollars.
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact [email protected]
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact [email protected]
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
