A Corporation in Panama and a Corporate Account with a Bank in Panama

It is no news that you have to keep up with modern challenges and requirements to stay up in the current situation and provide development prospects for the business. With this in mind, our company offers a package of services that will help you to register a corporation in Panama and open a corporate bank account with a Panama Bank. The only fixed payment that a foreign corporation is required to pay in Panama is an annual deductible of USD 300.

A Bank in Panama 

The Bank in Panama that we propose for our clients to open a corporate bank account for their Panama corporation was opened in 1992 and currently has 26 branches. It operates in Panama on the basis of the General Banking License, which testifies to the bank’s extensive ability to provide banking services and open bank accounts for Panama corporations. This Panama Bank has been assigned an A+ rating and a stable outlook in the long term.

The opening of a corporate bank account in Panama for your Panama corporation can be carried out remotely without a personal presence. We strictly adhere to all the rules and regulations required to open a corporate Panama bank account. And we also cooperate with an official Panamanian lawyer who knows all the state laws and requirements.

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Corporate Bank Accounts for a Corporation in Panama

The Panamanian Bank we cooperate with offers corporate accounts of various types for offshore corporations in Panama: current accounts, deposit accounts and savings accounts. 

1. Corporate checking (current) bank account for a Panama corporation. This type of corporate bank account used by Panama corporations gives you the possibility of constantly making payments and transactions on bank checks electronically or using Panama Bank payment orders.

The main condition required to open a checking corporate bank account for a Panama corporation with a Panama Bank is the mandatory minimum deposit of USD 50,000 within the first 15–30 days from the date of opening a corporate Panama offshore bank account for a Panama corporation.

The minimum balance on the corporate account in the bank’s branches located in Panama City and the Colon Free Trade Zone should not be lower than USD 1,000. The corporate accounts of the Panama corporation opened in bank branches in other regions of the country allow for the minimum account balance to equal USD 500. At the same time, you need to maintain a stable minimum balance on the Panama corporation’s corporate bank account at a level not lower than USD 100,000 throughout the year.

A checking corporate bank account of a Panama corporation can also be opened in euros, and the minimum balance should equal at least EUR 1,000. If you have a checking corporate bank account for your Panama corporation, you can make any international bank transactions and payments, cash funds, pay for services and goods for the corporation’s needs, and carry out conversion operations.

2. Bank savings account for a Panama corporation with a checkbook. The use of a checkbook enables you to accumulate funds for which the Panama bank accrues interest in the form of interest rates. The Panama bank customers’ payments are reliably protected thanks to the check transactions.  

Terms of Panama Bank corporate savings bank account use:

• the minimum amount for opening a corporate bank account for a Panama corporation – USD 500
• the minimum balance on the corporate bank account for a Panama corporation – USD 500
• interest rates are accrued to the corporate bank account of a Panama corporation on a daily basis and are paid every month
• if the balance in the corporate bank account of a Panama corporation is below the minimum, no interest will be accrued

3. Savings corporate Premium bank account of a Panama corporation with more progressive rates. Panama Premium corporate bank account funds can be managed through transactions, debit cards, or cash contributions. Interest accruals to the corporate bank account are made daily, while payments to the corporate bank account are due at the end of the month. The holder of the corporate Panama bank account for a Panama corporation receives statements that reflect all the financial transactions carried out for the entire term of the bank deposit on a monthly basis. The minimum contribution required to open a corporate bank account for a Panama corporation is USD 3,000.

4. Panama Bank corporate clients can also deposit funds in a fixed deposit (account) that can bring guaranteed income. 

Terms of using the Panama corporation deposit account opened in the Panama Bank:

• the minimum amount of deposit when you open a corporate bank account for a Panama corporation – USD 10,000
• the minimum term of deposit on the corporate bank account for a Panama corporation is 30 days

5.  International transactions for your Panama corporation. The corporate clients of the Panama bank that we offer can make international bank transfers in US dollars or euros. 

The service offers banking clients to:

• reduce their costs by issuing checks and cashing them when making bank transactions
• get free access to personal assets/corporate bank accounts
• benefit from high security that reduces the risks of theft/loss of checks/funds from the corporate bank account
• increase financial flows on Panama Bank corporate accounts

Internet Banking and Payment System in the Panama Bank

Each bank client receives free access to the Internet Bank, which allows to manage funds from anywhere in the world. The Bank of Panama that we offered issues its payment cards for more efficient and safe use of corporate clients’ cash. 

Advantages of the bank card:

• the bank payment card is accepted in any countries worldwide
• round-the-clock access to bank card funds, the ability to quickly access funds through the Internet bank
• provision of financial reports, and statements on bank transactions with the possibility of distribution into different categories
• the Panama Bank provides access to credit limits around the clock and collects only 5% of the outstanding debt on a monthly basis
• when traveling/going on business trips, the cardholder receives insurance coverage from the Panama Bank in the amount of USD 250,000 (accident insurance)
• Canada/United States car rental insurance support provided by the Bank
• you can participate in the Panama Bank’s reward program based on the provision of accumulation points (bonuses) when purchasing

The main conditions for using the Bank’s business card:

• 125% collateral for the bank credit limit
• annual payment of membership fee – USD 50
• payment for annual bank card maintenance – USD 35
• annual interest payment in the amount of 14.9%
• annual fee for participation in the Bank’s reward program is USD 35.

E-Commerce in the Panama Bank

The Bank uses state-of-the-industry technologies to provide a high-quality service for e-commerce anywhere in the world. The main requirements for obtaining a trading corporate bank account of the Panama corporation for e-commerce (Merchant Account):

• the minimum trading turnover of the Panama corporation is at least USD 10,000 per month
• normal operation of the Panama corporation website which includes payment security, a guarantee of refunds when you refuse to purchase, the availability of prices for products/goods, and the absence of false advertising
• mandatory indication of Panama corporation contact information with the e-mail and phone numbers available
• ensuring high-quality delivery services, and guaranteeing the issuance of a sales receipt/slip to the buyer

Depending on the customer’s wishes, the Panama Bank can provide different payment systems for e-commerce to be used by Panama corporations: Network Merchants, Plugn´Pay, First Atlantic Commerce and PayPal.

Fees for Services in the Panama Bank

The size of Panama’s e-commerce banking fees depends largely on the volume of the corporation’s working capital, the number of years in business, and personal agreements with the customer. The main points of bank commission fees include:

• monthly corporate payments of a Panama corporation
• bank transfer commissions
• deposit/other asset security guaranteed by the Panama Bank
• a favorable bank interest rate on payments in the amount of 1% separately for each type of MasterCard or Visa credit card
• an acceptable credit rate for MasterCard, Visa cards up to 5%

The Panama Bank also offers the following services for corporations:

• bank credit lines
• syndicated loans
• bank loans
• mortgage lending
• documentary collection

Procedure for Starting a Corporation in Panama and a Corporate Account with a Bank in Panama

The process of starting a Panama corporation with a corporate account with a Panama Bank consists of several important steps:

1. Contact our specialists by e-mail.
2. Pay for assistance in opening a corporate account for a Panama corporation with Panama Bank. Payment can be made via PayPal, WesternUnion, WebMoney or bank transaction. 
3. Opening a corporate bank account for a Panama corporation requires attaching a set of documents for the beneficial owner of the Panama corporation’s corporate bank account, as well as the corporation’s directors, secretaries, signatories, and authorized persons:

• completed, printed, and signed copies of the application to open a corporate bank account for a Panama corporation
• a notarized copy of a foreign passport (pages with a photo and signature)

Note: If the notary refuses to certify a copy of the foreign passport, order an English translation from a sworn translator and stitch it with a copy of the original (a page with a photo and signature is mandatory), and then certify it with the notary.

• proof of residential address (utility bills)
• a notarized copy of the utility bill/original utility bill/bank statement to confirm the residential address

Mind that this document (proof) must not be older than 3 months by the time you submit the package of documents for registration, and it should also be translated into English and notarized. Alternatively, you can use a notarized translation of the civil passport into English (the main page with the photo and your signature, as well as the page with the address).

• two letters of recommendation for the Panama corporation beneficiary from public partners and the bank
• a tax return or a certificate of income from the employer
• a notarized copy of the share certificate (if the Panama corporation has registered shares) and the declaration of trust if the Panama corporation has a corporate shareholder(s)
• a notarized copy of the Power of Attorney if the Panama corporation has a Corporate Director(s)
• a notarized copy of the minutes of the general meeting of Panama corporation members and the Memorandum and Articles of Association of the legal entity/structure/operating agreement
• samples of signatures of the Panama corporation owners
• a notarized copy of Panama Incorporation Certificate/Panama Corporation Certificate of Good Standing (if the company has been in existence for more than 1 year)
• Letter of Undertaking (applicable in the case of bearer shares)
• Certificate of Founders for a Panama corporation
• the instrument appointing the directors as founders of the Panama corporation
• description of the client’s scope of business (turnover of Panama company, partners, regions where the Panama corporation conducts its activities, a system of mutual settlements, preferably a scheme of work) signed by the agent or client
• financial statements and tax returns of the Panama corporation, as well as contracts and agreements with customers or other documents that can prove the origin of account transactions.

All documents should be translated into English and notarized!

A Panama corporation in tandem with a Panama Bank account can be your reliable tool for building an offshore business and protecting your assets. For more information, please contact us now at info@qwealthreport.com.