Thetabiz Corporation

Applications for Bank Licenses from the Superintendency of Banks shall be filed with the Superintendent of Banks through a two (2) step process. However, Corporations already registered and authorized may proceed directly to the second step, provided that they comply, at such time, with all applicable requirements.

1. STEP ONE: TEMPORARY PERMIT

The formal consideration on the part of the Superintendent of Banks of a Temporary Permit application, requires filing of a Petition requesting a Temporary Permit from the Superintendent of Banks for the sole purpose of registering with the Public Registry any documents pertaining to the organization or authorization of the corporation under national or foreign Laws applicable to its organization. The application shall indicate the type of License being applied for: General, International or Representative. The application shall be accompanied by the following documentation:

POWER-OF-ATTORNEY.

The applicant shall file the petition through a Lawyer or a Law Firm authorized to render legal services in the Republic of Panama.

2. ARTICLES OF INCORPORATION:

a) In the case of corporations to be organized under domestic law: minutes of the applicant’s articles of incorporation and By-Laws, if any.

b) In the case of corporations organized under foreign law: legalized copy of the deed containing the applicant’s articles of incorporation and by-Laws, if any.

3. AUTHORIZATION BY THE BOARD OF DIRECTORS:

Minutes, extract of minutes or Secretary’s certificate of the Meeting of the Board of Directors of the applicant or of its financial promoter attesting to its financial support, its authorization to exercise the banking business, as well as the allotment or investment of capital required to exercise banking activities in Panama.

4. CERTIFICATION BY HOME SUPERVISORS (MONETARY, SUPERVISORY OR REGULATORY):

Certification issued by the authorities of the country of origin of the applicant or its promoter noting that it is duly registered and authorized to exercise the banking business in that country, as well as its authorization to conduct the banking business in or from Panama or establish a Representative Office in Panama (Article 23).

In case the applicant operates as a bank in its country of origin, or if the applicant is part of a financial conglomerate which includes banks operating in its country of origin, the Superintendency of Banks may require a certification by the foreign Banking Supervisory Entity of such country, indicating that such entity will carry out a consolidated cross border supervision of the applicant if the Banking License is granted in Panama.

5. PARTICULARS OF THE APPLICANT OR ITS PROMOTER, AND ITS SHAREHOLDERS:

Detailed and accurate information as to domicile, address, nationality (national identity document and/or passport) and qualifications of the applicant, its shareholders or promoter, and its Directors and Officers, as well as stock ownership by its Directors and Officers.

If the shares of the applicant or its promoter are constantly traded in the Stock Exchange, the information required shall apply to the five (5) shareholders with the largest number of shares.

6. RESUMES OF THE PERSONS RESPONSIBLE FOR THE BANK:

Resumes of the officers, directors, executives and administrators responsible for the banking office in Panama, including banking, commercial and personal references, indicating their source, in order to confirm these or to request additional information.

7. ECONOMIC GROUP:

The applicant and/or promoter shall provide information about the Economic Group to which it belongs, particularly any corporation having control over the applicant and/or its promoter, its components, track record; family relation, property, control or management; directors, officers and responsible personnel they may have in common.

8. CAPITAL:

The applicant shall submit evidence that it has the minimum initial capital required for a Bank to operate in Panama, to wit, Three Million Balboas (B/.3,000,000.00) if it is applying for an International License, and Ten Million Balboas (B/.10,000,000.00) if it is applying for a General License. The capital destined for the subsidiary in Panama shall be made up of additional capital funds provided by the Head Office, and separated from the capital of its Head Office. (Articles 33 and 42).

9. CAPITAL DISTRIBUTION:

Percentage of the applicant’s or its promoter’s participation in the paid-up capital of the office to be established.

10. LEGAL REPRESENTATION:

a) In the case of banks organized under foreign law: names of the persons designated as the Bank’s General Attorneys-in-Fact, all of whom shall be residents of Panama and at least one of whom shall be a Panamanian citizen (Article 37).

b) In the case of banks organized under Panamanian Laws: name of the person who will act as Legal Representative of the bank to be established, as designated in the respective Articles of Incorporation.

11. BALANCE STATEMENT AUDITED BY CPA AND FINANCIAL STATEMENTS:

Balance Statement of the applicant and/or its promoter dated no less than ninety (90) days prior to the application. Comparative audited Financial Statements for the two last years, accompanied by reports on portfolio classification and maturity structure of assets and liabilities, as well as the applicant’s or its promoter’s position in the market of origin, according to major financial indicators (total assets, portfolio, deposits and equity) and its most recent rating by its supervising authority.

12. REGISTRATION AND AUTHORIZATION OF AUDITORS:

Certification by the Technical Board of the Ministry of Commerce & Industries of the Republic of Panama or the appropriate foreign authority noting that the CPA firm auditing the applicant’s and/or its promoter’s Financial Statements is duly authorized to exercise said profession.

13. REPORTS BY INTERNATIONAL RATING AGENCIES:

Information available on recent ratings of the applicant or promoter, or the Financial Group by Rating Agencies, according to internationally recognized rating standards.

14. YEARBOOK AND OTHER PUBLICATIONS:

Most recent Yearbooks and other publications containing information about the applicant and/or its promoter, or the Financial Group to which they belong, their organization, changes in corporate name, mergers or consolidations, operation turnover, domestic and foreign banking offices (subsidiaries, branches, representative offices and agencies), relations with other financial institutions, and general information on business results, as well as profit, growth and risk indicators for assets, liabilities and equity.

15. PROPOSED ACTIVITIES TO BE DEVELOPED/BUSINESS PLAN:

Description of the plans the applicant intends to develop (short, medium and long-term objectives) once the License is granted, indicating the Bank’s likelihood of success and its contribution to the Panamanian economy. (Article 33).

16. FEASIBILITY STUDY:

Financial projections of the applicant, and projected organizational functions and anticipated income-yield capacity of the bank.

17. PUBLICATION OF NOTICE:

Within fifteen (15) days after filing the application, a notice shall be published during three (3) working days in a newspaper of national circulation containing the following information:

a. Name of License applicant.

b. Name of applicant’s directors and officers.

c. Applicant’s business background.

d. Names and national identity card numbers or passport numbers of the Bank’s directors, officers and executive officers, including their titles.

18. OPPOSITION TO OBJECTIONS:

Should any objections from the general public be filed within fifteen (15) days following the date of the last publication referred to above, the applicant shall be entitled to refuting the same within fifteen (15) days after the objections are served.

19. PUBLIC REVIEW OF FINANCIAL STATEMENTS:

The applicant’s audited Financial Statements shall be available for review by the public at the Superintendency of Banks’ offices. (Article 36).

Remarks

1. Once the documentation and information required is reviewed and assessed by the Superintendency, a Temporary Permit shall be issued in order to notarize and register in the Public Registry the Articles of Incorporation of the new corporation or those of the foreign corporation, as the case may be. A decision shall be made within ninety (90) days after filing the complete application.

2. The Temporary Permit is granted for ninety (90) days.

II. STEP TWO: FINAL LICENSE

Formal consideration on the part of the Superintendent of Banks of license applications shall require the filing of a Petition requesting the appropriate BANKING LICENSE, according to the type of operations to be conducted. Said application shall be made within ninety (90) days following the granting of the TEMPORARY PERMIT.

The application shall be accompanied by the following:

1. Copy of a duly registered Public Deed containing the applicant’s charter or authorization, as the case may be.

2. Evidence that the capital has been duly paid or allotted, in accordance with applicable legal requirements.

3. In the case of Banks applying for International License, certification issued by the Banco Nacional de Panamá indicating that a restricted deposit has been made to the order of the Superintendency of Banks in the amount of B/.250,000.00. (Article 42).

4. Any additional information required by the Superintendency.

Remarks

1. The Superintendent of Banks shall be charged with discretion to assess the documentation submitted and adopt a warranted decision approving or denying the License.

2. Once a decision is made regarding the International License application, the Superintendent of Banks shall suspend any temporary restrictions on funds deposited with Banco Nacional de Panamá (BNP). In the case of International Banking Licenses, B/.250,000.00 of this deposit shall be kept with BNP to set up a Guarantee in favor of the Superintendency of Banks, as established by Article 42 of Decree Law 9 of 1998.

3. Applicants obtaining a Representative License shall only be authorized to operate REPRESENTATIVE OFFICES whose activities shall be limited to contacting third parties interested in carrying out operations with the Head Office. These offices shall require a Representative, in addition to the two (2) Attorneys required under Article 37 of Decree Law 9 of 1998. Representative Offices are not authorized to carry out any kind of operations from or within Panama.

The use of the corporate name of the Head Office represented by the Representative Office shall always be accompanied by the expression “Representative Office.”

1. Petitions filed shall bear any revenue stamps required by Law.

2. Documents executed abroad shall be legalized by the appropriate Panamanian authorities (Panamanian Consulate in the relevant country or by means of Apostille), and those executed in English or any other foreign language shall be accompanied by appropriate translation into Spanish by an Authorized Public Translator.

3. Any figures expressed in currencies other than Balboas or U.S. Dollars shall quote the exchange rate and equivalent amount in Balboas or U.S. Dollars.

As part of the war declared against international terrorism, the Government of the United States of America resolved today to freeze all assets that suspected terrorists and their respective organizations might have under the jurisdiction of the United States, and encourages other countries around the world to adopt similar measures in order to stop the cash flow to terrorist organizations.

Considering the above, the Superintendency of Banks of the Republic of Panama, in due compliance of applicable legislation and procedures, shall keep cooperating and will fully support any national and international efforts which contribute to prevent, combat and eradicate this flagellum against humanity.

By virtue of Law No. 41 of October 2nd, 2000, capitals laundering related to funds linked, among others, to acts of terrorism, is a criminal offense. Consequently, in order to detect accounts -if any- owned by individuals or legal entities with funds resulting from acts of terrorism, the Superintendency of Banks will continue to collaborate with the Financial Analysis Unity (FAU) and other instances, in matters of investigation, and exhorts all banks and trust companies under its supervision and regulation to be particularly diligent in this case with respect to the application of the “know your customer” rule, and in the reports which must, by law, be directly presented to the FAU by all Compliance Officers.

Panama, September 24th, 2001

The Superintendency of Banks hereby states and advises the public that the individuals or companies inclu ded in the following list do not have a Banking License issued by this Superintendency, allowing them to carry out banking operations within or from Panama:

1. Global Capital Bank
2. First Union Finance International, S.A
3. First Union National Ban, S.A.
4. Lancaster Group
5. BANK OF HELEN
6. Corporación Internacional de Inversiones, S.A. Representado por Carlos Benavides P.
7. The Harris Organization (Harris Organization’s Businesses)
8. Morrison Cross Financial Investment, Ltd.
9. Offshore Association of Central America, The Caribbean, Corp, Stern & Co, CORP., Time Publishing, Weal dth Advisor, CBS, Butterfield, Reimer & Associates, Corp, and Robo Enterprises, dont have neither banking nor fiduciary license under both Law Decree No. 9 of February 26th of 1998 and law No. 1 of January fift h (5) of 1984.
10. Capitalizadora Generar, S. A., dont have neither banking license under both Law Decree No. 9 of Febr uary 26th of 1998.
11. Southern Bank & Trust Company, Ltd.
12. Wealth Advisor
13. CBS
14. Butterfield Reimer & Associates, S.A.
15. Robo Enterprises
16. Capitalizadora Generar, S.A.
17. Pegasus Pacific Bank
18. Eurobank Trust British Isles (ETBI)
19. BANFIN
20. Tempus Bank
21. Investors of America
22. Empresa Noble Securities
23. Lion Heart and Trust Company Limited
24. FIRSTDIRECTBANKING
25. Sovereign Chartered International Bank.
26. Tempus Bank, Montenegro
27. Tempus Account Center Corp.
28. Sociedad de Ahorro y Préstamo para la Vivienda Mi Techo, S.A.
29. Panamerican Group, S.A. / Panamerican Holding
30. Universal Financial Group / Universal Financial Investment Group, S.A. /UFGroup.
31. Adriatic Bank, Inc.
32. Truscoban International Bank, Ltd.
33. Multibanka
34. Biz Trade Center of Panama
35. International Finantial Service
36. Finor Associates, Ltd.
37. Finor Finance Corporation
38. Caja Hipotecaria Centro Sur, S.A.
39. NYC FINANCIAL CORPORATION
40. Regulación de las Empresas Capitalizadoras
41. Supervisión de Asociaciones, Sociedades de Ahorro, Préstamos y Crédito para la Vivienda
42. INVESTMENT BANK OF AUSTRIA
43. Development & Holding Bank of Belize
44. BANK OF NG, N.A.
45. BANCAYA INTERNATIONAL INVESTMENT CORPORATION

Since the enactment of Public Law 6 of 2005 (Whereby a Fiscal Equity is Implemented) there have been some publications, specially on the internet, that in a vicious and distorted way have been spreading misinformation regarding the effects of Law 6. This information could affect negatively our national economy and the legal security enviorment for foreign investors in the Republic of Panama. Hence, the Economy and Finance Ministry clarifies the subject as follows:

FIRST: The pensions and/or retirement benefits that foreign residents of Panama receive from abroad, DO NOT PAY Income Tax in our country, neither are obliged to declare such income.

SECOND: Law 9 of 1987, “Whereby exemptions are granted to Retirees, Pensioners and persons retired from active live”, is still in force.

THIRD: The interests generated by savings accounts (i.e. Time Deposits, Regular Savings Accounts) DO NOT PAY Income Tax in Panama.

FOURTH: The Republic of Panama only taxes income that is generated within the territory of the Republic of Panama. Therefore, foreign source income is not taxable in Panama.

We invite those who have inquiries regarding the effects of Law 6 of 2005, to contact with the General Department of Revenue of the Economy and Finance Ministry (507) 207-7753; Fax (507) 227-3852, Email: dgireclamos@mef.gob.pa, Website: www.dgi.gob.pa

Because of much interest on our Thetaworld Offshore Services we have decided to launch the new interactive website which promotes Panamanian Corporations as a business vehicle for international trade and commerce purposes and asset protection as well.

We welcome all readers to join us in the discussion and to contribute with messages or questions.

In coordination with the Panamanian Tourist Agency, the Land Registration Department is working to provide a better service to investors

The Cadastre and State Property Bureau of the Ministry of Economy and Finance (MEF), in coordination with the Panamanian Tourism Bureau (IPAT), is proceeding to put in order all the country’s affairs relative to land property and occupation in order to preserve the legal rights of owners and private property, the Cadastre director, Benjamin Colamarco, indicated today.

“Both national and foreign businessmen should be assured that their investments will be protected and respected, within the framework of constitutional and legal provisions”, the official added. He emphasized that one of the Government’s objectives is precisely to promote local and foreign investments as a way of stimulating economic growth and, thus, the generation of employment opportunities.

Colamarco said that investors in the tourism sector are interested in Panama and, therefore, his office, along with IPAT and the Environmental office are embarked on efforts to ensure that investments in areas of high tourism potential comply with the country’s legal provisions. Therefore, he said, “we are determined to offer the required guidance.”

Law No. 63 of July 31, 1973, which created the Land Registration Department, includes the function of “managing and processing leases of the Nation’s estate lands, with the exception of those destined for farming and stockbreeding purposes”.

In the framework of its strategy, on March 9 the Government launched a program to foster competitiveness aimed at developing the four sectors of the Panamanian economy having the highest potential. Tourism is one of those economic sectors and the other three are transportation/logistics, the agricultural-industrial sector and technology/communications. The so called Compite Panama Program has the financial support of the Inter American Development Bank (IDB), and its execution is under the responsibility of the German firm GFA Management.

“The inter-institutional coordination we have developed with other government agencies allows us to solve investor consultations quickly to their benefit and ours,” Colamarco added.

“We are implementing the necessary regulations and actions aimed at improving the country’s capacity to receive foreign investment, guaranteeing legal security and respect for private property”, Colamarco pointed out, noting that those businessmen interested in consultations and clarification on matters of tourism, can do so directly with IPAT or with the Land Registration office.

Panama is being closely observed by the international financial community due to the changes advanced by President Martin Torrijos’ Government to strengthen public finances, and to guarantee the future viability of the social security regime, through an overhaul of its social security system.

The investment bank, Credit Suisse First Boston (CSFB), predicted today that the passing and ultimate implementation of a legal reform that oversees the retirement and pension system could accelerate an improvement in Panama’s risk rating.

Panama’s CSFB analyst observed that Standard & Poor’s Ratings Services gave the signal when it revised its outlook on Panama to stable from negative, by announcing on Friday February 18 that it would keep its ‘BB’ long-term sovereign credit rating on Panama. This rating is only two steps away from investment grade category.

Last week, CSFB maintained Panama in a “strategic overweight” based in their “positive view of the likely improvement in long-term fundamentals”, and recommended its clients to broaden their investments in Panamanian bonds. This reassessment placed Panama as the second best country of all emerging markets for investment purposes, only surpassed by Russia.

Moody’s Investors Service already rates Panama at only one step below the investment grade category (Baa1). It is expected that once the country’s social security system reform is approved, Moody’s could raise the country’s credit to the investment grade category. The Minister of Economy and Finances, Ricaurte Vasquez M., has pointed out that the current administration’s goal is to attain the investment grade category for Panama before its government period is over.

The improved rating allows the Government as well as the private sector players to obtain financing at much lower interest rates, in addition to enhancing local as well as foreign investments.

“Given the congressional support fiscal reform package and the strong popular support enjoyed by the administration (of President Martin Torrijos), we expect the pension

reform to be approved by Congress during the second quarter of 2005”, states the CSFB in its Emerging Markets Economics Daily Report.

At the beginning of February, another investment bank, Wachovia Securities, returned Panama to the market weight level. In its February 7 bulletin, five days after the Fiscal Equity Law was enacted, Wachovia Securities recognized the progress attained (by Panama)”in addressing our concerns”, and expressed its confidence ithat the government will “soon proceed with the necessary social security reform”.

On the other hand, Standard & Poor’s Ratings Services announced on February 18 that “it revised its outlooks on its long-term sovereign credit ratings on the Republic of Panama to stable from negative”. In its rationale on the improvement, S&P analyst Lisa Schineller explainst that, “the outlook revisions reflect expected improvement in the government fiscal deficit and debt dynamics, following the recent passage of a fiscal reform package and prospects for social security reform.”

On Monday, February 21, the Emerging Markets Bond Index (EMBI) of Panama, which reflects the country risk level, reached its lowest level since October 1997, placing itself at only 279 basic points (2.79%) over the United States Treasury Bonds, which implies a better interest rate level, for the government as well as for the private sector.

It is worth pointing out that, before the beginning of the discussion on the fiscal package signed on February 2 by President Martin Torrijos, Panama bonds were close to 328 basic points (3.28%). This is equivalent to a sturdy drop of almost half a percentage point (0.49%) of the country risk level, according to the EMBI, during a very short period.

Enterprise class firewall has been installed on all Thetaworld Dedicated Web Servers serving customer’s homepages and web sites. Any potential attackers will be blocked from the access as soon as we discover the security break attempt.

GNU Free Documentation License
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Copyright (C) 2000,2001,2002  Free Software Foundation, Inc.
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Everyone is permitted to copy and distribute verbatim copies
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Thetaworld Webmail is a web-based e-mail service that lets you send and receive email in total security. E-mails and their attachments, are encrypted using GnuPG (PGP) standard algorithms. These algorithms, combined with Thetaworld’s unique key management system, offer users unrivalled levels of security. Thetaworld Webmail’s security is end-to-end; messages are encrypted before leaving the sender’s computer and remain encrypted until after they arrive on the recipient’s machine, where the contents are automatically decrypted. Thetaworld Webmail’s encryption works automatically, transparently and seamlessly, requiring no specialized computer skills or knowledge. Encrypting a message is as simple as clicking a mouse.

Too many Internet users assume that all electronic information is safe from prying eyes. They could not be more wrong. All electronic messages are sent through a system of routers and servers. At points along this path, email messages are logged and may even be stored on backup tapes that are kept for years. These processing and storage points are the weak links in the chain, for this is where your messages, business transactions or credit card numbers can potentially be retrieved, read and misused. Every time you send email, you trust your messages and privacy to nameless and faceless individuals or organizations that frequently have no guidelines and no concerns for your privacy or security. A typical clear text e-mail message is no more secure than a holiday postcard sent through the public postal system. By contrast, Thetaworld Webmail System keeps your online communications private and secure. Not even a Thetaworld employee with access to our servers can read your encrypted email, since each message is uniquely encoded before it leaves your computer. A Thetaworld Webmail account lets you communicate in total security with any other person which uses PGP system else in the world.

In order to provide more affordable web hosting solutions for our customers, we decided to provide only one web hosting package:

• hosting package THETA (business web hosting) with 2000 MB disk space, and one Internet domain for free, which will cost 120 EUR per year.

Department of Internet Services will update our webhosting websites accordingly.

We have updated our DNS server settings to correctly point to our IP numbers so that our web hosting customers can enjoy the maximum of benefits. Every customer can have multiple subdomains, like: http://www.thetaworld.net or http://gimp.thetaworld.net.

Panama is being closely observed by the international financial community due to the changes advanced by President Martin Torrijos’ Government to strengthen public finances, and to guarantee the future viability of the social security regime, through an overhaul of its social security system.

The investment bank, Credit Suisse First Boston (CSFB), predicted today that the passing and ultimate implementation of a legal reform that oversees the retirement and pension system could accelerate an improvement in Panama’s risk rating.

Panama’s CSFB analyst observed that Standard & Poor’s Ratings Services gave the signal when it revised its outlook on Panama to stable from negative, by announcing on Friday February 18 that it would keep its ‘BB’ long-term sovereign credit rating on Panama. This rating is only two steps away from investment grade category.

Last week, CSFB maintained Panama in a “strategic overweight” based in their “positive view of the likely improvement in long-term fundamentals”, and recommended its clients to broaden their investments in Panamanian bonds. This reassessment placed Panama as the second best country of all emerging markets for investment purposes, only surpassed by Russia.

Moody’s Investors Service already rates Panama at only one step below the investment grade category (Baa1). It is expected that once the country’s social security system reform is approved, Moody’s could raise the country’s credit to the investment grade category. The Minister of Economy and Finances, Ricaurte Vasquez M., has pointed out that the current administration’s goal is to attain the investment grade category for Panama before its government period is over.

The improved rating allows the Government as well as the private sector players to obtain financing at much lower interest rates, in addition to enhancing local as well as foreign investments.

“Given the congressional support fiscal reform package and the strong popular support enjoyed by the administration (of President Martin Torrijos), we expect the pension

reform to be approved by Congress during the second quarter of 2005”, states the CSFB in its Emerging Markets Economics Daily Report.

At the beginning of February, another investment bank, Wachovia Securities, returned Panama to the market weight level. In its February 7 bulletin, five days after the Fiscal Equity Law was enacted, Wachovia Securities recognized the progress attained (by Panama)”in addressing our concerns”, and expressed its confidence ithat the government will “soon proceed with the necessary social security reform”.

On the other hand, Standard & Poor’s Ratings Services announced on February 18 that “it revised its outlooks on its long-term sovereign credit ratings on the Republic of Panama to stable from negative”. In its rationale on the improvement, S&P analyst Lisa Schineller explainst that, “the outlook revisions reflect expected improvement in the government fiscal deficit and debt dynamics, following the recent passage of a fiscal reform package and prospects for social security reform.”

On Monday, February 21, the Emerging Markets Bond Index (EMBI) of Panama, which reflects the country risk level, reached its lowest level since October 1997, placing itself at only 279 basic points (2.79%) over the United States Treasury Bonds, which implies a better interest rate level, for the government as well as for the private sector.

It is worth pointing out that, before the beginning of the discussion on the fiscal package signed on February 2 by President Martin Torrijos, Panama bonds were close to 328 basic points (3.28%). This is equivalent to a sturdy drop of almost half a percentage point (0.49%) of the country risk level, according to the EMBI, during a very short period.

All customers mail has been moved to better dedicated servers. We have implemented the secure Internet mail software: Qmail and it handles mail much faster and easier.

We have started process of expanding our Thetaworld Internet Services:

1. Moving many web domains to new web servers
2. Making instructions for all of our customers on how to use new Internet services
3. Expanding the mail box quota for all customers
4. Expanding the FTP quota for all customers

Instructions on how to access your hosted domain with us:

• Your POP3, IMAP, FTP and Shell server remain the same
• Your POP3 password changes to be: ‘username@example.com’ instead of just ‘username’
• You will get new password for e-mail account
• You will get new password for FTP account
• All site administrators have access to e-mail account administration

For any questions please Department of Internet Services